Insider Selling: Flexsteel Industries (NASDAQ:FLXS) Insider Sells 2,000 Shares

Flexsteel Industries, Inc. (NASDAQ:FLXS) insider Michael Joseph Mcclaflin sold 2,000 shares of the business’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $82.94, for a total value of $165,880.00. Following the transaction, the insider owned 41,026 shares in the company, valued at approximately $3,402,696.44. This trade represents a 4.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, August 31st, Michael Joseph Mcclaflin sold 2,500 shares of Flexsteel Industries stock. The stock was sold at an average price of $79.57, for a total value of $198,925.00.
• On Thursday, August 20th, Michael Joseph Mcclaflin sold 500 shares of Flexsteel Industries stock. The shares were sold at an average price of $79.66, for a total value of $39,830.00.

Flexsteel Industries Trading Up 0.9%

Shares of FLXS stock traded up $0.68 during mid-day trading on Tuesday, reaching $80.22. The stock had a trading volume of 34,593 shares, compared to its average volume of 50,644. Flexsteel Industries, Inc. has a 1-year low of $34.00 and a 1-year high of $88.49. The firm has a market cap of $429.66 million, a price-to-earnings ratio of 12.92, a PEG ratio of 1.29 and a beta of 0.56. The business’s fifty day moving average is $74.90 and its 200-day moving average is $60.42.

Flexsteel Industries (NASDAQ:FLXS) last released its earnings results on Monday, August 17th. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.24. The firm had revenue of $115.37 million during the quarter, compared to the consensus estimate of $109.51 million. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%. On average, analysts forecast that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current year.

Flexsteel Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Wednesday, June 24th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. This is a boost from Flexsteel Industries’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, June 24th. Flexsteel Industries’s dividend payout ratio is 16.10%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FLXS shares. Freedom Capital downgraded Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Weiss Ratings reissued a “buy (b-)” rating on shares of Flexsteel Industries in a report on Friday, July 17th. Zacks Research downgraded Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 21st. Finally, Freedom Broker lowered Flexsteel Industries from a “buy” rating to a “hold” rating and raised their target price for the stock from $72.00 to $80.00 in a report on Tuesday, August 18th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $80.00.

Hedge Funds Weigh In On Flexsteel Industries

Hedge funds have recently bought and sold shares of the business. Deutsche Bank AG grew its holdings in Flexsteel Industries by 11.1% in the fourth quarter. Deutsche Bank AG now owns 3,024 shares of the company’s stock valued at $119,000 after purchasing an additional 303 shares during the period. Barclays PLC lifted its position in shares of Flexsteel Industries by 6.4% during the 4th quarter. Barclays PLC now owns 5,527 shares of the company’s stock valued at $218,000 after buying an additional 333 shares in the last quarter. Legal & General Group Plc purchased a new position in shares of Flexsteel Industries during the 2nd quarter valued at approximately $25,000. Russell Investments Group Ltd. grew its stake in Flexsteel Industries by 24.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company’s stock valued at $92,000 after acquiring an additional 395 shares during the period. Finally, First Trust Advisors LP increased its holdings in Flexsteel Industries by 4.1% in 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. Hedge funds and other institutional investors own 36.27% of the company’s stock.

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.