Flexsteel Industries (NASDAQ:FLXS) Releases Quarterly Earnings Results, Beats Expectations By $0.24 EPS

Flexsteel Industries (NASDAQ:FLXS) released its quarterly earnings data on Monday, August 17th. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.09 by $0.24, Zacks reports. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%.The firm had revenue of $115.37 million during the quarter, compared to the consensus estimate of $109.51 million.

Flexsteel Industries Price Performance

NASDAQ FLXS opened at $81.40 on Monday. The company has a fifty day moving average price of $76.74 and a 200-day moving average price of $62.11. The firm has a market cap of $436.30 million, a price-to-earnings ratio of 13.11, a PEG ratio of 1.28 and a beta of 0.57. Flexsteel Industries has a 1 year low of $34.00 and a 1 year high of $88.49.

Insider Activity

In other Flexsteel Industries news, 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 completion of the sale, the insider directly owned 30,194 shares of the company’s stock, valued at approximately $2,442,996.54. This represents a 12.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Stacy Kammes sold 2,750 shares of the stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $82.66, for a total transaction of $227,315.00. Following the completion of the sale, the vice president owned 33,306 shares of the company’s stock, valued at approximately $2,753,073.96. This trade represents a 7.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 24,964 shares of company stock valued at $2,029,438 in the last three months. 11.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Flexsteel Industries

Several large investors have recently made changes to their positions in FLXS. IFP Advisors Inc boosted its holdings in shares of Flexsteel Industries by 2,200.0% in the 3rd quarter. IFP Advisors Inc now owns 621 shares of the company’s stock worth $29,000 after buying an additional 594 shares during the last quarter. BNP Paribas Financial Markets raised its position in Flexsteel Industries by 149.6% in the third quarter. BNP Paribas Financial Markets now owns 971 shares of the company’s stock worth $45,000 after acquiring an additional 582 shares during the period. Russell Investments Group Ltd. raised its position in Flexsteel Industries by 24.7% in the third quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company’s stock worth $92,000 after acquiring an additional 395 shares during the period. Jones Financial Companies Lllp boosted its stake in Flexsteel Industries by 5,214.0% in the first quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company’s stock valued at $97,000 after acquiring an additional 2,607 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake 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 acquiring an additional 303 shares during the last quarter. 36.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FLXS shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Flexsteel Industries in a research report on Friday, July 17th. Freedom Broker downgraded shares of Flexsteel Industries from a “buy” rating to a “hold” rating and upped their price objective for the stock from $72.00 to $80.00 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 research note on Tuesday, July 21st. Finally, Freedom Capital cut shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating 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 company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average 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.