Sowell Financial Services LLC Makes New $2.58 Million Investment in Flexsteel Industries, Inc. $FLXS

Sowell Financial Services LLC purchased a new stake in Flexsteel Industries, Inc. (NASDAQ:FLXS) during the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 30,494 shares of the company’s stock, valued at approximately $2,581,000.

Several other institutional investors also recently made changes to their positions in the stock. Congress Asset Management Co. acquired a new stake in shares of Flexsteel Industries during the 3rd quarter worth $6,824,000. BlackRock Inc. acquired a new position in Flexsteel Industries in the second quarter valued at $20,589,000. Janney Montgomery Scott LLC boosted its holdings in Flexsteel Industries by 97.5% in the first quarter. Janney Montgomery Scott LLC now owns 29,207 shares of the company’s stock valued at $1,313,000 after acquiring an additional 14,417 shares during the last quarter. Illumine Investment Management LLC acquired a new position in Flexsteel Industries in the first quarter valued at $774,000. Finally, Walleye Capital LLC purchased a new stake in Flexsteel Industries during the first quarter valued at about $1,359,000. 36.27% of the stock is owned by hedge funds and other institutional investors.

Flexsteel Industries Stock Performance

FLXS stock opened at $84.98 on Friday. The firm has a market cap of $455.49 million, a P/E ratio of 16.85, a price-to-earnings-growth ratio of 1.32 and a beta of 0.51. Flexsteel Industries, Inc. has a 1 year low of $34.00 and a 1 year high of $90.64. The stock has a 50-day simple moving average of $83.07 and a 200-day simple moving average of $69.84.

Flexsteel Industries (NASDAQ:FLXS) last released its quarterly earnings results on Monday, August 17th. The company reported $1.33 EPS for the quarter, topping the consensus estimate 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 return on equity of 16.11% and a net margin of 7.21%. On average, equities research analysts predict that Flexsteel Industries, Inc. will post 5.29 EPS for the current year.

Flexsteel Industries Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FLXS shares. Freedom Capital downgraded Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Freedom Broker downgraded Flexsteel Industries from a “buy” rating to a “hold” rating and raised their price objective for the stock from $72.00 to $80.00 in a report on Tuesday, August 18th. Zacks Research raised Flexsteel Industries from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 1st. Finally, Weiss Ratings raised Flexsteel Industries from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $80.00.

Insider Activity

In other news, VP Stacy Kammes sold 2,750 shares of the business’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $82.66, for a total transaction of $227,315.00. Following the transaction, the vice president directly owned 33,306 shares of the company’s stock, valued at approximately $2,753,073.96. The trade was a 7.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider David Crimmins sold 4,494 shares of the company’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $80.91, for a total transaction of $363,609.54. Following the completion of the transaction, the insider owned 30,194 shares of the company’s stock, valued at $2,442,996.54. This trade represents a 12.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 28,914 shares of company stock valued at $2,350,392. 11.20% of the stock is currently owned by company insiders.

Flexsteel Industries Profile

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.