Michael Joseph Mcclaflin Sells 500 Shares of Flexsteel Industries (NASDAQ:FLXS) Stock

Key Points

• Insider sale: Michael Joseph Mcclaflin sold 500 Flexsteel Industries shares at an average price of $79.66, totaling $39,830. He retained 35,897 shares following the transaction.
• Strong quarterly results: Flexsteel reported earnings of $1.33 per share, beating estimates of $1.09, while revenue of $115.37 million also exceeded expectations.
• Dividend and analyst sentiment: The company increased its quarterly dividend to $0.25, or $1.00 annually, but analyst consensus remained “Hold” after two firms downgraded the stock.

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) insider Michael Joseph Mcclaflin sold 500 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $79.66, for a total value of $39,830.00. Following the completion of the transaction, the insider owned 35,897 shares of the company's stock, valued at approximately $2,859,555.02. This represents a 1.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Flexsteel Industries Trading Down 1.0%

Shares of Flexsteel Industries stock traded down $0.79 on Monday, reaching $80.60. 70,722 shares of the company were exchanged, compared to its average volume of 49,704. The company has a market capitalization of $432.02 million, a price-to-earnings ratio of 12.98, a PEG 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 50-day moving average of $72.83 and a 200 day moving average of $59.13.

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 analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $109.51 million. Analysts predict 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. Stockholders of record on Wednesday, June 24th were given a $0.25 dividend. This is a boost from Flexsteel Industries's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, June 24th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. Flexsteel Industries's payout ratio is 16.10%.

Institutional Trading of Flexsteel Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its stake in Flexsteel Industries by 1,684.4% in the 2nd quarter. California State Teachers Retirement System now owns 3,426 shares of the company's stock valued at $255,000 after buying an additional 3,234 shares during the last quarter. Empowered Funds LLC acquired a new stake in Flexsteel Industries during the second quarter worth approximately $2,459,000. Public Employees Retirement System of Ohio acquired a new position in shares of Flexsteel Industries in the second quarter valued at approximately $483,000. Punch & Associates Investment Management Inc. bought a new position in shares of Flexsteel Industries during the second quarter worth approximately $6,817,000. Finally, Legal & General Group Plc acquired a new stake in Flexsteel Industries during the 2nd quarter worth approximately $25,000. Institutional investors own 36.27% of the company's stock.

Analysts Set New Price Targets

FLXS has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Flexsteel Industries in a report on Friday, July 17th. Freedom Capital downgraded Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 18th. Finally, Zacks Research downgraded Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold".

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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