Flexsteel Industries, Inc. (NASDAQ:FLXS) to Issue Dividend Increase – $0.25 Per Share

Flexsteel Industries, Inc. (NASDAQ:FLXS) declared a quarterly dividend on Wednesday, June 10th. Investors of record on Wednesday, June 24th will be given a dividend of 0.25 per share on Monday, July 6th. This represents a c) dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Wednesday, June 24th. This is a 25.0% increase from Flexsteel Industries’s previous quarterly dividend of $0.20.

Flexsteel Industries has a payout ratio of 21.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Flexsteel Industries to earn $5.05 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 15.8%.

Flexsteel Industries Stock Up 0.3%

Flexsteel Industries stock opened at $58.15 on Thursday. The stock has a 50-day simple moving average of $52.84 and a 200 day simple moving average of $47.43. Flexsteel Industries has a 12-month low of $29.39 and a 12-month high of $60.97. The stock has a market capitalization of $311.68 million, a price-to-earnings ratio of 10.53, a P/E/G ratio of 1.01 and a beta of 0.58.

Flexsteel Industries (NASDAQ:FLXS) last released its quarterly earnings results on Monday, April 20th. The company reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.39. Flexsteel Industries had a return on equity of 16.10% and a net margin of 6.79%.The business had revenue of $115.13 million during the quarter, compared to analysts’ expectations of $118.32 million. As a group, sell-side analysts anticipate that Flexsteel Industries will post 4.78 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FLXS. Wall Street Zen cut Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 25th. Weiss Ratings raised Flexsteel Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, April 20th. Finally, Zacks Research raised Flexsteel Industries from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Strong Buy”.

Flexsteel Industries Company Profile

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.