Insider Selling: Flexsteel Industries (NASDAQ:FLXS) Insider Sells 1,262 Shares of Stock

Flexsteel Industries, Inc. (NASDAQ:FLXS) insider David Edward Crimmins sold 1,262 shares of Flexsteel Industries stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $79.02, for a total value of $99,723.24. Following the completion of the sale, the insider owned 34,688 shares of the company’s stock, valued at approximately $2,741,045.76. The trade was a 3.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

David Edward Crimmins also recently made the following trade(s):

• On Friday, August 21st, David Edward Crimmins sold 4,494 shares of Flexsteel Industries stock. The shares were sold at an average price of $80.91, for a total value of $363,609.54.

Flexsteel Industries Stock Performance

Shares of FLXS stock traded down $0.79 during trading hours on Monday, hitting $80.60. 70,722 shares of the company were exchanged, compared to its average volume of 49,704. The firm has a market cap of $432.02 million, a P/E ratio of 12.98, a P/E/G ratio of 1.28 and a beta of 0.56. Flexsteel Industries, Inc. has a fifty-two week low of $34.00 and a fifty-two week high of $88.49. The company has a 50 day simple moving average of $72.83 and a two-hundred day simple moving average of $59.13.

Flexsteel Industries (NASDAQ:FLXS) last released its earnings results on Monday, August 17th. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.24. The company had revenue of $115.37 million for 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%. As a group, sell-side analysts expect that Flexsteel Industries, Inc. will post 5.29 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Wednesday, June 24th were issued a dividend of $0.25 per share. 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%. The ex-dividend date was Wednesday, June 24th. Flexsteel Industries’s dividend payout ratio (DPR) is currently 16.10%.

Hedge Funds Weigh In On Flexsteel Industries

Hedge funds have recently added to or reduced their stakes in the stock. Deutsche Bank AG increased its holdings in Flexsteel Industries by 11.1% during the 4th quarter. Deutsche Bank AG now owns 3,024 shares of the company’s stock worth $119,000 after purchasing an additional 303 shares in the last quarter. Barclays PLC grew its stake in shares of Flexsteel Industries by 6.4% in the 4th quarter. Barclays PLC now owns 5,527 shares of the company’s stock worth $218,000 after acquiring an additional 333 shares in the last quarter. Legal & General Group Plc bought a new stake in shares of Flexsteel Industries in the 2nd quarter worth $25,000. Russell Investments Group Ltd. raised its holdings in shares of Flexsteel Industries by 24.7% in the third quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company’s stock valued at $92,000 after purchasing an additional 395 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Flexsteel Industries by 4.1% in the second quarter. First Trust Advisors LP now owns 11,745 shares of the company’s stock valued at $423,000 after purchasing an additional 467 shares during the last quarter. Institutional investors and hedge funds own 36.27% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on FLXS. Weiss Ratings restated a “buy (b-)” rating on shares of Flexsteel Industries in a research note on Friday, July 17th. Zacks Research downgraded Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 21st. Finally, Freedom Capital lowered Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold”.

Flexsteel Industries Company 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.