Flexsteel Industries (NASDAQ:FLXS) Posts Earnings Results, Beats Estimates By $0.53 EPS

Key Points

• Flexsteel Industries reported a quarterly EPS of $1.31, exceeding analysts' estimates of $0.78 by $0.53.
• The company declared a quarterly dividend of $0.20 per share, representing a 2.0% dividend yield.
• Institutional ownership of Flexsteel Industries is currently at 36.27%, with recent insider selling indicating a 7.19% decrease in an executive's holdings.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) posted its quarterly earnings data on Monday. The company reported $1.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.78 by $0.53, Zacks reports. Flexsteel Industries had a return on equity of 14.74% and a net margin of 4.57%.

Flexsteel Industries Trading Up 4.0%

Shares of NASDAQ FLXS traded up $1.52 during trading hours on Monday, hitting $39.99. 79,108 shares of the company traded hands, compared to its average volume of 25,739. The stock has a market capitalization of $210.75 million, a price-to-earnings ratio of 11.30, a price-to-earnings-growth ratio of 1.07 and a beta of 0.51. The company's 50 day moving average price is $44.44 and its 200 day moving average price is $37.77. Flexsteel Industries has a 12 month low of $29.38 and a 12 month high of $65.87.

Flexsteel Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 6th. Stockholders of record on Wednesday, September 24th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, September 24th. This represents a $0.80 annualized dividend and a dividend yield of 2.0%. Flexsteel Industries's payout ratio is currently 22.60%.

Wall Street Analyst Weigh In

FLXS has been the topic of a number of research reports. Wall Street Zen downgraded Flexsteel Industries from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Flexsteel Industries in a research note on Wednesday, October 8th. Finally, Zacks Research downgraded Flexsteel Industries from a "strong-buy" rating to a "strong sell" rating in a research note on Thursday. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold".

Insider Buying and Selling

In other Flexsteel Industries news, insider Michael Joseph Mcclaflin sold 2,600 shares of the company's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $46.75, for a total value of $121,550.00. Following the transaction, the insider owned 33,576 shares of the company's stock, valued at $1,569,678. This represents a 7.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 15.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Flexsteel Industries

Hedge funds have recently bought and sold shares of the business. Bridgeway Capital Management LLC lifted its holdings in shares of Flexsteel Industries by 3.8% in the 2nd quarter. Bridgeway Capital Management LLC now owns 63,106 shares of the company's stock worth $2,274,000 after buying an additional 2,298 shares during the period. Qube Research & Technologies Ltd lifted its stake 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 worth $1,041,000 after purchasing an additional 1,881 shares during the last quarter. Empowered Funds LLC increased its position in Flexsteel Industries by 7.0% during the 1st quarter. Empowered Funds LLC now owns 24,749 shares of the company's stock valued at $904,000 after buying an additional 1,622 shares in the last quarter. First Trust Advisors LP increased its position in Flexsteel Industries by 4.1% during the 2nd quarter. First Trust Advisors LP now owns 11,745 shares of the company's stock valued at $423,000 after buying an additional 467 shares in the last quarter. Finally, Lazard Asset Management LLC increased its position in Flexsteel Industries by 20.6% during the 2nd quarter. Lazard Asset Management LLC now owns 9,932 shares of the company's stock valued at $357,000 after buying an additional 1,697 shares in the last quarter. Institutional investors own 36.27% of the company's stock.

Flexsteel Industries Company Profile

Flexsteel Industries, Inc, together with its subsidiaries, operates as a manufacturer, importer, and markets of upholstered furniture for residential and contract markets in the United States. It provides upholstered furniture, such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture.

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