Illumine Investment Management LLC Takes $774,000 Position in Flexsteel Industries, Inc. $FLXS

Key Points

• Illumine Investment Management opened a new position in Flexsteel Industries during the first quarter, buying 17,232 shares worth about $774,000.
• Flexsteel reported better-than-expected quarterly earnings of $1.14 per share, topping estimates by $0.39, even though revenue came in slightly below forecasts.
• The company raised its quarterly dividend to $0.25 per share from $0.20, and analysts currently have an overall Strong Buy rating on the stock.

Illumine Investment Management LLC bought a new position in Flexsteel Industries, Inc. (NASDAQ:FLXS - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 17,232 shares of the company's stock, valued at approximately $774,000. Illumine Investment Management LLC owned about 0.32% of Flexsteel Industries as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC acquired a new position in Flexsteel Industries in the first quarter valued at approximately $221,000. Jones Financial Companies Lllp grew its stake in shares of Flexsteel Industries by 5,214.0% during the 1st quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company's stock worth $97,000 after purchasing an additional 2,607 shares during the period. Empowered Funds LLC grew its stake in shares of Flexsteel Industries by 7.0% during the 1st quarter. Empowered Funds LLC now owns 24,749 shares of the company's stock worth $904,000 after purchasing an additional 1,622 shares during the period. First Trust Advisors LP grew its stake in shares of Flexsteel Industries by 4.1% during the 2nd quarter. First Trust Advisors LP now owns 11,745 shares of the company's stock worth $423,000 after purchasing an additional 467 shares during the period. Finally, Qube Research & Technologies Ltd increased its holdings in shares of Flexsteel Industries by 7.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 28,888 shares of the company's stock valued at $1,041,000 after purchasing an additional 1,881 shares in the last quarter. 36.27% of the stock is owned by institutional investors and hedge funds.

Flexsteel Industries Trading Up 0.3%

Shares of Flexsteel Industries stock opened at $71.50 on Tuesday. Flexsteel Industries, Inc. has a twelve month low of $32.65 and a twelve month high of $77.19. The firm has a market capitalization of $383.24 million, a PE ratio of 12.95, a P/E/G ratio of 1.18 and a beta of 0.54. The firm's 50-day moving average price is $62.06 and its 200 day moving average price is $52.01.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last posted its quarterly earnings data on Monday, April 20th. The company reported $1.14 EPS for the quarter, topping the consensus estimate of $0.75 by $0.39. Flexsteel Industries had a return on equity of 16.10% and a net margin of 6.79%.The company had revenue of $115.13 million during the quarter, compared to analyst estimates of $118.32 million. On average, sell-side analysts predict that Flexsteel Industries, Inc. will post 4.78 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors 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 annualized dividend and a dividend yield of 1.4%. Flexsteel Industries's dividend payout ratio (DPR) is presently 18.12%.

Wall Street Analyst Weigh In

FLXS has been the subject of several analyst reports. Weiss Ratings upgraded 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 raised shares of Flexsteel Industries from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to MarketBeat, Flexsteel Industries 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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