Flexsteel Industries (NASDAQ:FLXS) Insider Sells $165,880.00 in Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) insider Michael McClaflin sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $82.94, for a total value of $165,880.00. Following the completion of the sale, the insider directly owned 41,026 shares of the company’s stock, valued at $3,402,696.44. This trade represents a 4.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Michael Joseph Mcclaflin also recently made the following trade(s):

• On Monday, August 31st, Michael McClaflin sold 2,500 shares of Flexsteel Industries stock. The shares were sold at an average price of $79.57, for a total value of $198,925.00.
• On Thursday, August 20th, Michael McClaflin sold 500 shares of Flexsteel Industries stock. The stock was sold at an average price of $79.66, for a total value of $39,830.00.

Flexsteel Industries Stock Down 1.1%

Shares of FLXS opened at $80.37 on Friday. Flexsteel Industries, Inc. has a 12-month low of $34.00 and a 12-month high of $88.49. The business’s fifty day moving average is $75.65 and its 200 day moving average is $60.93. The stock has a market cap of $430.46 million, a P/E ratio of 12.94, a P/E/G ratio of 1.28 and a beta of 0.57.

Flexsteel Industries (NASDAQ:FLXS) last announced its quarterly earnings results on Monday, August 17th. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.24. The business had revenue of $115.37 million during the quarter, compared to analyst estimates of $109.51 million. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%. On average, analysts expect that Flexsteel Industries, Inc. will post 5.29 EPS for the current year.

Flexsteel Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Wednesday, June 24th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, June 24th. This is a boost from Flexsteel Industries’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. Flexsteel Industries’s payout ratio is presently 16.10%.

Hedge Funds Weigh In On Flexsteel Industries

Institutional investors have recently modified their holdings of the business. Deutsche Bank AG increased its position in shares of Flexsteel Industries by 11.1% during the fourth quarter. Deutsche Bank AG now owns 3,024 shares of the company’s stock valued at $119,000 after acquiring an additional 303 shares during the last quarter. Barclays PLC boosted its position in Flexsteel Industries by 6.4% in the fourth quarter. Barclays PLC now owns 5,527 shares of the company’s stock worth $218,000 after purchasing an additional 333 shares during the last quarter. Legal & General Group Plc purchased a new position in Flexsteel Industries in the second quarter worth $25,000. Russell Investments Group Ltd. grew its stake in Flexsteel Industries by 24.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company’s stock valued at $92,000 after purchasing an additional 395 shares during the period. Finally, First Trust Advisors LP increased its position in shares of Flexsteel Industries by 4.1% during the 2nd quarter. First Trust Advisors LP now owns 11,745 shares of the company’s stock valued at $423,000 after purchasing an additional 467 shares during the last quarter. 36.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on FLXS. Freedom Capital cut shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Weiss Ratings reissued a “buy (b-)” rating on shares of Flexsteel Industries in a report on Friday, July 17th. Freedom Broker downgraded Flexsteel Industries from a “buy” rating to a “hold” rating and increased their price objective for the stock from $72.00 to $80.00 in a research note on Tuesday, August 18th. Finally, Zacks Research lowered Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $80.00.

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.