Michael Joseph Mcclaflin Sells 2,000 Shares of Flexsteel Industries (NASDAQ:FLXS) Stock

Key Points

• Insider sale: Michael Joseph Mcclaflin sold 2,000 Flexsteel Industries shares at an average price of $82.94, generating $165,880. After the transaction, he retained 41,026 shares.
• Strong quarterly results: Flexsteel reported earnings of $1.33 per share, beating estimates by $0.24, while revenue of $115.37 million exceeded expectations of $109.51 million.
• Stock and outlook: FLXS traded at $80.22, up 0.9%, and the company raised its quarterly dividend to $0.25. Analysts maintain a consensus “Hold” rating with an average price target of $80.00.

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) insider Michael Joseph Mcclaflin sold 2,000 shares of the company's stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $82.94, for a total transaction of $165,880.00. Following the completion of the transaction, the insider owned 41,026 shares in the company, valued at $3,402,696.44. This represents a 4.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Monday, August 31st, Michael Joseph Mcclaflin sold 2,500 shares of Flexsteel Industries stock. The shares were sold at an average price of $79.57, for a total transaction of $198,925.00.
• 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 value of $39,830.00.

Flexsteel Industries Stock Up 0.9%

NASDAQ:FLXS traded up $0.68 during midday trading on Tuesday, hitting $80.22. The stock had a trading volume of 34,593 shares, compared to its average volume of 50,644. The stock has a 50-day moving average of $74.90 and a 200 day moving average of $60.42. The company has a market capitalization of $429.66 million, a price-to-earnings ratio of 12.92, a PEG ratio of 1.29 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.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last issued its earnings results on Monday, August 17th. The company reported $1.33 earnings per share for the quarter, topping 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 business had revenue of $115.37 million during the quarter, compared to analysts' expectations of $109.51 million. On average, sell-side analysts anticipate that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current fiscal 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 $0.25 dividend. The ex-dividend date was Wednesday, June 24th. This is an increase from Flexsteel Industries's previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. Flexsteel Industries's dividend payout ratio is presently 16.10%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC bought a new position in shares of Flexsteel Industries during the 1st quarter worth approximately $221,000. Jones Financial Companies Lllp grew its holdings in Flexsteel Industries by 5,214.0% in the first quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company's stock worth $97,000 after purchasing an additional 2,607 shares during the last quarter. Empowered Funds LLC grew its holdings in Flexsteel Industries by 7.0% in the first quarter. Empowered Funds LLC now owns 24,749 shares of the company's stock worth $904,000 after purchasing an additional 1,622 shares during the last quarter. First Trust Advisors LP increased its position in shares of Flexsteel Industries by 4.1% during the second quarter. First Trust Advisors LP now owns 11,745 shares of the company's stock worth $423,000 after purchasing an additional 467 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its position in shares of Flexsteel Industries by 7.0% during the second quarter. Qube Research & Technologies Ltd now owns 28,888 shares of the company's stock worth $1,041,000 after purchasing an additional 1,881 shares in the last quarter. Hedge funds and other institutional investors own 36.27% of the company's stock.

Wall Street Analysts Forecast Growth

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

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