Michael Joseph Mcclaflin Sells 500 Shares of Flexsteel Industries (NASDAQ:FLXS) Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) insider Michael Joseph Mcclaflin sold 500 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $79.66, for a total value of $39,830.00. Following the sale, the insider owned 35,897 shares of the company’s stock, valued at approximately $2,859,555.02. The trade was a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Flexsteel Industries Stock Performance

Shares of NASDAQ FLXS traded down $0.79 during mid-day trading on Monday, reaching $80.60. The company had a trading volume of 70,722 shares, compared to its average volume of 49,704. The firm has a market cap of $432.02 million, a price-to-earnings ratio of 12.98, a PEG ratio of 1.28 and a beta of 0.56. The business’s 50-day simple moving average is $72.83 and its 200 day simple moving average is $59.13. Flexsteel Industries, Inc. has a one year low of $34.00 and a one year high of $88.49.

Flexsteel Industries (NASDAQ:FLXS) last announced its quarterly earnings data on Monday, August 17th. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.24. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%. The firm had revenue of $115.37 million for the quarter, compared to the consensus estimate of $109.51 million. On average, sell-side analysts anticipate that Flexsteel Industries, Inc. will post 5.29 EPS for the current year.

Flexsteel Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Wednesday, June 24th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, June 24th. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. This is a positive change from Flexsteel Industries’s previous quarterly dividend of $0.20. Flexsteel Industries’s dividend payout ratio (DPR) is 16.10%.

Analyst Ratings Changes

Several research firms have weighed in on FLXS. Weiss Ratings restated a “buy (b-)” rating on shares of Flexsteel Industries in a research note on Friday, July 17th. Freedom Capital cut Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Finally, Zacks Research cut Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold”.

Hedge Funds Weigh In On Flexsteel Industries

Institutional investors and hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System raised its position in Flexsteel Industries by 1,684.4% in the second quarter. California State Teachers Retirement System now owns 3,426 shares of the company’s stock valued at $255,000 after purchasing an additional 3,234 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Flexsteel Industries during the second quarter worth about $2,459,000. Public Employees Retirement System of Ohio bought a new stake in shares of Flexsteel Industries during the second quarter worth about $483,000. Punch & Associates Investment Management Inc. acquired a new position in shares of Flexsteel Industries in the second quarter valued at approximately $6,817,000. Finally, Legal & General Group Plc bought a new position in Flexsteel Industries in the 2nd quarter valued at approximately $25,000. Institutional investors and hedge funds own 36.27% of the company’s stock.

Flexsteel Industries Company Profile

Flexsteel Industries, Inc (NASDAQ: FLXS) is a U.S.-based furniture manufacturer specializing in the design, production, and marketing of residential upholstered furniture and wood casegoods. The company operates through two primary segments: Upholstery, which encompasses seating products such as sofas, loveseats, chairs, recliners, and sectionals; and Casegoods, which includes accent and occasional tables, cabinets, bookcases, and other wood-based furnishings. Flexsteel sells its products through a network of independent retailers, furniture stores, and distributors across North America.

Flexsteel’s upholstery segment is distinguished by its patented Blue Steel Spring® technology, which offers enhanced longevity and comfort by replacing conventional webbing and springs with a welded steel seat suspension.