Flexsteel Industries, Inc. (NASDAQ:FLXS) Short Interest Update

Flexsteel Industries, Inc. (NASDAQ:FLXS) was the target of a significant drop in short interest in September. As of September 15th, there was short interest totalling 105,700 shares, a drop of 7.0% from the August 31st total of 113,700 shares. Approximately 2.9% of the company’s stock are sold short. Based on an average daily volume of 40,000 shares, the short-interest ratio is currently 2.6 days.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Flexsteel Industries from a “hold” rating to a “buy” rating in a report on Wednesday, August 21st.

Flexsteel Industries Stock Performance

Shares of NASDAQ:FLXS traded down $1.20 during midday trading on Tuesday, reaching $43.09. 21,548 shares of the company’s stock traded hands, compared to its average volume of 31,531. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.97 and a current ratio of 2.57. Flexsteel Industries has a one year low of $15.67 and a one year high of $45.50. The company has a market cap of $222.17 million, a price-to-earnings ratio of 14.87, a P/E/G ratio of 1.20 and a beta of 0.46. The stock has a 50 day moving average of $39.46 and a 200 day moving average of $36.79.

Flexsteel Industries (NASDAQ:FLXS) last posted its earnings results on Monday, August 19th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.08. Flexsteel Industries had a net margin of 2.55% and a return on equity of 7.98%. The business had revenue of $110.82 million for the quarter, compared to analysts’ expectations of $109.52 million. As a group, equities research analysts anticipate that Flexsteel Industries will post 3 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Wednesday, September 25th will be paid a $0.17 dividend. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.15. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date is Wednesday, September 25th. Flexsteel Industries’s dividend payout ratio (DPR) is 23.05%.

Institutional Trading of Flexsteel Industries

A number of hedge funds have recently bought and sold shares of the company. American Century Companies Inc. grew its position in shares of Flexsteel Industries by 185.1% during the 2nd quarter. American Century Companies Inc. now owns 46,521 shares of the company’s stock valued at $1,445,000 after acquiring an additional 30,203 shares during the period. Marion Wealth Management grew its holdings in Flexsteel Industries by 2.4% during the second quarter. Marion Wealth Management now owns 30,559 shares of the company’s stock valued at $949,000 after purchasing an additional 722 shares during the period. Nations Financial Group Inc. IA ADV purchased a new stake in Flexsteel Industries in the second quarter worth about $843,000. Empowered Funds LLC raised its stake in shares of Flexsteel Industries by 7.7% in the first quarter. Empowered Funds LLC now owns 19,536 shares of the company’s stock worth $729,000 after buying an additional 1,400 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in shares of Flexsteel Industries during the 2nd quarter valued at about $425,000. Hedge funds and other institutional investors own 36.27% of the company’s stock.

Flexsteel Industries Company Profile

Flexsteel Industries, Inc, together with its subsidiaries, operates as a manufacturer, importer, and markets of upholstered furniture for residential and contract markets in the United States. It provides upholstered furniture, such as sofas, loveseats, chairs, reclining rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture.