Bank of New York Mellon Corp Buys New Position in Flexsteel Industries, Inc. $FLXS

Key Points

• Bank of New York Mellon initiated a position in Flexsteel Industries by purchasing 47,563 shares worth approximately $3.54 million, representing 0.89% of the company. Institutional investors collectively own 36.27% of FLXS.
• Flexsteel reported quarterly earnings of $1.33 per share, beating expectations of $1.09, while revenue of $115.37 million also exceeded estimates. The company increased its quarterly dividend to $0.25, or $1.00 annually.
• Recent insider activity was negative, with insiders selling 19,114 shares worth about $1.55 million over the past quarter. Analysts broadly rate the stock “Hold,” with an average price target of $80 versus a recent share price of $82.16.

Bank of New York Mellon Corp bought a new stake in shares of Flexsteel Industries, Inc. (NASDAQ:FLXS - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 47,563 shares of the company's stock, valued at approximately $3,543,000. Bank of New York Mellon Corp owned 0.89% of Flexsteel Industries as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in FLXS. Deutsche Bank AG lifted its position in shares of Flexsteel Industries by 11.1% in the 4th quarter. Deutsche Bank AG now owns 3,024 shares of the company's stock worth $119,000 after purchasing an additional 303 shares during the period. Barclays PLC increased its position in shares of Flexsteel Industries by 6.4% during the fourth quarter. Barclays PLC now owns 5,527 shares of the company's stock worth $218,000 after buying an additional 333 shares during the period. Russell Investments Group Ltd. increased its position in shares of Flexsteel Industries by 24.7% during the third quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company's stock worth $92,000 after buying an additional 395 shares during the period. First Trust Advisors LP raised its stake in Flexsteel Industries by 4.1% during the second quarter. First Trust Advisors LP now owns 11,745 shares of the company's stock worth $423,000 after buying an additional 467 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in Flexsteel Industries by 16.4% during the first 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 last quarter. Institutional investors own 36.27% of the company's stock.

Insider Transactions at Flexsteel Industries

In other Flexsteel Industries news, Director William Creekmuir sold 3,008 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $81.54, for a total value of $245,272.32. Following the transaction, the director owned 26,276 shares in the company, valued at approximately $2,142,545.04. This represents a 10.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Stacy Kammes sold 2,250 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $81.00, for a total value of $182,250.00. Following the completion of the transaction, the vice president owned 28,165 shares in the company, valued at approximately $2,281,365. The trade was a 7.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 19,114 shares of company stock valued at $1,549,225. 11.20% of the stock is currently owned by corporate insiders.

Flexsteel Industries Price Performance

Shares of NASDAQ FLXS opened at $82.16 on Monday. The firm has a market cap of $440.05 million, a PE ratio of 13.23, a P/E/G ratio of 1.29 and a beta of 0.57. Flexsteel Industries, Inc. has a 12-month low of $34.00 and a 12-month high of $88.49. The company's fifty day simple moving average is $75.84 and its 200 day simple moving average is $61.11.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last posted its quarterly 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. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%. The firm had revenue of $115.37 million during the quarter, compared to the consensus estimate of $109.51 million. On average, equities analysts predict that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current year.

Flexsteel Industries Increases Dividend

The company 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 was Wednesday, June 24th. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. This is a boost from Flexsteel Industries's previous quarterly dividend of $0.20. Flexsteel Industries's dividend payout ratio (DPR) is 16.10%.

Analyst Ratings Changes

FLXS has been the topic of several recent analyst reports. Freedom Broker lowered shares of Flexsteel Industries from a "buy" rating to a "hold" rating and boosted their target price for the company from $72.00 to $80.00 in a report on Tuesday, August 18th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Flexsteel Industries in a report on Friday, July 17th. Zacks Research lowered Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 21st. Finally, Freedom Capital downgraded Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 18th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $80.00.

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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