Flexsteel Industries (NASDAQ:FLXS) Director Sells 1,000 Shares

Key Points

• Director William Creekmuir sold 1,000 Flexsteel shares at an average price of $81.03, generating $81,030 and reducing his direct ownership by 4.94% to 19,226 shares.
• Flexsteel recently exceeded quarterly expectations, reporting $1.33 in EPS versus the $1.09 estimate and $115.37 million in revenue versus the $109.51 million consensus.
• The company declared a quarterly dividend of $0.25 per share, equivalent to a $1.00 annualized payout and a 1.2% yield. Analysts maintain a consensus “Hold” rating with an average price target of $80.

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) Director William Creekmuir sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $81.03, for a total value of $81,030.00. Following the completion of the sale, the director directly owned 19,226 shares of the company's stock, valued at $1,557,882.78. The trade was a 4.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Flexsteel Industries Trading Down 0.7%

Shares of NASDAQ FLXS traded down $0.56 during trading hours on Wednesday, hitting $81.55. 142,059 shares of the company traded hands, compared to its average volume of 54,055. The company's 50 day moving average price is $77.18 and its 200 day moving average price is $62.52. Flexsteel Industries, Inc. has a 12 month low of $34.00 and a 12 month high of $88.49. The stock has a market capitalization of $436.78 million, a price-to-earnings ratio of 13.13, a price-to-earnings-growth ratio of 1.29 and a beta of 0.57.

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

Flexsteel Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 12th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date is Wednesday, September 30th. Flexsteel Industries's dividend payout ratio is presently 16.10%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FLXS. Freedom Capital lowered Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 18th. Freedom Broker downgraded Flexsteel Industries from a "buy" rating to a "hold" rating and increased their price target for the stock from $72.00 to $80.00 in a report on Tuesday, August 18th. Weiss Ratings reissued a "buy (b-)" rating on shares of Flexsteel Industries in a research note on Friday, July 17th. Finally, Zacks Research cut Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $80.00.

Institutional Investors Weigh In On Flexsteel Industries

Several large investors have recently added to or reduced their stakes in FLXS. Engineers Gate Manager LP bought a new position in Flexsteel Industries during the 2nd quarter worth about $259,000. IFP Advisors Inc boosted its stake in shares of Flexsteel Industries by 52.5% during the second quarter. IFP Advisors Inc now owns 3,052 shares of the company's stock valued at $227,000 after purchasing an additional 1,051 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Flexsteel Industries during the second quarter valued at approximately $2,459,000. Public Employees Retirement System of Ohio purchased a new position in Flexsteel Industries during the second quarter valued at approximately $483,000. Finally, Punch & Associates Investment Management Inc. purchased a new position in Flexsteel Industries during the second quarter valued at approximately $6,817,000. 36.27% of the stock is owned by hedge funds and other institutional investors.

Flexsteel Industries Company Profile

Flexsteel Industries, Inc is a furniture manufacturer and distributor headquartered in Dubuque, Iowa. Founded in 1893, the company develops and sells residential furniture under the Flexsteel brand, with a focus on upholstered seating and furnishings for living rooms, family rooms, bedrooms, dining areas and home offices.

Its product portfolio includes sofas, sectionals, recliners, chairs, mattresses, beds, dressers, dining tables, dining chairs and occasional furniture. Flexsteel is known for its Blue Steel Spring seating technology, which is incorporated into many of its upholstered furniture products.

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