Michael Joseph Mcclaflin Sells 2,500 Shares of Flexsteel Industries (NASDAQ:FLXS) Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) insider Michael Joseph Mcclaflin sold 2,500 shares of the business’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 sale, the insider directly owned 38,526 shares of the company’s stock, valued at approximately $3,065,513.82. This trade represents a 6.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Friday, August 28th, Michael Joseph Mcclaflin sold 2,000 shares of Flexsteel Industries stock. The shares were sold at an average price of $82.94, for a total transaction of $165,880.00.
• On Thursday, August 20th, Michael Joseph Mcclaflin sold 500 shares of Flexsteel Industries stock. The stock was sold at an average price of $79.66, for a total transaction of $39,830.00.

Flexsteel Industries Stock Performance

Shares of Flexsteel Industries stock opened at $81.26 on Thursday. The firm has a fifty day moving average of $75.42 and a two-hundred day moving average of $60.77. The stock has a market capitalization of $435.55 million, a price-to-earnings ratio of 13.09, a PEG ratio of 1.25 and a beta of 0.57. Flexsteel Industries, Inc. has a 52 week low of $34.00 and a 52 week high of $88.49.

Flexsteel Industries (NASDAQ:FLXS) last posted its quarterly earnings results on Monday, August 17th. The company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.24. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%.The business had revenue of $115.37 million for the quarter, compared to analyst estimates of $109.51 million. As a group, research analysts forecast 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 issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, June 24th. Flexsteel Industries’s dividend payout ratio (DPR) is 16.10%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC bought a new position in shares of Flexsteel Industries during the first quarter worth about $221,000. Jones Financial Companies Lllp boosted its position in Flexsteel Industries by 5,214.0% during the 1st quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company’s stock worth $97,000 after acquiring an additional 2,607 shares during the last quarter. Empowered Funds LLC boosted its position in Flexsteel Industries by 7.0% during the 1st quarter. Empowered Funds LLC now owns 24,749 shares of the company’s stock worth $904,000 after acquiring an additional 1,622 shares during the last quarter. First Trust Advisors LP grew its stake 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 worth $423,000 after acquiring an additional 467 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in shares of Flexsteel Industries by 7.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 28,888 shares of the company’s stock worth $1,041,000 after acquiring an additional 1,881 shares in the last quarter. 36.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.