Globeflex Capital L P Buys New Stake in Flexsteel Industries, Inc. $FLXS

Key Points

• Globeflex Capital acquired 14,806 shares of Flexsteel Industries in the second quarter, worth approximately $1.1 million and representing about 0.28% of the company. Institutional investors and hedge funds collectively own 36.27% of FLXS.
• Flexsteel reported quarterly earnings of $1.33 per share, beating estimates of $1.09, while revenue of $115.37 million also exceeded expectations. Analysts project $5.29 in current-year EPS.
• The company increased its quarterly dividend from $0.20 to $0.25 per share, implying an annualized dividend of $1.00 and a 1.2% yield. Despite the dividend increase and strong results, the analyst consensus remains “Hold,” while insiders have sold 8,506 shares over the past 90 days.

Globeflex Capital L P purchased a new position in shares of Flexsteel Industries, Inc. (NASDAQ:FLXS - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 14,806 shares of the company's stock, valued at approximately $1,103,000. Globeflex Capital L P owned about 0.28% of Flexsteel Industries at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. IFP Advisors Inc raised its position in shares of Flexsteel Industries by 2,200.0% during the 3rd quarter. IFP Advisors Inc now owns 621 shares of the company's stock worth $29,000 after acquiring an additional 594 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in Flexsteel Industries in the fourth quarter valued at approximately $38,000. BNP Paribas Financial Markets boosted its holdings in Flexsteel Industries by 149.6% in the third quarter. BNP Paribas Financial Markets now owns 971 shares of the company's stock valued at $45,000 after purchasing an additional 582 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in Flexsteel Industries in the fourth quarter valued at approximately $49,000. Finally, C M Bidwell & Associates Ltd. purchased a new position in Flexsteel Industries in the second quarter valued at approximately $67,000. 36.27% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Flexsteel Industries

In other news, VP Stacy Marie Kammes sold 2,250 shares of Flexsteel Industries stock in a transaction on Friday, August 21st. The stock was sold at an average price of $81.00, for a total transaction of $182,250.00. Following the completion of the transaction, the vice president owned 28,165 shares of the company's stock, valued at $2,281,365. The trade was a 7.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider David Edward Crimmins sold 4,494 shares of the business's stock in a transaction dated Friday, August 21st. The stock was 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 8,506 shares of company stock valued at $685,413. Insiders own 11.20% of the company's stock.

Wall Street Analysts Forecast Growth

FLXS has been the topic of a number of research analyst reports. Freedom Capital cut shares of Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 18th. Zacks Research cut shares of Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 21st. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Flexsteel Industries in a research note on Friday, July 17th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Flexsteel Industries presently has a consensus rating of "Hold".

Flexsteel Industries Trading Down 1.0%

FLXS stock opened at $80.60 on Tuesday. The firm has a 50 day moving average of $73.17 and a 200-day moving average of $59.40. The company has a market cap of $432.02 million, a price-to-earnings ratio of 12.98, a PEG ratio of 1.28 and a beta of 0.56. Flexsteel Industries, Inc. has a 12-month low of $34.00 and a 12-month high of $88.49.

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 for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $109.51 million. Sell-side analysts forecast that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current fiscal year.

Flexsteel Industries Increases Dividend

The company 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 a positive change 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%.

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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