Flexsteel Industries, Inc. (NASDAQ:FLXS) Sees Large Drop in Short Interest

Flexsteel Industries, Inc. (NASDAQ:FLXS) saw a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 79,200 shares, a drop of 10.6% from the October 15th total of 88,600 shares. Based on an average daily volume of 29,900 shares, the short-interest ratio is presently 2.6 days. Approximately 2.2% of the shares of the company are short sold.

Analysts Set New Price Targets

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

Flexsteel Industries Stock Performance

FLXS stock traded up $0.54 during midday trading on Monday, hitting $56.69. 38,284 shares of the company traded hands, compared to its average volume of 31,460. Flexsteel Industries has a twelve month low of $16.80 and a twelve month high of $60.69. The company has a quick ratio of 1.04, a current ratio of 2.84 and a debt-to-equity ratio of 0.02. The business has a 50 day simple moving average of $48.40 and a 200-day simple moving average of $40.09. The stock has a market capitalization of $295.24 million, a price-to-earnings ratio of 22.41, a price-to-earnings-growth ratio of 1.44 and a beta of 0.42.

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

Flexsteel Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Wednesday, September 25th were given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.20%. This is a boost from Flexsteel Industries’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, September 25th. Flexsteel Industries’s dividend payout ratio is currently 26.88%.

Institutional Investors Weigh In On Flexsteel Industries

Several hedge funds have recently modified their holdings of FLXS. MetLife Investment Management LLC lifted its position in Flexsteel Industries by 129.0% in the third quarter. MetLife Investment Management LLC now owns 2,746 shares of the company’s stock worth $122,000 after purchasing an additional 1,547 shares during the period. Rhumbline Advisers boosted its holdings in Flexsteel Industries by 1,647.7% during the second 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. Hillsdale Investment Management Inc. bought a new position in Flexsteel Industries during the first quarter worth about $195,000. Marshall Wace LLP bought a new position in Flexsteel Industries during the second quarter worth about $217,000. Finally, Ritholtz Wealth Management bought a new position in shares of Flexsteel Industries during the 2nd quarter valued at about $219,000. 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.