Flexsteel Industries (NASDAQ:FLXS) Posts Quarterly Earnings Results, Beats Expectations By $0.24 EPS

Key Points

• Flexsteel Industries reported quarterly EPS of $1.33, beating analysts’ consensus estimate of $1.09 by $0.24. The company posted a 6.79% net margin and 16.10% return on equity.
• Shares fell $2.93 to $70.86 in midday trading, despite trading near the upper end of their 52-week range of $34.00 to $79.70.
• The company increased its quarterly dividend to $0.25 per share from $0.20, implying an annualized dividend of $1.00 and a 1.4% yield; analysts’ overall consensus remains “Moderate Buy.”

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) issued its quarterly earnings results on Monday. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.24, Zacks reports. Flexsteel Industries had a net margin of 6.79% and a return on equity of 16.10%.

Flexsteel Industries Price Performance

Shares of FLXS stock traded down $2.93 during midday trading on Monday, reaching $70.86. 110,427 shares of the company traded hands, compared to its average volume of 46,753. The firm's 50 day simple moving average is $71.06 and its two-hundred day simple moving average is $57.80. Flexsteel Industries has a 1-year low of $34.00 and a 1-year high of $79.70. The firm has a market cap of $379.53 million, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.22 and a beta of 0.56.

Flexsteel Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Wednesday, June 24th were issued a dividend of $0.25 per share. This is an increase from Flexsteel Industries's previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Wednesday, June 24th. Flexsteel Industries's payout ratio is presently 18.12%.

Analysts Set New Price Targets

A number of brokerages recently commented on FLXS. Wall Street Zen downgraded shares of Flexsteel Industries from a "strong-buy" rating to a "buy" rating in a research report on Saturday, April 25th. Zacks Research downgraded Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 21st. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Flexsteel Industries in a report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy".

Hedge Funds Weigh In On Flexsteel Industries

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

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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