Flexsteel Industries (NASDAQ:FLXS) VP Stacy Marie Kammes Sells 2,750 Shares

Key Points

• Flexsteel Industries VP Stacy Marie Kammes sold 2,750 shares at an average price of $82.66, generating $227,315. After the transaction, she retained 33,306 shares, representing a 7.63% reduction in ownership.
• Flexsteel reported quarterly EPS of $1.33, beating estimates of $1.09, while revenue of $115.37 million also exceeded expectations. The company increased its quarterly dividend to $0.25, equivalent to a 1.2% annual yield.
• Shares traded at $84.20, near their 12-month high of $88.49, while analysts’ consensus rating was “Hold” with an average price target of $80.00.

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) VP Stacy Kammes sold 2,750 shares of the company's stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $82.66, for a total transaction of $227,315.00. Following the completion of the transaction, the vice president owned 33,306 shares of the company's stock, valued at $2,753,073.96. This trade represents a 7.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Stacy Marie Kammes also recently made the following trade(s):

• On Friday, August 21st, Stacy Kammes sold 2,250 shares of Flexsteel Industries stock. The shares were sold at an average price of $81.00, for a total transaction of $182,250.00.

Flexsteel Industries Stock Performance

Shares of NASDAQ FLXS traded up $2.04 during midday trading on Tuesday, hitting $84.20. 65,706 shares of the company traded hands, compared to its average volume of 84,575. Flexsteel Industries, Inc. has a 12-month low of $34.00 and a 12-month high of $88.49. The firm has a market cap of $451.31 million, a P/E ratio of 13.56, a P/E/G ratio of 1.29 and a beta of 0.57. The stock has a 50-day moving average price of $76.22 and a 200 day moving average price of $61.49.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last issued 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 business had revenue of $115.37 million during the quarter, compared to analyst estimates of $109.51 million. As a group, equities analysts expect that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current year.

Flexsteel Industries Increases Dividend

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

Hedge Funds Weigh In On Flexsteel Industries

Several institutional investors and hedge funds have recently modified their holdings of the stock. Legal & General Group Plc bought a new position in Flexsteel Industries in the 2nd quarter worth about $25,000. IFP Advisors Inc increased its stake in Flexsteel Industries by 2,200.0% during the 3rd quarter. IFP Advisors Inc now owns 621 shares of the company's stock valued at $29,000 after purchasing an additional 594 shares in the last quarter. C M Bidwell & Associates Ltd. purchased a new position in Flexsteel Industries in the second quarter worth about $67,000. BNP Paribas Financial Markets raised its holdings in Flexsteel Industries by 149.6% in the third quarter. BNP Paribas Financial Markets now owns 971 shares of the company's stock worth $45,000 after buying an additional 582 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Flexsteel Industries by 24.7% in the third quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company's stock worth $92,000 after buying an additional 395 shares in the last quarter. 36.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

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.

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.