Flexsteel Industries, Inc. (NASDAQ:FLXS) Short Interest Down 7.0% in September

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

Wall Street Analysts Forecast Growth

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

Flexsteel Industries stock traded down $0.43 during trading on Tuesday, reaching $43.86. The company had a trading volume of 16,371 shares, compared to its average volume of 31,504. The firm has a market capitalization of $226.14 million, a price-to-earnings ratio of 14.87, a price-to-earnings-growth ratio of 1.20 and a beta of 0.46. The company has a current ratio of 2.57, a quick ratio of 0.97 and a debt-to-equity ratio of 0.03. The firm’s 50-day simple moving average is $39.46 and its 200 day simple moving average is $36.79. Flexsteel Industries has a 52 week low of $15.67 and a 52 week high of $45.50.

Flexsteel Industries (NASDAQ:FLXS) last posted its quarterly earnings data on Monday, August 19th. The company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.67 by $0.08. The firm had revenue of $110.82 million for the quarter, compared to the consensus estimate of $109.52 million. Flexsteel Industries had a return on equity of 7.98% and a net margin of 2.55%. Sell-side analysts forecast that Flexsteel Industries will post 3 earnings per share 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. Shareholders of record on Wednesday, September 25th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, September 25th. This represents a $0.68 annualized dividend and a yield of 1.55%. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.15. Flexsteel Industries’s payout ratio is currently 23.05%.

Institutional Trading of Flexsteel Industries

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

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.