Insider Selling: Flexsteel Industries (NASDAQ:FLXS) Insider Sells 2,000 Shares of Stock

Key Points

• Insider Michael McClaflin sold 2,000 Flexsteel shares at an average $75.56, receiving $151,120; he retained 34,026 shares after the transaction.
• Flexsteel’s latest quarterly results slightly beat estimates, with EPS of $1.24 versus $1.23 expected and revenue of $113.97 million versus $112.70 million forecast.
• Analysts’ consensus rating is Moderate Buy, with an $86 price target; the company also pays an annualized $1.00 dividend, yielding about 1.3%.

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) insider Michael McClaflin sold 2,000 shares of the stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $75.56, for a total transaction of $151,120.00. Following the completion of the transaction, the insider owned 34,026 shares of the company's stock, valued at approximately $2,571,004.56. The trade was a 5.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

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

• On Thursday, November 12th, Michael McClaflin sold 1,000 shares of Flexsteel Industries stock. The shares were sold at an average price of $75.20, for a total transaction of $75,200.00.
• On Monday, August 31st, Michael McClaflin sold 2,500 shares of Flexsteel Industries stock. The stock was sold at an average price of $79.57, for a total transaction of $198,925.00.
• On Friday, August 28th, Michael McClaflin sold 2,000 shares of Flexsteel Industries stock. The stock was sold at an average price of $82.94, for a total transaction of $165,880.00.
• On Thursday, August 20th, Michael McClaflin sold 500 shares of Flexsteel Industries stock. The stock was sold at an average price of $79.66, for a total transaction of $39,830.00.

Flexsteel Industries Stock Down 0.4%

Shares of NASDAQ FLXS traded down $0.30 on Friday, reaching $74.83. 47,598 shares of the company's stock traded hands, compared to its average volume of 57,128. Flexsteel Industries, Inc. has a 12 month low of $34.59 and a 12 month high of $90.64. The business's 50 day simple moving average is $81.64 and its two-hundred day simple moving average is $65.14. The company has a market cap of $311.44 million, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 1.16 and a beta of 0.61.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last released its earnings results on Monday, October 26th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.01. Flexsteel Industries had a net margin of 6.75% and a return on equity of 15.92%. The firm had revenue of $113.97 million during the quarter, compared to analyst estimates of $112.70 million. Analysts forecast that Flexsteel Industries, Inc. will post 5.40 earnings per share for the current fiscal year.

Flexsteel Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 12th. Investors of record on Wednesday, September 30th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Wednesday, September 30th. Flexsteel Industries's dividend payout ratio (DPR) is 16.29%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FLXS. Freedom Capital cut Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 18th. Weiss Ratings cut Flexsteel Industries from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, November 3rd. Freedom Broker raised their price target on Flexsteel Industries from $80.00 to $86.00 and gave the company a "hold" rating in a report on Tuesday, October 27th. Finally, Zacks Research raised Flexsteel Industries from a "hold" rating to a "strong-buy" rating in a research report on Thursday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $86.00.

Institutional Investors Weigh In On Flexsteel Industries

Institutional investors and hedge funds have recently made changes to their positions in the company. Signaturefd LLC bought a new stake in Flexsteel Industries in the 3rd quarter worth about $25,000. Legal & General Group Plc purchased a new position in Flexsteel Industries in the 2nd quarter worth about $25,000. C M Bidwell & Associates Ltd. purchased a new position in Flexsteel Industries in the 2nd quarter worth about $67,000. State of Wyoming bought a new position in Flexsteel Industries during the 3rd quarter valued at about $162,000. Finally, IFP Advisors Inc lifted its stake in Flexsteel Industries by 52.5% during the 2nd quarter. IFP Advisors Inc now owns 3,052 shares of the company's stock valued at $227,000 after acquiring an additional 1,051 shares during the period. Institutional investors own 36.27% of the company's stock.

About Flexsteel Industries

Flexsteel Industries designs, manufactures, imports and markets furniture for residential and commercial customers. Its products include sofas, recliners, sectionals and other upholstered seating, along with dining, bedroom and occasional furniture. The company sells products under the Flexsteel name and other brands through a network of furniture retailers and other distribution channels. Its offerings serve homes as well as commercial settings. Founded in 1893, Flexsteel is headquartered in Dubuque, Iowa, and serves customers primarily in the United States.

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