Short Interest in Flexsteel Industries, Inc. (NASDAQ:FLXS) Increases By 50.2%

Flexsteel Industries, Inc. (NASDAQ:FLXS) saw a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 34,700 shares, an increase of 50.2% from the March 31st total of 23,100 shares. Based on an average daily volume of 28,200 shares, the short-interest ratio is presently 1.2 days. Currently, 1.0% of the shares of the company are sold short.

Institutional Trading of Flexsteel Industries

A number of hedge funds have recently made changes to their positions in the stock. Marion Wealth Management lifted its holdings in shares of Flexsteel Industries by 7.1% during the 1st quarter. Marion Wealth Management now owns 29,837 shares of the company’s stock worth $1,113,000 after acquiring an additional 1,979 shares during the last quarter. Weitzel Financial Services Inc. bought a new stake in shares of Flexsteel Industries during the 1st quarter worth $264,000. Victory Capital Management Inc. bought a new stake in shares of Flexsteel Industries during the 4th quarter worth $92,000. Denali Advisors LLC bought a new stake in shares of Flexsteel Industries during the 1st quarter worth $127,000. Finally, Barclays PLC bought a new stake in shares of Flexsteel Industries during the 3rd quarter worth $40,000. 36.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on FLXS. TheStreet upgraded shares of Flexsteel Industries from a “c” rating to a “b-” rating in a research note on Monday, February 5th. StockNews.com lowered shares of Flexsteel Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, April 17th.

Flexsteel Industries Stock Performance

Flexsteel Industries stock traded down $1.02 during mid-day trading on Friday, reaching $37.61. The company’s stock had a trading volume of 18,120 shares, compared to its average volume of 22,175. Flexsteel Industries has a 12-month low of $15.67 and a 12-month high of $41.64. The company has a market capitalization of $193.69 million, a P/E ratio of 12.97, a PEG ratio of 1.65 and a beta of 0.53. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 3.07. The firm’s fifty day moving average price is $36.44 and its two-hundred day moving average price is $26.64.

Flexsteel Industries (NASDAQ:FLXS) last announced its quarterly earnings results on Monday, February 5th. The company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. Flexsteel Industries had a net margin of 3.86% and a return on equity of 5.13%. The firm had revenue of $100.11 million during the quarter, compared to the consensus estimate of $100.09 million. Sell-side analysts predict that Flexsteel Industries will post 1.95 EPS for the current fiscal year.

Flexsteel Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Tuesday, March 26th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.60%. The ex-dividend date was Monday, March 25th. Flexsteel Industries’s payout ratio is 20.69%.

About Flexsteel Industries

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.