William Creekmuir Sells 2,950 Shares of Flexsteel Industries (NASDAQ:FLXS) Stock

Key Points

• Director William Creekmuir sold 2,950 Flexsteel Industries shares at an average price of $81.33, generating approximately $239,924 and reducing his holdings by 12.73% to 20,226 shares.
• Flexsteel recently beat quarterly expectations, reporting $1.33 in earnings per share and $115.37 million in revenue, versus estimates of $1.09 EPS and $109.51 million in revenue.
• The company declared a quarterly dividend of $0.25 per share, or $1.00 annualized for a 1.2% yield, while analysts maintain a consensus “Hold” rating with an average price target of $80.

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) Director William Creekmuir sold 2,950 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $81.33, for a total transaction of $239,923.50. Following the transaction, the director owned 20,226 shares in the company, valued at approximately $1,644,980.58. This trade represents a 12.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Flexsteel Industries Trading Down 0.7%

FLXS stock traded down $0.56 on Wednesday, hitting $81.55. The company had a trading volume of 142,059 shares, compared to its average volume of 54,055. Flexsteel Industries, Inc. has a 12-month low of $34.00 and a 12-month high of $88.49. The stock has a market cap of $436.78 million, a price-to-earnings ratio of 13.13, a P/E/G ratio of 1.29 and a beta of 0.57. The stock's 50-day simple moving average is $77.18 and its 200 day simple moving average is $62.52.

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

Flexsteel Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 12th. Investors of record on Wednesday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, September 30th. Flexsteel Industries's dividend payout ratio is 16.10%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Zacks Research cut Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 21st. Freedom Capital lowered shares of Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 18th. Freedom Broker cut shares of Flexsteel Industries from a "buy" rating to a "hold" rating and increased their price objective for the stock from $72.00 to $80.00 in a research note on Tuesday, August 18th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Flexsteel Industries in a research note 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. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $80.00.

Institutional Investors Weigh In On Flexsteel Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Flexsteel Industries in the second quarter worth approximately $20,589,000. Punch & Associates Investment Management Inc. bought a new stake in shares of Flexsteel Industries during the 2nd quarter valued at $6,817,000. Bank of New York Mellon Corp purchased a new position in shares of Flexsteel Industries during the 2nd quarter valued at $3,543,000. Empowered Funds LLC purchased a new position in shares of Flexsteel Industries during the 2nd quarter valued at $2,459,000. Finally, Walleye Capital LLC bought a new position in Flexsteel Industries in the 1st quarter worth $1,359,000. 36.27% of the stock is currently owned by hedge funds and other institutional investors.

About Flexsteel Industries

Flexsteel Industries, Inc is a furniture manufacturer and distributor headquartered in Dubuque, Iowa. Founded in 1893, the company develops and sells residential furniture under the Flexsteel brand, with a focus on upholstered seating and furnishings for living rooms, family rooms, bedrooms, dining areas and home offices.

Its product portfolio includes sofas, sectionals, recliners, chairs, mattresses, beds, dressers, dining tables, dining chairs and occasional furniture. Flexsteel is known for its Blue Steel Spring seating technology, which is incorporated into many of its upholstered furniture products.

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