Punch & Associates Investment Management Inc. Acquires New Position in Flexsteel Industries, Inc. $FLXS

Punch & Associates Investment Management Inc. purchased a new stake in Flexsteel Industries, Inc. (NASDAQ:FLXS) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 91,525 shares of the company’s stock, valued at approximately $6,817,000. Punch & Associates Investment Management Inc. owned about 1.71% of Flexsteel Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the company. Legal & General Group Plc purchased a new stake in shares of Flexsteel Industries during the 2nd quarter valued at approximately $25,000. IFP Advisors Inc increased its holdings in Flexsteel Industries by 2,200.0% during the 3rd quarter. IFP Advisors Inc now owns 621 shares of the company’s stock worth $29,000 after purchasing an additional 594 shares during the period. C M Bidwell & Associates Ltd. acquired a new stake in Flexsteel Industries in the second quarter valued at approximately $67,000. BNP Paribas Financial Markets raised its holdings in shares of Flexsteel Industries by 149.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 971 shares of the company’s stock valued at $45,000 after purchasing an additional 582 shares in the last quarter. Finally, Farther Finance Advisors LLC purchased a new stake in Flexsteel Industries during the 4th quarter worth about $49,000. 36.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FLXS has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flexsteel Industries in a research report on Friday, July 17th. Freedom Broker downgraded Flexsteel Industries from a “buy” rating to a “hold” rating and increased their target price for the stock from $72.00 to $80.00 in a research note on Tuesday, August 18th. Freedom Capital cut Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Finally, Zacks Research lowered shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $80.00.

Flexsteel Industries Price Performance

Shares of NASDAQ:FLXS opened at $81.77 on Thursday. The business has a 50-day moving average of $73.92 and a two-hundred day moving average of $59.91. Flexsteel Industries, Inc. has a 12 month low of $34.00 and a 12 month high of $88.49. The firm has a market capitalization of $438.29 million, a PE ratio of 13.17, a P/E/G ratio of 1.28 and a beta of 0.56.

Flexsteel Industries (NASDAQ:FLXS) last announced its earnings results on Monday, August 17th. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.24. The business had revenue of $115.37 million during the quarter, compared to the consensus estimate of $109.51 million. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%. As a group, research analysts anticipate that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current year.

Flexsteel Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Wednesday, June 24th were given a dividend of $0.25 per share. This is a positive change from Flexsteel Industries’s previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, June 24th. 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%.

Insider Activity at Flexsteel Industries

In related news, insider Michael Joseph Mcclaflin sold 500 shares of Flexsteel Industries stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $79.66, for a total transaction of $39,830.00. Following the transaction, the insider directly owned 35,897 shares of the company’s stock, valued at $2,859,555.02. The trade was a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David Edward Crimmins sold 4,494 shares of Flexsteel Industries stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $80.91, for a total transaction of $363,609.54. Following the completion of the transaction, the insider directly owned 30,194 shares in the company, valued at approximately $2,442,996.54. This trade represents a 12.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 8,506 shares of company stock valued at $685,413 over the last 90 days. 11.20% of the stock is currently owned by corporate insiders.

Flexsteel Industries 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.