Bank of America Corp DE Purchases 22,639 Shares of Flexsteel Industries, Inc. $FLXS

Key Points

• Bank of America increased its Flexsteel Industries stake by 462.3% in the first quarter, purchasing 22,639 additional shares for a total holding of 27,536 shares valued at approximately $1.24 million. Institutional investors collectively own 36.27% of the company.
• Analysts maintain a consensus “Hold” rating with an $80 price target, while insiders have sold 19,114 shares worth approximately $1.55 million over the past 90 days.
• Flexsteel reported quarterly earnings of $1.33 per share, beating estimates by $0.24, and revenue of $115.37 million. The company also raised its quarterly dividend to $0.25, equivalent to a 1.2% annual yield.

Bank of America Corp DE raised its stake in shares of Flexsteel Industries, Inc. (NASDAQ:FLXS - Free Report) by 462.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,536 shares of the company's stock after purchasing an additional 22,639 shares during the quarter. Bank of America Corp DE owned 0.51% of Flexsteel Industries worth $1,237,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Empowered Funds LLC raised its holdings in Flexsteel Industries by 9.4% in the first quarter. Empowered Funds LLC now owns 30,758 shares of the company's stock worth $1,382,000 after purchasing an additional 2,646 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Flexsteel Industries by 3.2% during the 1st quarter. Lazard Asset Management LLC now owns 21,294 shares of the company's stock valued at $957,000 after buying an additional 666 shares in the last quarter. Punch & Associates Investment Management Inc. boosted its holdings in shares of Flexsteel Industries by 0.6% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 91,525 shares of the company's stock valued at $4,113,000 after buying an additional 545 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Flexsteel Industries by 7.9% in the 1st quarter. Renaissance Technologies LLC now owns 142,200 shares of the company's stock worth $6,390,000 after buying an additional 10,400 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in shares of Flexsteel Industries by 16.4% in the 1st quarter. Public Employees Retirement System of Ohio now owns 3,729 shares of the company's stock worth $168,000 after buying an additional 526 shares during the period. 36.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FLXS. Freedom Capital cut Flexsteel Industries from a "strong-buy" rating to a "hold" rating 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. Zacks Research downgraded Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 21st. Finally, Freedom Broker lowered shares of 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 report on Tuesday, August 18th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $80.00.

Insider Buying and Selling

In related news, VP Stacy Kammes sold 2,250 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $81.00, for a total value of $182,250.00. Following the sale, the vice president directly owned 28,165 shares of the company's stock, valued at $2,281,365. This represents a 7.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William Creekmuir sold 3,008 shares of the firm's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $81.54, for a total transaction of $245,272.32. Following the completion of the transaction, the director directly owned 26,276 shares in the company, valued at $2,142,545.04. This represents a 10.27% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 19,114 shares of company stock worth $1,549,225. 11.20% of the stock is currently owned by corporate insiders.

Flexsteel Industries Stock Up 2.2%

Shares of NASDAQ:FLXS opened at $82.16 on Friday. The firm's 50 day moving average price is $75.84 and its 200-day moving average price is $61.08. Flexsteel Industries, Inc. has a twelve month low of $34.00 and a twelve month high of $88.49. The stock has a market capitalization of $440.38 million, a PE ratio of 13.23, a price-to-earnings-growth ratio of 1.27 and a beta of 0.57.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last released its earnings results on Monday, August 17th. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.24. The company 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%. 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 issued a $0.25 dividend. This is a boost from Flexsteel Industries's previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, June 24th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. Flexsteel Industries's payout ratio is presently 16.10%.

Flexsteel Industries 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.

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