Flexsteel Industries, Inc. (NASDAQ:FLXS – Get Rating) announced a quarterly dividend on Tuesday, March 7th, Zacks reports. Investors of record on Wednesday, March 22nd will be paid a dividend of 0.15 per share on Monday, April 3rd. This represents a $0.60 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Tuesday, March 21st.
Flexsteel Industries has decreased its dividend by an average of 12.0% annually over the last three years. Flexsteel Industries has a payout ratio of 20.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Flexsteel Industries to earn $2.87 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 20.9%.
Flexsteel Industries Stock Performance
Shares of FLXS opened at $21.22 on Friday. The stock’s 50-day simple moving average is $19.46 and its 200 day simple moving average is $16.79. The stock has a market capitalization of $109.92 million, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 1.71 and a beta of 0.62. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.92 and a current ratio of 3.34. Flexsteel Industries has a 52-week low of $13.46 and a 52-week high of $23.81.
Insider Activity at Flexsteel Industries
In related news, VP Timothy Patrick Newlin sold 2,000 shares of the firm’s stock in a transaction dated Thursday, February 9th. The stock was sold at an average price of $20.00, for a total transaction of $40,000.00. Following the transaction, the vice president now directly owns 27,154 shares of the company’s stock, valued at approximately $543,080. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 12.00% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Flexsteel Industries
Hedge funds have recently made changes to their positions in the business. UBS Group AG grew its holdings in shares of Flexsteel Industries by 90.7% during the 3rd quarter. UBS Group AG now owns 2,090 shares of the company’s stock valued at $33,000 after purchasing an additional 994 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Flexsteel Industries by 109.6% during the second quarter. BNP Paribas Arbitrage SA now owns 2,257 shares of the company’s stock valued at $41,000 after buying an additional 1,180 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Flexsteel Industries by 49.4% in the first quarter. Bank of America Corp DE now owns 5,659 shares of the company’s stock worth $109,000 after buying an additional 1,871 shares during the period. Trexquant Investment LP bought a new stake in shares of Flexsteel Industries in the 3rd quarter valued at about $183,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Flexsteel Industries by 12.5% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 12,600 shares of the company’s stock valued at $198,000 after acquiring an additional 1,400 shares during the period. 60.24% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
FLXS has been the topic of several recent analyst reports. StockNews.com initiated coverage on Flexsteel Industries in a report on Saturday. They issued a “buy” rating on the stock. TheStreet raised Flexsteel Industries from a “d+” rating to a “c” rating in a report on Monday, February 6th.
About Flexsteel Industries
Flexsteel Industries, Inc engages in the manufacture, import, and marketing of residential and commercial upholstered, and wood furniture products. Its products include sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, and bedroom furniture.
- Get a free copy of the StockNews.com research report on Flexsteel Industries (FLXS)
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