Algert Global LLC Buys Shares of 16,737 Flexsteel Industries, Inc. $FLXS

Key Points

• Algert Global LLC initiated a position in Flexsteel Industries during the second quarter, buying 16,737 shares valued at approximately $1.25 million, or about 0.31% of the company.
• Flexsteel reported quarterly EPS of $1.33, exceeding the $1.09 consensus estimate, while revenue of $115.37 million also surpassed expectations. The company raised its quarterly dividend to $0.25, equivalent to a 1.2% annual yield.
• FLXS shares opened at $81.80, near their 52-week high of $88.49. Analysts maintain a consensus “Hold” rating with an $80 price target, while insiders have sold 8,506 shares worth approximately $685,000 over the past 90 days.

Algert Global LLC purchased a new position in Flexsteel Industries, Inc. (NASDAQ:FLXS - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 16,737 shares of the company's stock, valued at approximately $1,247,000. Algert Global LLC owned about 0.31% of Flexsteel Industries as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. IFP Advisors Inc grew its holdings in shares of Flexsteel Industries by 2,200.0% during the third quarter. IFP Advisors Inc now owns 621 shares of the company's stock worth $29,000 after buying an additional 594 shares in the last quarter. C M Bidwell & Associates Ltd. purchased a new stake in Flexsteel Industries in the 2nd quarter worth approximately $67,000. BNP Paribas Financial Markets grew its stake in Flexsteel Industries by 149.6% in the 3rd 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. Farther Finance Advisors LLC acquired a new position in Flexsteel Industries in the 4th quarter valued at $49,000. Finally, Russell Investments Group Ltd. raised its holdings in Flexsteel Industries by 24.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company's stock valued at $92,000 after acquiring an additional 395 shares during the last quarter. Institutional investors and hedge funds own 36.27% of the company's stock.

Flexsteel Industries Stock Down 0.4%

FLXS stock opened at $81.80 on Friday. The company has a market cap of $438.45 million, a price-to-earnings ratio of 13.17, a PEG ratio of 1.29 and a beta of 0.56. The business has a fifty day simple moving average of $74.61 and a 200-day simple moving average of $60.24. Flexsteel Industries, Inc. has a 52 week low of $34.00 and a 52 week high of $88.49.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last announced its quarterly 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. 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 during the quarter, compared to analyst estimates of $109.51 million. As a group, analysts expect that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current fiscal year.

Flexsteel Industries Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Weiss Ratings restated a "buy (b-)" rating on shares of Flexsteel Industries in a 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 report on Tuesday, August 18th. Zacks Research lowered Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 21st. Finally, Freedom Capital cut Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 18th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $80.00.

Insider Activity at Flexsteel Industries

In related news, VP Stacy Marie Kammes sold 2,250 shares of the company's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $81.00, for a total transaction of $182,250.00. Following the completion of the sale, the vice president directly owned 28,165 shares of the company's stock, valued at approximately $2,281,365. This represents a 7.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Joseph Mcclaflin sold 500 shares of the business's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $79.66, for a total value of $39,830.00. Following the transaction, the insider owned 35,897 shares in the company, valued at approximately $2,859,555.02. This represents a 1.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 8,506 shares of company stock worth $685,413. 11.20% of the stock is currently owned by corporate insiders.

About Flexsteel Industries

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.

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