BlackRock Inc. Acquires New Position in Flexsteel Industries, Inc. $FLXS

Key Points

• BlackRock acquired 276,437 Flexsteel Industries shares worth approximately $20.6 million, giving it a 5.16% stake. Institutional investors and hedge funds collectively own 36.27% of the company.
• Flexsteel reported quarterly EPS of $1.33, beating estimates by $0.24, while revenue of $115.37 million also exceeded expectations. The company raised its quarterly dividend to $0.25 per share, equivalent to a 1.2% annual yield.
• Shares opened at $81.26, near their 52-week high of $88.49. Despite strong recent performance, analysts hold a consensus “Hold” rating with an average price target of $80, while insiders have sold 16,106 shares worth about $1.3 million over the past three months.

BlackRock Inc. acquired a new stake in Flexsteel Industries, Inc. (NASDAQ:FLXS - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 276,437 shares of the company's stock, valued at approximately $20,589,000. BlackRock Inc. owned approximately 5.16% of Flexsteel Industries at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mariner LLC acquired a new stake in shares of Flexsteel Industries in the 4th quarter valued at approximately $46,099,000. Bank of New York Mellon Corp acquired a new position in Flexsteel Industries during the second quarter worth $3,543,000. Walleye Capital LLC acquired a new position in Flexsteel Industries during the first quarter worth $1,359,000. Focus Partners Wealth acquired a new position in Flexsteel Industries during the third quarter worth $1,105,000. Finally, Bank of America Corp DE raised its position in Flexsteel Industries by 462.3% in the first quarter. Bank of America Corp DE now owns 27,536 shares of the company's stock worth $1,237,000 after acquiring an additional 22,639 shares in the last quarter. Institutional investors and hedge funds own 36.27% of the company's stock.

Insider Buying and Selling at Flexsteel Industries

In other news, VP Stacy Marie Kammes sold 2,250 shares of the stock in a transaction that occurred on 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 in the company, valued at $2,281,365. This represents a 7.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William S. Creekmuir sold 3,100 shares of the firm's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $81.85, for a total transaction of $253,735.00. Following the transaction, the director directly owned 29,284 shares of the company's stock, valued at approximately $2,396,895.40. This trade represents a 9.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 16,106 shares of company stock worth $1,303,953. 11.20% of the stock is currently owned by insiders.

Flexsteel Industries Stock Performance

Flexsteel Industries stock opened at $81.26 on Thursday. Flexsteel Industries, Inc. has a fifty-two week low of $34.00 and a fifty-two week high of $88.49. The firm has a market capitalization of $435.55 million, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 1.25 and a beta of 0.57. The stock's fifty day moving average is $75.42 and its two-hundred day moving average is $60.77.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last released its quarterly earnings results on Monday, August 17th. The company reported $1.33 earnings per share (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 business had revenue of $115.37 million during the quarter, compared to the consensus estimate of $109.51 million. As a group, sell-side analysts forecast that Flexsteel Industries, Inc. will post 5.29 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 6th. Shareholders 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 an increase from Flexsteel Industries's previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Flexsteel Industries's dividend payout ratio (DPR) is presently 16.10%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Weiss Ratings reissued a "buy (b-)" rating on shares of Flexsteel Industries in a report on Friday, July 17th. Zacks Research cut shares of Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 21st. Freedom Broker downgraded shares of Flexsteel Industries from a "buy" rating to a "hold" rating and increased their price target for the company from $72.00 to $80.00 in a 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 research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $80.00.

Flexsteel Industries Company 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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