William Creekmuir Sells 1,000 Shares of Flexsteel Industries (NASDAQ:FLXS) Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) Director William Creekmuir sold 1,000 shares of the business’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $81.03, for a total value of $81,030.00. Following the completion of the transaction, the director directly owned 19,226 shares of the company’s stock, valued at approximately $1,557,882.78. The trade was a 4.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Flexsteel Industries Stock Down 0.7%

Shares of NASDAQ FLXS traded down $0.56 during mid-day trading on Wednesday, reaching $81.55. 142,059 shares of the company were exchanged, compared to its average volume of 54,055. Flexsteel Industries, Inc. has a 1 year low of $34.00 and a 1 year high of $88.49. The firm has a 50-day moving average of $77.18 and a 200 day moving average of $62.52. The stock has a market cap of $436.78 million, a price-to-earnings ratio of 13.13, a P/E/G ratio of 1.29 and a beta of 0.57.

Flexsteel Industries (NASDAQ:FLXS) last posted its earnings results on Monday, August 17th. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.24. The company 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 analysts forecast that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current year.

Flexsteel Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 12th. Stockholders of record on Wednesday, September 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. Flexsteel Industries’s payout ratio is presently 16.10%.

Institutional Investors Weigh In On Flexsteel Industries

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Flexsteel Industries during the 2nd quarter valued at approximately $20,589,000. Punch & Associates Investment Management Inc. acquired a new stake in shares of Flexsteel Industries during the second quarter worth $6,817,000. Bank of New York Mellon Corp acquired a new stake in shares of Flexsteel Industries during the second quarter worth $3,543,000. Empowered Funds LLC purchased a new stake in shares of Flexsteel Industries during the second quarter valued at $2,459,000. Finally, Walleye Capital LLC purchased a new stake in shares of Flexsteel Industries during the first quarter valued at $1,359,000. Institutional investors and hedge funds own 36.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FLXS shares. Freedom Broker cut shares of Flexsteel Industries from a “buy” rating to a “hold” rating and increased their target price for the company from $72.00 to $80.00 in a research report on Tuesday, August 18th. Freedom Capital lowered shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Zacks Research lowered shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 21st. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flexsteel Industries in a research report on Friday, July 17th. One equities 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, Flexsteel Industries presently has an average rating of “Hold” and a consensus price target of $80.00.

About Flexsteel Industries

Flexsteel Industries, Inc is a furniture manufacturer and distributor headquartered in Dubuque, Iowa. Founded in 1893, the company develops and sells residential furniture under the Flexsteel brand, with a focus on upholstered seating and furnishings for living rooms, family rooms, bedrooms, dining areas and home offices.

Its product portfolio includes sofas, sectionals, recliners, chairs, mattresses, beds, dressers, dining tables, dining chairs and occasional furniture. Flexsteel is known for its Blue Steel Spring seating technology, which is incorporated into many of its upholstered furniture products.