Flexsteel Industries, Inc. (NASDAQ:FLXS) Sees Significant Decline in Short Interest

Flexsteel Industries, Inc. (NASDAQ:FLXS) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 74,000 shares, a decrease of 6.6% from the October 31st total of 79,200 shares. Based on an average trading volume of 29,900 shares, the short-interest ratio is presently 2.5 days. Approximately 2.1% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

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

Flexsteel Industries Price Performance

Shares of FLXS traded up $1.40 during trading hours on Tuesday, reaching $62.12. 30,726 shares of the company’s stock traded hands, compared to its average volume of 31,803. The company has a current ratio of 2.84, a quick ratio of 1.04 and a debt-to-equity ratio of 0.02. The firm’s 50 day simple moving average is $52.52 and its 200-day simple moving average is $42.08. Flexsteel Industries has a 12 month low of $17.00 and a 12 month high of $63.00. The stock has a market cap of $323.65 million, a PE ratio of 24.55, a price-to-earnings-growth ratio of 1.56 and a beta of 0.40.

Flexsteel Industries (NASDAQ:FLXS) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $104.01 million for the quarter, compared to the consensus estimate of $101.60 million. Flexsteel Industries had a net margin of 3.30% and a return on equity of 10.09%. During the same quarter last year, the firm posted $0.14 EPS. Equities analysts expect that Flexsteel Industries will post 3.25 EPS for the current year.

Flexsteel Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Wednesday, September 25th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Wednesday, September 25th. This represents a $0.68 dividend on an annualized basis and a yield of 1.09%. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.15. Flexsteel Industries’s dividend payout ratio is currently 26.88%.

Institutional Trading of Flexsteel Industries

Institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp acquired a new position in shares of Flexsteel Industries during the second quarter worth about $425,000. Nations Financial Group Inc. IA ADV purchased a new position in Flexsteel Industries in the second quarter valued at about $843,000. Ritholtz Wealth Management acquired a new position in shares of Flexsteel Industries in the second quarter worth about $219,000. Rhumbline Advisers lifted its holdings in Flexsteel Industries by 1,647.7% during the 2nd quarter. Rhumbline Advisers now owns 5,313 shares of the company’s stock worth $165,000 after buying an additional 5,009 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Flexsteel Industries by 8.3% in the second quarter. Acadian Asset Management LLC now owns 12,694 shares of the company’s stock valued at $393,000 after acquiring an additional 968 shares during the period. Hedge funds and other institutional investors own 36.27% of the company’s stock.

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.