Flexsteel Industries, Inc. (NASDAQ:FLXS) Announces Quarterly Dividend of $0.25

Key Points

• Flexsteel Industries declared a quarterly dividend of $0.25 per share, payable October 12 to shareholders of record September 30. The dividend implies a $1.00 annual payout and approximately a 1.2% yield.
• The company’s dividend appears well covered, with a 26.7% payout ratio; analysts expect next year’s earnings of $6.05 per share, implying a projected payout ratio of 16.5%.
• Flexsteel recently exceeded quarterly earnings expectations, reporting $1.33 in EPS and $115.37 million in revenue, while insiders sold 24,964 shares worth approximately $2.03 million over the past 90 days.

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) announced a quarterly dividend on Tuesday, September 15th. Investors of record on Wednesday, September 30th will be given a dividend of 0.25 per share on Monday, October 12th. This represents a c) dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, September 30th.

Flexsteel Industries has increased its dividend by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Flexsteel Industries has a payout ratio of 26.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Flexsteel Industries to earn $6.05 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 16.5%.

Flexsteel Industries Stock Up 0.3%

NASDAQ:FLXS opened at $82.11 on Wednesday. Flexsteel Industries has a 12-month low of $34.00 and a 12-month high of $88.49. The firm has a market capitalization of $439.78 million, a PE ratio of 13.22, a price-to-earnings-growth ratio of 1.29 and a beta of 0.57. The firm has a 50-day moving average price of $77.18 and a 200 day moving average price of $62.52.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last released its quarterly earnings data on Monday, August 17th. The company reported $1.33 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.24. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%.The company had revenue of $115.37 million for the quarter, compared to the consensus estimate of $109.51 million. On average, research analysts expect that Flexsteel Industries will post 5.29 EPS for the current year.

Insider Activity

In other news, insider Michael McClaflin sold 2,500 shares of the business's stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $79.57, for a total value of $198,925.00. Following the transaction, the insider directly owned 36,026 shares of the company's stock, valued at $2,866,588.82. The trade was a 6.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David Crimmins sold 4,494 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $80.91, for a total value of $363,609.54. Following the sale, the insider 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. In the last ninety days, insiders sold 24,964 shares of company stock worth $2,029,438. Corporate insiders own 11.20% of the company's stock.

Hedge Funds Weigh In On Flexsteel Industries

Institutional investors and hedge funds have recently bought and sold shares of the business. Engineers Gate Manager LP bought a new stake in shares of Flexsteel Industries during the second quarter worth $259,000. IFP Advisors Inc raised its holdings in shares of Flexsteel Industries by 52.5% in the second quarter. IFP Advisors Inc now owns 3,052 shares of the company's stock valued at $227,000 after buying an additional 1,051 shares during the last quarter. Empowered Funds LLC acquired a new position in Flexsteel Industries during the 2nd quarter worth about $2,459,000. Public Employees Retirement System of Ohio acquired a new position in Flexsteel Industries during the 2nd quarter worth about $483,000. Finally, Punch & Associates Investment Management Inc. bought a new stake in Flexsteel Industries during the 2nd quarter worth about $6,817,000. Institutional investors and hedge funds own 36.27% of the company's stock.

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.

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