William Creekmuir Sells 3,100 Shares of Flexsteel Industries (NASDAQ:FLXS) Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) Director William Creekmuir sold 3,100 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $81.85, for a total value of $253,735.00. Following the sale, the director directly owned 29,284 shares of the company’s stock, valued at $2,396,895.40. This represents a 9.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Flexsteel Industries Stock Down 0.4%

FLXS traded down $0.32 during trading hours on Tuesday, reaching $79.22. 59,852 shares of the company’s stock traded hands, compared to its average volume of 50,804. The firm has a 50-day moving average price of $74.90 and a 200 day moving average price of $60.42. The firm has a market capitalization of $424.30 million, a PE ratio of 12.76, a PEG ratio of 1.29 and a beta of 0.56. Flexsteel Industries, Inc. has a 52-week low of $34.00 and a 52-week high of $88.49.

Flexsteel Industries (NASDAQ:FLXS) last issued its earnings results on Monday, August 17th. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.24. The firm 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%. Equities analysts predict that Flexsteel Industries, Inc. will post 5.29 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Wednesday, June 24th were paid a $0.25 dividend. The ex-dividend date was Wednesday, June 24th. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.20. Flexsteel Industries’s payout ratio is currently 16.10%.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Mariner LLC purchased a new stake in shares of Flexsteel Industries in the 4th quarter worth approximately $46,099,000. BlackRock Inc. purchased a new position in Flexsteel Industries during the second quarter valued at approximately $20,589,000. Vanguard Group Inc. increased its holdings in Flexsteel Industries by 0.3% during the third quarter. Vanguard Group Inc. now owns 225,855 shares of the company’s stock valued at $10,468,000 after buying an additional 708 shares during the period. Renaissance Technologies LLC raised its stake in Flexsteel Industries by 7.9% in the first quarter. Renaissance Technologies LLC now owns 142,200 shares of the company’s stock worth $6,390,000 after buying an additional 10,400 shares in the last quarter. Finally, Punch & Associates Investment Management Inc. raised its stake in Flexsteel Industries by 0.6% in the first quarter. Punch & Associates Investment Management Inc. now owns 91,525 shares of the company’s stock worth $4,113,000 after buying an additional 545 shares in the last quarter. Hedge funds and other institutional investors own 36.27% of the company’s stock.

About Flexsteel Industries

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.