Insider Selling: Flexsteel Industries (NASDAQ:FLXS) Director Sells $245,272.32 in Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) Director William Creekmuir sold 3,008 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $81.54, for a total transaction of $245,272.32. Following the sale, the director owned 26,276 shares of the company’s stock, valued at approximately $2,142,545.04. This represents a 10.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Flexsteel Industries Trading Up 2.2%

NASDAQ:FLXS opened at $82.16 on Friday. The stock has a 50 day simple moving average of $75.84 and a 200 day simple moving average of $61.08. The stock has a market cap of $440.38 million, a P/E ratio of 13.23, a PEG ratio of 1.29 and a beta of 0.57. Flexsteel Industries, Inc. has a 1-year low of $34.00 and a 1-year high of $88.49.

Flexsteel Industries (NASDAQ:FLXS) last announced its earnings results 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. The firm had revenue of $115.37 million for 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%. As a group, sell-side analysts forecast 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%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Flexsteel Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC boosted its position in Flexsteel Industries by 97.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 29,207 shares of the company’s stock worth $1,313,000 after buying an additional 14,417 shares during the period. BlackRock Inc. acquired a new position in shares of Flexsteel Industries during the second quarter worth $20,589,000. Illumine Investment Management LLC acquired a new position in shares of Flexsteel Industries during the first quarter worth $774,000. Walleye Capital LLC bought a new stake in shares of Flexsteel Industries in the first quarter worth $1,359,000. Finally, Bank of America Corp DE increased its holdings in Flexsteel Industries by 462.3% in the first quarter. Bank of America Corp DE now owns 27,536 shares of the company’s stock valued at $1,237,000 after purchasing an additional 22,639 shares during the period. Institutional investors 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.