BlackRock Inc. Invests $20.59 Million in Flexsteel Industries, Inc. $FLXS

BlackRock Inc. acquired a new stake in Flexsteel Industries, Inc. (NASDAQ:FLXS) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 276,437 shares of the company’s stock, valued at approximately $20,589,000. BlackRock Inc. owned approximately 0.05% of Flexsteel Industries as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. IFP Advisors Inc increased its position in Flexsteel Industries by 2,200.0% during the 3rd quarter. IFP Advisors Inc now owns 621 shares of the company’s stock worth $29,000 after purchasing an additional 594 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in Flexsteel Industries by 149.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 971 shares of the company’s stock valued at $45,000 after purchasing an additional 582 shares in the last quarter. Farther Finance Advisors LLC acquired a new stake in shares of Flexsteel Industries during the 4th quarter worth about $49,000. Russell Investments Group Ltd. boosted its stake in shares of Flexsteel Industries by 24.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company’s stock worth $92,000 after purchasing an additional 395 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in shares of Flexsteel Industries by 5,214.0% during the 1st 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. Institutional investors and hedge funds own 36.27% of the company’s stock.

Flexsteel Industries Price Performance

FLXS opened at $81.26 on Thursday. The stock has a market capitalization of $435.55 million, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 1.25 and a beta of 0.57. The business has a 50-day moving average of $75.42 and a two-hundred day moving average of $60.77. Flexsteel Industries, Inc. has a 12 month low of $34.00 and a 12 month high of $88.49.

Flexsteel Industries (NASDAQ:FLXS) last posted its quarterly earnings data on Monday, August 17th. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.24. The company had revenue of $115.37 million during the quarter, compared to the consensus estimate of $109.51 million. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%. Equities research analysts anticipate that Flexsteel Industries, Inc. will post 5.29 earnings per share for the current year.

Flexsteel Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Wednesday, June 24th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.2%. This is a positive change from Flexsteel Industries’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, June 24th. Flexsteel Industries’s dividend payout ratio (DPR) is currently 16.10%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on FLXS shares. Zacks Research downgraded shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 21st. Freedom Capital cut shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flexsteel Industries in a report on Friday, July 17th. Finally, Freedom Broker downgraded Flexsteel Industries from a “buy” rating to a “hold” rating and boosted their price target for the company from $72.00 to $80.00 in a report on Tuesday, August 18th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $80.00.

Insider Activity at Flexsteel Industries

In other Flexsteel Industries news, Director William S. Creekmuir sold 3,100 shares of Flexsteel Industries stock in a transaction on Friday, August 28th. The shares were sold at an average price of $81.85, for a total value of $253,735.00. Following the transaction, the director owned 29,284 shares in the company, valued at $2,396,895.40. This trade represents a 9.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David Edward Crimmins sold 4,494 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $80.91, for a total transaction of $363,609.54. Following the sale, the insider directly owned 30,194 shares of the company’s stock, valued at $2,442,996.54. This represents a 12.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 16,106 shares of company stock worth $1,303,953. 11.20% of the stock is currently owned by company insiders.

Flexsteel Industries 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.