Congress Asset Management Co. Purchases 80,615 Shares of Flexsteel Industries, Inc. $FLXS

Key Points

• Congress Asset Management Co. acquired 80,615 Flexsteel Industries shares worth approximately $6.8 million, giving it a 1.5% stake. Institutional investors collectively own 36.27% of the company.
• Flexsteel reported quarterly EPS of $1.33, beating estimates of $1.09, while revenue reached $115.37 million versus expectations of $109.51 million. The stock opened at $86.50, near its 52-week high of $90.64.
• Analysts give Flexsteel a consensus “Moderate Buy” rating with an average price target of $80.00, while the company declared a quarterly dividend of $0.25 per share, representing a 1.2% yield.

Congress Asset Management Co. purchased a new stake in Flexsteel Industries, Inc. (NASDAQ:FLXS - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 80,615 shares of the company's stock, valued at approximately $6,824,000. Congress Asset Management Co. owned approximately 1.50% of Flexsteel Industries as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FLXS. Legal & General Group Plc bought a new stake in shares of Flexsteel Industries during the second quarter valued at approximately $25,000. C M Bidwell & Associates Ltd. acquired a new stake in shares of Flexsteel Industries in the 2nd quarter valued at $67,000. IFP Advisors Inc raised its position in shares of Flexsteel Industries by 52.5% during the second quarter. IFP Advisors Inc now owns 3,052 shares of the company's stock worth $227,000 after acquiring an additional 1,051 shares during the last quarter. Deutsche Bank AG bought a new stake in shares of Flexsteel Industries during the second quarter worth $234,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Flexsteel Industries during the second quarter valued at $246,000. Institutional investors and hedge funds own 36.27% of the company's stock.

Insider Activity

In other Flexsteel Industries news, VP Stacy Kammes sold 2,750 shares of the firm's stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $82.66, for a total value of $227,315.00. Following the sale, the vice president owned 33,306 shares of the company's stock, valued at approximately $2,753,073.96. This trade represents a 7.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider David Crimmins sold 4,494 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $80.91, for a total transaction of $363,609.54. Following the completion of the sale, the insider owned 30,194 shares in the company, valued at $2,442,996.54. This represents a 12.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 28,914 shares of company stock valued at $2,350,392. Corporate insiders own 11.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FLXS. Freedom Broker cut shares of Flexsteel Industries from a "buy" rating to a "hold" rating and lifted their price target for the stock from $72.00 to $80.00 in a research report on Tuesday, August 18th. Freedom Capital lowered shares of Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 18th. Zacks Research raised shares of Flexsteel Industries from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 1st. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Flexsteel Industries in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Flexsteel Industries presently has a consensus rating of "Moderate Buy" and an average target price of $80.00.

Flexsteel Industries Stock Performance

NASDAQ:FLXS opened at $86.50 on Thursday. Flexsteel Industries, Inc. has a 52-week low of $34.00 and a 52-week high of $90.64. The company has a market cap of $463.64 million, a P/E ratio of 13.93, a P/E/G ratio of 1.38 and a beta of 0.51. The stock's 50-day simple moving average is $80.94 and its 200 day simple moving average is $66.75.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last posted its quarterly earnings results on Monday, August 17th. The company reported $1.33 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.24. The business had revenue of $115.37 million during the quarter, compared to analysts' expectations of $109.51 million. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%. As a group, equities analysts predict that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current fiscal year.

Flexsteel Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 12th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, September 30th. Flexsteel Industries's dividend payout ratio is presently 16.10%.

Flexsteel Industries Company Profile

Flexsteel Industries, Inc is a furniture manufacturer, importer and marketer based in Dubuque, Iowa. The company serves the residential and contract furniture markets, offering products designed for living rooms, dining rooms, bedrooms and other areas of the home.

Its product portfolio includes upholstered furniture such as sofas, sectionals, chairs and reclining seating, along with wood furniture, dining collections, bedroom furniture, occasional tables and mattresses. Flexsteel is also known for its Blue Steel Spring seating technology, which is incorporated into selected upholstered products.

Flexsteel sells its products through independent furniture retailers, national and regional retail chains, e-commerce channels and interior design professionals.

Want to see what other hedge funds are holding FLXS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Flexsteel Industries, Inc. (NASDAQ:FLXS - Free Report).

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.