Insider Selling: Flexsteel Industries (NASDAQ:FLXS) VP Sells 2,250 Shares of Stock

Key Points

• Flexsteel VP Stacy Marie Kammes sold 2,250 shares at an average price of $81, generating $182,250 and reducing her direct ownership by 7.4% to 28,165 shares.
• The company reported quarterly earnings of $1.33 per share, beating estimates of $1.09, while revenue of $115.37 million also exceeded expectations of $109.51 million.
• Flexsteel raised its quarterly dividend to $0.25 per share, or $1.00 annually, representing a 1.2% yield; analysts have a consensus “Hold” rating.

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) VP Stacy Marie Kammes sold 2,250 shares of the business's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $81.00, for a total value of $182,250.00. Following the sale, the vice president directly owned 28,165 shares in the company, valued at $2,281,365. The trade was a 7.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Flexsteel Industries Price Performance

Shares of NASDAQ:FLXS traded down $0.79 during trading on Monday, hitting $80.60. The company had a trading volume of 70,722 shares, compared to its average volume of 49,704. The stock has a market cap of $432.02 million, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.28 and a beta of 0.56. Flexsteel Industries, Inc. has a one year low of $34.00 and a one year high of $88.49. The company has a fifty day simple moving average of $72.83 and a two-hundred day simple moving average of $59.13.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last released its earnings results 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. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%.The firm had revenue of $115.37 million for the quarter, compared to the consensus estimate of $109.51 million. On average, equities research analysts anticipate that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current year.

Flexsteel Industries Increases Dividend

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

Hedge Funds Weigh In On Flexsteel Industries

Hedge funds have recently added to or reduced their stakes in the stock. Mariner LLC bought a new stake in shares of Flexsteel Industries during the fourth quarter valued at approximately $46,099,000. BlackRock Inc. purchased a new position in Flexsteel Industries during the 2nd quarter worth $20,589,000. Vanguard Group Inc. raised its position in Flexsteel Industries by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 225,855 shares of the company's stock valued at $10,468,000 after purchasing an additional 708 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Flexsteel Industries by 7.9% in the 1st quarter. Renaissance Technologies LLC now owns 142,200 shares of the company's stock worth $6,390,000 after buying an additional 10,400 shares during the period. Finally, Punch & Associates Investment Management Inc. grew its position in shares of Flexsteel Industries by 0.6% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 91,525 shares of the company's stock worth $4,113,000 after buying an additional 545 shares in the last quarter. 36.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on FLXS shares. Weiss Ratings reissued a "buy (b-)" rating on shares of Flexsteel Industries in a research note on Friday, July 17th. Zacks Research downgraded Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 21st. Finally, Freedom Capital lowered 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 two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Flexsteel Industries has a consensus rating of "Hold".

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.

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