Insider Selling: Flexsteel Industries (NASDAQ:FLXS) Director Sells $245,272.32 in Stock

Key Points

• Director William Creekmuir sold 3,008 Flexsteel Industries shares at an average price of $81.54, generating $245,272.32 and reducing his direct ownership by 10.27% to 26,276 shares.
• Flexsteel reported quarterly EPS of $1.33 and revenue of $115.37 million, exceeding analyst estimates of $1.09 EPS and $109.51 million in revenue.
• The company increased its quarterly dividend to $0.25 per share, or $1.00 annually, while analysts maintained an overall Hold rating with an $80 consensus price target.

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) Director William Creekmuir sold 3,008 shares of Flexsteel Industries stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $81.54, for a total value of $245,272.32. Following the sale, the director directly owned 26,276 shares of the company's stock, valued at approximately $2,142,545.04. This trade represents a 10.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Flexsteel Industries Stock Performance

NASDAQ:FLXS traded up $0.03 during mid-day trading on Thursday, hitting $81.28. The company had a trading volume of 38,238 shares, compared to its average volume of 50,796. Flexsteel Industries, Inc. has a fifty-two week low of $34.00 and a fifty-two week high of $88.49. The business's fifty day moving average is $75.42 and its two-hundred day moving average is $60.77. The firm has a market cap of $435.69 million, a P/E ratio of 13.09, a P/E/G ratio of 1.25 and a beta of 0.57.

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

Flexsteel Industries Increases Dividend

The company 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 1.2%. The ex-dividend date was Wednesday, June 24th. Flexsteel Industries's dividend payout ratio is presently 16.10%.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Flexsteel Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Legal & General Group Plc acquired a new stake in shares of Flexsteel Industries in the second quarter valued at about $25,000. IFP Advisors Inc boosted its position in Flexsteel Industries by 2,200.0% during the third quarter. IFP Advisors Inc now owns 621 shares of the company's stock valued at $29,000 after purchasing an additional 594 shares during the last quarter. C M Bidwell & Associates Ltd. acquired a new position in Flexsteel Industries during the second quarter valued at approximately $67,000. BNP Paribas Financial Markets grew its stake in Flexsteel Industries by 149.6% in the third quarter. BNP Paribas Financial Markets now owns 971 shares of the company's stock valued at $45,000 after purchasing an additional 582 shares in the last quarter. Finally, Farther Finance Advisors LLC bought a new position in Flexsteel Industries in the fourth quarter valued at approximately $49,000. 36.27% of the stock is currently owned by institutional investors and hedge funds.

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