Flexsteel Industries, Inc. $FLXS Stock Sold by Marion Wealth Management

Marion Wealth Management trimmed its position in shares of Flexsteel Industries, Inc. (NASDAQ:FLXS) by 29.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,025 shares of the company’s stock after selling 7,500 shares during the period. Marion Wealth Management owned approximately 0.34% of Flexsteel Industries worth $1,526,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Legal & General Group Plc bought a new position in Flexsteel Industries in the 2nd quarter valued at about $25,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Flexsteel Industries during the 2nd quarter worth approximately $67,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Flexsteel Industries by 16.4% during the 1st quarter. Public Employees Retirement System of Ohio now owns 3,729 shares of the company’s stock worth $168,000 after acquiring an additional 526 shares during the period. IFP Advisors Inc lifted its holdings in shares of Flexsteel Industries by 52.5% during the 2nd quarter. IFP Advisors Inc now owns 3,052 shares of the company’s stock worth $227,000 after acquiring an additional 1,051 shares during the period. Finally, Deutsche Bank AG acquired a new stake in shares of Flexsteel Industries during the 2nd quarter worth approximately $234,000. 36.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Activity at Flexsteel Industries

In related news, Director William S. Creekmuir sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $81.03, for a total transaction of $81,030.00. Following the completion of the transaction, the director directly owned 19,226 shares in the company, valued at $1,557,882.78. This represents a 4.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael McClaflin sold 2,500 shares of the company’s stock in a transaction that occurred 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 approximately $2,866,588.82. This represents a 6.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have 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 Stock Up 1.7%

Shares of FLXS stock opened at $84.98 on Friday. The business has a fifty day simple moving average of $83.07 and a 200 day simple moving average of $69.84. The company has a market cap of $455.49 million, a P/E ratio of 13.68, a P/E/G ratio of 1.32 and a beta of 0.51. Flexsteel Industries, Inc. has a twelve month low of $34.00 and a twelve month high of $90.64.

Flexsteel Industries (NASDAQ:FLXS) last released 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 for the quarter, compared to analysts’ expectations of $109.51 million. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%. As a group, equities research analysts anticipate that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current fiscal year.

Flexsteel Industries Dividend Announcement

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

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.