Sowell Financial Services LLC Purchases 30,494 Shares of Flexsteel Industries, Inc. $FLXS

Key Points

• Sowell Financial Services acquired 30,494 Flexsteel Industries shares worth approximately $2.58 million, representing about 0.57% of the company. Institutional investors collectively own 36.27% of FLXS.
• Analyst sentiment is moderately positive: Flexsteel has a consensus “Moderate Buy” rating and an average price target of $86, while recent ratings ranged from Hold to Strong Buy.
• Flexsteel exceeded quarterly expectations with adjusted earnings of $1.24 per share and revenue of $113.97 million. The company also pays a $0.25 quarterly dividend, equal to a 1.4% annualized yield.

Sowell Financial Services LLC acquired a new position in Flexsteel Industries, Inc. (NASDAQ:FLXS - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 30,494 shares of the company's stock, valued at approximately $2,581,000. Sowell Financial Services LLC owned about 0.57% of Flexsteel Industries at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Pinnacle Associates Ltd. purchased a new position in shares of Flexsteel Industries in the third quarter valued at about $299,000. IFP Advisors Inc grew its position in shares of Flexsteel Industries by 18.9% in the 3rd quarter. IFP Advisors Inc now owns 3,629 shares of the company's stock worth $307,000 after buying an additional 577 shares during the last quarter. Congress Asset Management Co. purchased a new position in shares of Flexsteel Industries during the third quarter valued at approximately $6,824,000. Engineers Gate Manager LP purchased a new stake in Flexsteel Industries in the second quarter worth $259,000. Finally, Empowered Funds LLC purchased a new stake in Flexsteel Industries in the second quarter worth $2,459,000. 36.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FLXS shares. Weiss Ratings raised shares of Flexsteel Industries from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Freedom Capital downgraded shares of Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 18th. Freedom Broker lifted their price target on shares of Flexsteel Industries from $80.00 to $86.00 and gave the stock a "hold" rating in a research note on Tuesday. Finally, Zacks Research upgraded Flexsteel Industries from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Flexsteel Industries has a consensus rating of "Moderate Buy" and an average price target of $86.00.

Insider Buying and Selling

In other Flexsteel Industries news, insider David Crimmins sold 4,494 shares of the business's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $80.91, for a total value of $363,609.54. Following the completion of the transaction, the insider directly owned 30,194 shares in the company, valued at approximately $2,442,996.54. The trade was a 12.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael McClaflin sold 2,500 shares of the firm's stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $79.57, for a total transaction of $198,925.00. Following the completion of the sale, the insider owned 36,026 shares of the company's stock, valued at approximately $2,866,588.82. This trade represents a 6.49% 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 28,914 shares of company stock valued at $2,350,392. 11.20% of the stock is owned by insiders.

Flexsteel Industries Stock Down 2.6%

FLXS stock opened at $73.64 on Friday. Flexsteel Industries, Inc. has a 52 week low of $34.00 and a 52 week high of $90.64. The company has a fifty day simple moving average of $82.97 and a two-hundred day simple moving average of $63.68. The firm has a market capitalization of $306.34 million, a P/E ratio of 15.45, a price-to-earnings-growth ratio of 1.17 and a beta of 0.51.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last issued its quarterly earnings data on Monday, October 26th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.01. Flexsteel Industries had a return on equity of 15.92% and a net margin of 6.75%. The business had revenue of $113.97 million for the quarter, compared to the consensus estimate of $112.70 million. As a group, analysts anticipate that Flexsteel Industries, Inc. will post 5.40 EPS for the current year.

Flexsteel Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 12th. Stockholders of record on Wednesday, September 30th were paid a dividend of $0.25 per share. The ex-dividend date was Wednesday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. Flexsteel Industries's dividend payout ratio (DPR) is currently 16.29%.

About Flexsteel Industries

Flexsteel Industries, Inc is a furniture company that designs, manufactures, imports and markets residential furniture. Based in Dubuque, Iowa, the company serves the U.S. home furnishings market through retail furniture stores, national and regional chains, interior designers and online channels.

The company's product offerings include upholstered seating such as sofas, sectionals, chairs and recliners, along with motion furniture, dining and bedroom furniture, occasional tables and home office products.

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