Flexsteel Industries (NASDAQ:FLXS) Insider Sells $198,925.00 in Stock

Key Points

• Insider Michael Joseph Mcclaflin sold 2,500 Flexsteel Industries shares at an average price of $79.57, generating $198,925 and reducing his holdings by 6.09% to 38,526 shares. He also sold 2,500 shares in two earlier August transactions.
• Flexsteel shares rose 0.9% to $80.22, while the company reported quarterly EPS of $1.33 and revenue of $115.37 million, both exceeding analyst expectations. The company also increased its quarterly dividend to $0.25, or $1.00 annually.
• Analyst sentiment is currently mixed but leans toward Hold: three analysts rate the stock Hold and one rates it Buy, with a consensus price target of $80.00.

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) insider Michael Joseph Mcclaflin sold 2,500 shares of Flexsteel Industries stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $79.57, for a total value of $198,925.00. Following the completion of the sale, the insider owned 38,526 shares of the company's stock, valued at approximately $3,065,513.82. The trade was a 6.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Michael Joseph Mcclaflin also recently made the following trade(s):

• On Friday, August 28th, Michael Joseph Mcclaflin sold 2,000 shares of Flexsteel Industries stock. The shares were sold at an average price of $82.94, for a total transaction of $165,880.00.
• On Thursday, August 20th, Michael Joseph Mcclaflin sold 500 shares of Flexsteel Industries stock. The shares were sold at an average price of $79.66, for a total transaction of $39,830.00.

Flexsteel Industries Trading Up 0.9%

Shares of NASDAQ:FLXS traded up $0.68 during trading on Tuesday, hitting $80.22. 34,593 shares of the company's stock were exchanged, compared to its average volume of 50,644. Flexsteel Industries, Inc. has a 1-year low of $34.00 and a 1-year high of $88.49. The firm has a 50-day moving average price of $74.90 and a two-hundred day moving average price of $60.42. The firm has a market cap of $429.66 million, a P/E ratio of 13.00, a PEG ratio of 1.29 and a beta of 0.56.

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

Flexsteel Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Wednesday, June 24th were given a $0.25 dividend. The ex-dividend date was Wednesday, June 24th. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. This is an increase from Flexsteel Industries's previous quarterly dividend of $0.20. Flexsteel Industries's dividend payout ratio is 16.10%.

Institutional Investors Weigh In On Flexsteel Industries

Several large investors have recently made changes to their positions in the stock. Legal & General Group Plc acquired a new stake in shares of Flexsteel Industries during the second quarter worth $25,000. IFP Advisors Inc boosted its stake in Flexsteel Industries by 2,200.0% in the 3rd quarter. IFP Advisors Inc now owns 621 shares of the company's stock worth $29,000 after purchasing an additional 594 shares during the period. BNP Paribas Financial Markets increased its holdings in Flexsteel Industries by 149.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 971 shares of the company's stock worth $45,000 after purchasing an additional 582 shares in the last quarter. Farther Finance Advisors LLC bought a new position in Flexsteel Industries during the 4th quarter worth about $49,000. Finally, C M Bidwell & Associates Ltd. acquired a new stake in shares of Flexsteel Industries in the 2nd quarter valued at about $67,000. Institutional investors own 36.27% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source