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

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

Wall Street Analysts Forecast Growth

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

Flexsteel Industries Price Performance

Shares of NASDAQ FLXS traded up $0.91 during trading on Wednesday, hitting $43.48. The company had a trading volume of 5,222 shares, compared to its average volume of 30,489. The firm has a market capitalization of $224.18 million, a price-to-earnings ratio of 14.81, a price-to-earnings-growth ratio of 1.16 and a beta of 0.46. The stock has a fifty day simple moving average of $40.71 and a two-hundred day simple moving average of $37.33. The company has a quick ratio of 0.97, a current ratio of 2.57 and a debt-to-equity ratio of 0.03. Flexsteel Industries has a fifty-two week low of $15.67 and a fifty-two 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. Flexsteel Industries had a return on equity of 7.98% and a net margin of 2.55%. The company had revenue of $110.82 million during the quarter, compared to analyst estimates of $109.52 million. On average, research analysts expect that Flexsteel Industries will post 3 earnings per share for the current year.

Flexsteel Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Wednesday, September 25th were issued 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 dividend yield of 1.56%. This is a boost from Flexsteel Industries’s previous quarterly dividend of $0.15. Flexsteel Industries’s dividend payout ratio is presently 23.05%.

Hedge Funds Weigh In On Flexsteel Industries

A number of hedge funds have recently made changes to their positions in the company. American Century Companies Inc. raised its holdings in shares of Flexsteel Industries by 185.1% during the second quarter. American Century Companies Inc. now owns 46,521 shares of the company’s stock valued at $1,445,000 after acquiring an additional 30,203 shares during the last quarter. Marion Wealth Management raised its holdings in shares of 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 acquiring an additional 1,101 shares during the last quarter. Nations Financial Group Inc. IA ADV acquired a new position in shares of Flexsteel Industries during the second quarter valued at approximately $843,000. Empowered Funds LLC raised its holdings 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 valued at $729,000 after acquiring an additional 1,400 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Flexsteel Industries during the second quarter valued at approximately $425,000. Institutional investors and hedge funds own 36.27% of the company’s stock.

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.