Short Interest in Flexsteel Industries, Inc. (NASDAQ:FLXS) Decreases By 16.5%

Flexsteel Industries, Inc. (NASDAQ:FLXS) was the target of a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 88,300 shares, a decline of 16.5% from the September 15th total of 105,700 shares. Based on an average daily volume of 25,200 shares, the short-interest ratio is currently 3.5 days. Currently, 2.4% of the shares of the company are short sold.

Flexsteel Industries Price Performance

Shares of FLXS stock traded up $0.69 during mid-day trading on Monday, reaching $42.05. The stock had a trading volume of 10,065 shares, compared to its average volume of 30,706. The company has a current ratio of 2.57, a quick ratio of 0.97 and a debt-to-equity ratio of 0.03. Flexsteel Industries has a 12-month low of $15.67 and a 12-month high of $45.50. The company has a market cap of $216.81 million, a P/E ratio of 14.02, a price-to-earnings-growth ratio of 1.16 and a beta of 0.46. The business has a 50-day simple moving average of $40.37 and a 200 day simple moving average of $37.26.

Flexsteel Industries (NASDAQ:FLXS) last announced its quarterly earnings results on Monday, August 19th. The company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.08. The company had revenue of $110.82 million for the quarter, compared to analyst estimates of $109.52 million. Flexsteel Industries had a net margin of 2.55% and a return on equity of 7.98%. On average, sell-side analysts anticipate that Flexsteel Industries will post 3 earnings per share for the current year.

Flexsteel Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Wednesday, September 25th were issued a $0.17 dividend. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, September 25th. This represents a $0.68 annualized dividend and a dividend yield of 1.62%. Flexsteel Industries’s dividend payout ratio (DPR) is 23.05%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Flexsteel Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. grew its holdings in Flexsteel Industries by 185.1% during the second quarter. American Century Companies Inc. now owns 46,521 shares of the company’s stock worth $1,445,000 after acquiring an additional 30,203 shares during the period. Marion Wealth Management raised its holdings in Flexsteel Industries by 3.6% during the third quarter. Marion Wealth Management now owns 31,660 shares of the company’s stock valued at $1,402,000 after buying an additional 1,101 shares in the last quarter. Nations Financial Group Inc. IA ADV bought a new position in Flexsteel Industries in the 2nd quarter worth $843,000. Empowered Funds LLC grew 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 acquiring an additional 1,400 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Flexsteel Industries during the 2nd quarter worth about $425,000. 36.27% of the stock is owned by 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.