Short Interest in Flexsteel Industries, Inc. (NASDAQ:FLXS) Decreases By 7.0%

Flexsteel Industries, Inc. (NASDAQ:FLXS) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 105,700 shares, a decline of 7.0% from the August 31st total of 113,700 shares. Based on an average trading volume of 40,000 shares, the short-interest ratio is currently 2.6 days. Currently, 2.9% of the shares of the stock are short sold.

Analyst Ratings Changes

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

Flexsteel Industries Price Performance

FLXS traded down $1.20 during trading on Tuesday, reaching $43.09. 21,548 shares of the company traded hands, compared to its average volume of 31,531. The company has a market cap of $222.17 million, a P/E ratio of 14.87, a PEG ratio of 1.20 and a beta of 0.46. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.97 and a current ratio of 2.57. Flexsteel Industries has a 12-month low of $15.67 and a 12-month high of $45.50. The firm has a fifty day simple moving average of $39.46 and a 200 day simple moving average of $36.79.

Flexsteel Industries (NASDAQ:FLXS) last released its quarterly earnings data on Monday, August 19th. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.67 by $0.08. Flexsteel Industries had a net margin of 2.55% and a return on equity of 7.98%. The business had revenue of $110.82 million during the quarter, compared to the consensus estimate of $109.52 million. On average, equities analysts forecast that Flexsteel Industries will post 3 EPS for the current year.

Flexsteel Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Wednesday, September 25th will be paid a dividend of $0.17 per share. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.15. The ex-dividend date is Wednesday, September 25th. This represents a $0.68 dividend on an annualized basis and a yield of 1.58%. Flexsteel Industries’s dividend payout ratio is presently 23.05%.

Hedge Funds Weigh In On Flexsteel Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the business. American Century Companies Inc. increased its position in shares of Flexsteel Industries by 185.1% during 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 bought a new position in Flexsteel Industries during the second quarter valued at $843,000. Bank of New York Mellon Corp bought a new position in Flexsteel Industries during the second quarter valued at $425,000. Acadian Asset Management LLC purchased a new stake in shares of Flexsteel Industries in the first quarter valued at $435,000. Finally, Heron Bay Capital Management bought a new stake in shares of Flexsteel Industries in the 1st quarter worth about $298,000. 36.27% of the stock is owned by hedge funds and other 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.