Flexsteel Industries, Inc. (FLXS) To Go Ex-Dividend on September 30th

Flexsteel Industries, Inc. (NASDAQ:FLXS) announced a quarterly dividend on Tuesday, September 15th. Investors of record on Wednesday, September 30th will be given a dividend of 0.25 per share on Monday, October 12th. This represents a c) dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, September 30th.

Flexsteel Industries has raised its dividend by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 1 years. Flexsteel Industries has a dividend payout ratio of 26.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Flexsteel Industries to earn $6.05 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 16.5%.

Flexsteel Industries Stock Performance

NASDAQ FLXS opened at $81.55 on Thursday. The company has a market capitalization of $437.11 million, a price-to-earnings ratio of 13.13, a price-to-earnings-growth ratio of 1.29 and a beta of 0.57. The company’s 50-day simple moving average is $77.41 and its two-hundred day simple moving average is $62.72. Flexsteel Industries has a one year low of $34.00 and a one year high of $88.49.

Flexsteel Industries (NASDAQ:FLXS) last issued its quarterly earnings data 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 net margin of 7.21% and a return on equity of 16.11%. Equities analysts expect that Flexsteel Industries will post 5.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Michael McClaflin sold 2,500 shares of the company’s stock in a transaction dated 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 directly owned 36,026 shares of the company’s stock, valued at $2,866,588.82. This represents a 6.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider David Crimmins sold 4,494 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $80.91, for a total value of $363,609.54. Following the transaction, the insider directly owned 30,194 shares in the company, valued at $2,442,996.54. This represents a 12.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,914 shares of company stock valued at $2,350,392 in the last 90 days. Corporate insiders own 11.20% of the company’s stock.

Hedge Funds Weigh In On Flexsteel Industries

Several hedge funds and other institutional investors have recently modified their holdings of FLXS. Legal & General Group Plc acquired a new stake in Flexsteel Industries in the 2nd quarter valued at $25,000. Public Employees Retirement System of Ohio raised its position in Flexsteel Industries by 16.4% during the first 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. Punch & Associates Investment Management Inc. raised its position in Flexsteel Industries by 0.6% during the first quarter. Punch & Associates Investment Management Inc. now owns 91,525 shares of the company’s stock worth $4,113,000 after acquiring an additional 545 shares during the period. Lazard Asset Management LLC lifted its holdings in Flexsteel Industries by 3.2% during the first quarter. Lazard Asset Management LLC now owns 21,294 shares of the company’s stock valued at $957,000 after purchasing an additional 666 shares in the last quarter. Finally, C M Bidwell & Associates Ltd. acquired a new stake in shares of Flexsteel Industries in the second quarter valued at about $67,000. 36.27% of the stock is owned by hedge funds and other institutional investors.

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.