Arrowstreet Capital Limited Partnership Sells 15,760 Shares of Flexsteel Industries, Inc. $FLXS

Key Points

• Arrowstreet Capital cut its Flexsteel Industries stake by 36.4% in the first quarter, selling 15,760 shares and retaining 27,570 shares worth approximately $1.24 million. Institutional investors collectively own 36.27% of the company.
• Flexsteel shares opened at $76.89, near their 52-week high of $79.70, with a market capitalization of about $412 million. The company increased its quarterly dividend from $0.20 to $0.25 per share, representing a 1.3% annualized yield.
• Analyst sentiment remains positive but mixed: one analyst rates the stock Buy and another Hold, resulting in a “Moderate Buy” consensus rating.

Arrowstreet Capital Limited Partnership trimmed its position in Flexsteel Industries, Inc. (NASDAQ:FLXS - Free Report) by 36.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,570 shares of the company's stock after selling 15,760 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.51% of Flexsteel Industries worth $1,239,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. IFP Advisors Inc lifted its holdings in 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 during the period. State of Alaska Department of Revenue bought a new position in shares of Flexsteel Industries in the 4th quarter worth $38,000. BNP Paribas Financial Markets lifted its stake in shares of Flexsteel Industries by 149.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 971 shares of the company's stock worth $45,000 after purchasing an additional 582 shares during the last quarter. Farther Finance Advisors LLC purchased a new stake in shares of Flexsteel Industries during the 4th quarter worth $49,000. Finally, Copeland Capital Management LLC bought a new stake in Flexsteel Industries during the fourth quarter valued at about $59,000. Institutional investors own 36.27% of the company's stock.

Flexsteel Industries Stock Down 0.6%

NASDAQ:FLXS opened at $76.89 on Friday. Flexsteel Industries, Inc. has a 52 week low of $32.65 and a 52 week high of $79.70. The stock has a market capitalization of $412.13 million, a PE ratio of 13.93, a price-to-earnings-growth ratio of 1.28 and a beta of 0.56. The stock's 50-day moving average price is $69.04 and its 200-day moving average price is $56.38.

Flexsteel Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Wednesday, June 24th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, June 24th. This is a boost from Flexsteel Industries's previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. Flexsteel Industries's dividend payout ratio (DPR) is presently 18.12%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on FLXS shares. Weiss Ratings restated a "buy (b-)" rating on shares of Flexsteel Industries in a report on Friday, July 17th. Wall Street Zen lowered shares of Flexsteel Industries from a "strong-buy" rating to a "buy" rating in a research note on Saturday, April 25th. Finally, Zacks Research cut shares of Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy".

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source