Flexsteel Industries (NASDAQ:FLXS) Posts Earnings Results, Beats Expectations By $0.01 EPS

Flexsteel Industries (NASDAQ:FLXS) announced its quarterly earnings results on Monday. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.01, Zacks reports. The firm had revenue of $113.97 million during the quarter, compared to the consensus estimate of $112.70 million. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%.

Flexsteel Industries Price Performance

NASDAQ:FLXS traded down $1.63 during trading hours on Monday, hitting $82.55. The company’s stock had a trading volume of 61,000 shares, compared to its average volume of 55,649. Flexsteel Industries has a twelve month low of $34.00 and a twelve month high of $90.64. The stock has a fifty day simple moving average of $83.28 and a 200-day simple moving average of $70.10. The company has a market capitalization of $442.47 million, a P/E ratio of 13.29, a PEG ratio of 1.33 and a beta of 0.51.

Flexsteel Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 12th. Investors of record on Wednesday, September 30th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Wednesday, September 30th. Flexsteel Industries’s dividend payout ratio is currently 16.10%.

Insider Activity at Flexsteel Industries

In other Flexsteel Industries news, Director William S. Creekmuir sold 3,100 shares of the business’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $81.85, for a total transaction of $253,735.00. Following the sale, the director owned 29,284 shares of the company’s stock, valued at approximately $2,396,895.40. The trade was a 9.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael McClaflin sold 2,500 shares of the company’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $79.57, for a total transaction of $198,925.00. Following the transaction, the insider owned 36,026 shares of the company’s stock, valued at $2,866,588.82. This trade represents a 6.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 28,914 shares of company stock worth $2,350,392 over the last three months. 11.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FLXS. Freedom Capital cut Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Zacks Research upgraded Flexsteel Industries from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 1st. Freedom Broker downgraded Flexsteel Industries from a “buy” rating to a “hold” rating and boosted their price target for the company from $72.00 to $80.00 in a research note on Tuesday, August 18th. Finally, Weiss Ratings raised shares of Flexsteel Industries from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.00.

About Flexsteel Industries

Flexsteel Industries, Inc is a furniture company that designs, manufactures, imports and markets residential furniture. Based in Dubuque, Iowa, the company serves the U.S. home furnishings market through retail furniture stores, national and regional chains, interior designers and online channels.

The company’s product offerings include upholstered seating such as sofas, sectionals, chairs and recliners, along with motion furniture, dining and bedroom furniture, occasional tables and home office products.