Flexsteel Industries, Inc. $FLXS Shares Purchased by Janney Montgomery Scott LLC

Key Points

• Janney Montgomery Scott LLC nearly doubled its stake in Flexsteel Industries in the first quarter, buying 14,417 additional shares and bringing its holding to 29,207 shares worth about $1.31 million.
• Flexsteel recently posted strong quarterly earnings, with EPS of $1.14 topping analyst expectations by $0.39, though revenue of $115.13 million came in slightly below estimates.
• The company also raised its quarterly dividend to $0.25 per share from $0.20, equal to an annualized yield of about 1.4% and a payout ratio of 18.12%.

Janney Montgomery Scott LLC increased its stake in shares of Flexsteel Industries, Inc. (NASDAQ:FLXS - Free Report) by 97.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,207 shares of the company's stock after buying an additional 14,417 shares during the period. Janney Montgomery Scott LLC owned about 0.55% of Flexsteel Industries worth $1,313,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in FLXS. Mariner LLC purchased a new stake in shares of Flexsteel Industries during the 4th quarter worth approximately $46,099,000. Focus Partners Wealth purchased a new stake in Flexsteel Industries during the third quarter worth $1,105,000. Punch & Associates Investment Management Inc. grew its holdings in Flexsteel Industries by 23.8% in the fourth quarter. Punch & Associates Investment Management Inc. now owns 90,980 shares of the company's stock valued at $3,593,000 after purchasing an additional 17,478 shares during the last quarter. Squarepoint Ops LLC increased its position in shares of Flexsteel Industries by 141.2% in the third quarter. Squarepoint Ops LLC now owns 26,432 shares of the company's stock valued at $1,225,000 after buying an additional 15,472 shares in the last quarter. Finally, Algert Global LLC acquired a new position in shares of Flexsteel Industries during the 3rd quarter worth $618,000. 36.27% of the stock is owned by hedge funds and other institutional investors.

Flexsteel Industries Price Performance

NASDAQ:FLXS traded down $0.49 on Friday, reaching $71.30. The stock had a trading volume of 29,476 shares, compared to its average volume of 53,364. Flexsteel Industries, Inc. has a 12-month low of $32.65 and a 12-month high of $77.19. The company has a market cap of $382.17 million, a price-to-earnings ratio of 12.92, a P/E/G ratio of 1.18 and a beta of 0.54. The firm's fifty day moving average is $61.74 and its two-hundred day moving average is $51.72.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last announced its earnings results on Monday, April 20th. The company reported $1.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.75 by $0.39. Flexsteel Industries had a net margin of 6.79% and a return on equity of 16.10%. The firm had revenue of $115.13 million for the quarter, compared to analyst estimates of $118.32 million. As a group, research analysts forecast that Flexsteel Industries, Inc. will post 4.78 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 paid a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, June 24th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. This is a boost from Flexsteel Industries's previous quarterly dividend of $0.20. Flexsteel Industries's payout ratio is 18.12%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FLXS. Weiss Ratings raised shares of Flexsteel Industries from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, April 20th. Wall Street Zen lowered shares of Flexsteel Industries from a "strong-buy" rating to a "buy" rating in a research report on Saturday, April 25th. Finally, Zacks Research upgraded Flexsteel Industries from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Strong Buy".

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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