Flexsteel Industries (NASDAQ:FLXS) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• Flexsteel Industries beat quarterly earnings estimates, reporting EPS of $1.24 versus the $1.23 consensus estimate. The company posted a 7.21% net margin and 16.11% return on equity.
• Shares fell $1.63 to $82.55 in Monday trading, despite remaining near their 52-week high of $90.64. The stock has a market capitalization of approximately $442 million and a P/E ratio of 13.29.
• The company paid a quarterly dividend of $0.25, equivalent to $1.00 annually and a 1.2% yield. Analyst sentiment was “Moderate Buy,” with a consensus price target of $80, while insiders sold roughly $2.35 million of stock over the past 90 days.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) posted its earnings results on Monday. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.23 by $0.01, Zacks reports. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%.

Flexsteel Industries Price Performance

FLXS stock traded down $1.63 during midday trading on Monday, reaching $82.55. The company had a trading volume of 60,995 shares, compared to its average volume of 55,600. Flexsteel Industries has a 1-year low of $34.00 and a 1-year high of $90.64. The stock has a 50 day moving average price of $83.28 and a 200-day moving average price of $70.10. The company has a market capitalization of $442.47 million, a price-to-earnings ratio of 13.29, a price-to-earnings-growth ratio of 1.33 and a beta of 0.51.

Flexsteel Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 12th. Shareholders of record on Wednesday, September 30th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Flexsteel Industries's payout ratio is currently 16.10%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FLXS shares. Weiss Ratings raised shares of Flexsteel Industries from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Zacks Research upgraded Flexsteel Industries from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 1st. Freedom Broker downgraded 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 research report on Tuesday, August 18th. Finally, Freedom Capital cut shares of Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $80.00.

Insider Transactions at Flexsteel Industries

In related news, VP Stacy Kammes sold 2,750 shares of the company's stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $82.66, for a total value of $227,315.00. Following the sale, the vice president directly owned 33,306 shares in the company, valued at $2,753,073.96. This represents a 7.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David Crimmins sold 4,494 shares of the business's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $80.91, for a total transaction of $363,609.54. Following the transaction, the insider owned 30,194 shares in the company, valued at $2,442,996.54. The trade was a 12.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 28,914 shares of company stock worth $2,350,392. Insiders own 11.20% of the company's stock.

Flexsteel Industries Company Profile

Flexsteel Industries, Inc is a furniture company that designs, manufactures, imports and markets residential furniture. Based in Dubuque, Iowa, the company serves the U.S. home furnishings market through retail furniture stores, national and regional chains, interior designers and online channels.

The company's product offerings include upholstered seating such as sofas, sectionals, chairs and recliners, along with motion furniture, dining and bedroom furniture, occasional tables and home office products.

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