Insider Selling: Flexsteel Industries (NASDAQ:FLXS) Insider Sells $198,925.00 in Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) insider Michael McClaflin sold 2,500 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $79.57, for a total transaction of $198,925.00. Following the completion of the transaction, the insider owned 36,026 shares in the company, valued at approximately $2,866,588.82. This trade represents a 6.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Friday, August 28th, Michael McClaflin sold 2,000 shares of Flexsteel Industries stock. The stock was sold at an average price of $82.94, for a total transaction of $165,880.00.
• On Thursday, August 20th, Michael McClaflin sold 500 shares of Flexsteel Industries stock. The stock was sold at an average price of $79.66, for a total transaction of $39,830.00.

Flexsteel Industries Trading Down 1.1%

NASDAQ:FLXS opened at $80.37 on Friday. Flexsteel Industries, Inc. has a 1 year low of $34.00 and a 1 year high of $88.49. The firm has a 50 day moving average of $75.65 and a 200-day moving average of $60.93. The stock has a market capitalization of $430.46 million, a P/E ratio of 12.94, a price-to-earnings-growth ratio of 1.28 and a beta of 0.57.

Flexsteel Industries (NASDAQ:FLXS) last announced its earnings results on Monday, August 17th. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.09 by $0.24. The business had revenue of $115.37 million for 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%. As a group, analysts forecast that Flexsteel Industries, Inc. will post 5.29 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FLXS. Zacks Research cut Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 21st. Freedom Broker lowered shares of Flexsteel Industries from a “buy” rating to a “hold” rating and increased their price objective for the stock from $72.00 to $80.00 in a report on Tuesday, August 18th. Weiss Ratings restated a “buy (b-)” rating on shares of Flexsteel Industries in a research report on Friday, July 17th. Finally, Freedom Capital lowered shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $80.00.

Hedge Funds Weigh In On Flexsteel Industries

Large investors have recently made changes to their positions in the company. Deutsche Bank AG boosted 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 acquiring an additional 303 shares during the last quarter. Barclays PLC raised its holdings in Flexsteel Industries by 6.4% during the 4th quarter. Barclays PLC now owns 5,527 shares of the company’s stock worth $218,000 after purchasing an additional 333 shares during the last quarter. Legal & General Group Plc bought a new stake in Flexsteel Industries during the 2nd quarter worth about $25,000. Russell Investments Group Ltd. lifted its position in Flexsteel Industries by 24.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company’s stock valued at $92,000 after purchasing an additional 395 shares during the period. Finally, First Trust Advisors LP lifted its position in Flexsteel Industries by 4.1% during the 2nd quarter. First Trust Advisors LP now owns 11,745 shares of the company’s stock valued at $423,000 after purchasing an additional 467 shares during the period. Institutional investors and hedge funds 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.