David Edward Crimmins Sells 4,494 Shares of Flexsteel Industries (NASDAQ:FLXS) Stock

Key Points

• Flexsteel insider David Edward Crimmins sold 4,494 shares at an average price of $80.91, generating $363,609.54 and reducing his ownership by 12.96%. He retained 30,194 shares after the transaction.
• Flexsteel reported quarterly earnings of $1.33 per share, exceeding the $1.09 consensus estimate, while revenue of $115.37 million also surpassed expectations.
• The stock traded near $80.60, close to its 12-month high, and the company increased its quarterly dividend to $0.25 per share. Despite strong recent performance, analysts’ consensus rating remains Hold.

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) insider David Edward Crimmins sold 4,494 shares of Flexsteel Industries stock in a transaction that occurred on 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 transaction, the insider directly owned 30,194 shares in the company, valued at approximately $2,442,996.54. This trade represents a 12.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

David Edward Crimmins also recently made the following trade(s):

• On Thursday, August 20th, David Edward Crimmins sold 1,262 shares of Flexsteel Industries stock. The shares were sold at an average price of $79.02, for a total transaction of $99,723.24.

Flexsteel Industries Stock Performance

Shares of NASDAQ:FLXS traded down $0.79 during mid-day trading on Monday, hitting $80.60. The stock had a trading volume of 70,722 shares, compared to its average volume of 49,704. The company's 50 day moving average is $72.83 and its 200-day moving average is $59.13. Flexsteel Industries, Inc. has a 12-month low of $34.00 and a 12-month high of $88.49. The company has a market cap of $432.02 million, a PE ratio of 12.98, a P/E/G ratio of 1.28 and a beta of 0.56.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last posted its quarterly earnings data on Monday, August 17th. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.24. The firm had revenue of $115.37 million for the quarter, compared to analysts' expectations of $109.51 million. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%. On average, equities research analysts predict that Flexsteel Industries, Inc. will post 5.29 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The firm 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 of this dividend 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 yield of 1.2%. Flexsteel Industries's payout ratio is presently 16.10%.

Wall Street Analysts Forecast Growth

FLXS has been the subject of a number of research reports. Zacks Research lowered Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 21st. Freedom Capital lowered shares of Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 18th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Flexsteel Industries in a report on Friday, July 17th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold".

Hedge Funds Weigh In On Flexsteel Industries

A number of hedge funds have recently modified their holdings of the stock. Mariner LLC purchased a new stake in shares of Flexsteel Industries during the 4th quarter worth about $46,099,000. BlackRock Inc. bought a new stake in shares of Flexsteel Industries in the 2nd quarter valued at approximately $20,589,000. Punch & Associates Investment Management Inc. bought a new stake in shares of Flexsteel Industries in the 2nd quarter valued at approximately $6,817,000. Bank of New York Mellon Corp acquired a new position in Flexsteel Industries in the second quarter worth approximately $3,543,000. Finally, Empowered Funds LLC acquired a new position in Flexsteel Industries in the second quarter worth approximately $2,459,000. 36.27% of the stock is owned by institutional investors and hedge funds.

About Flexsteel Industries

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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