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

Flexsteel Industries, Inc. (NASDAQ:FLXS) was the recipient of a significant decrease in short interest during the month of 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. Currently, 2.1% of the company’s stock are short sold. Based on an average daily trading volume, of 29,900 shares, the days-to-cover ratio is presently 2.5 days.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Flexsteel Industries

A number of institutional investors have recently modified their holdings of the business. American Century Companies Inc. grew its stake in shares of Flexsteel Industries by 185.1% in the 2nd quarter. American Century Companies Inc. now owns 46,521 shares of the company’s stock valued at $1,445,000 after purchasing an additional 30,203 shares during the last quarter. Nations Financial Group Inc. IA ADV purchased a new position in Flexsteel Industries in the 2nd quarter valued at $843,000. Dynamic Technology Lab Private Ltd purchased a new position in Flexsteel Industries in the 3rd quarter valued at $221,000. Bank of New York Mellon Corp acquired a new position in Flexsteel Industries in the 2nd quarter valued at $425,000. Finally, Ritholtz Wealth Management raised its position in Flexsteel Industries by 47.9% during the 3rd quarter. Ritholtz Wealth Management now owns 10,416 shares of the company’s stock worth $461,000 after buying an additional 3,375 shares during the last quarter. 36.27% of the stock is owned by institutional investors and hedge funds.

Flexsteel Industries Stock Up 2.3 %

Shares of NASDAQ:FLXS traded up $1.40 during trading on Tuesday, hitting $62.12. 30,726 shares of the company were exchanged, compared to its average volume of 31,803. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.84 and a quick ratio of 1.04. The firm’s 50 day moving average price is $52.16 and its 200-day moving average price is $41.90. The stock has a market capitalization of $323.65 million, a P/E ratio of 24.55, a PEG ratio of 1.56 and a beta of 0.40. Flexsteel Industries has a 12-month low of $17.00 and a 12-month high of $63.00.

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

Flexsteel Industries Increases Dividend

The company 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. This is a positive change 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 yield of 1.09%. Flexsteel Industries’s payout ratio is 26.88%.

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.