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

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

Flexsteel Industries Stock Up 2.3 %

Flexsteel Industries stock traded up $1.40 during midday trading on Tuesday, hitting $62.12. 30,726 shares of the stock were exchanged, compared to its average volume of 31,803. The stock has a market capitalization of $323.65 million, a price-to-earnings ratio of 24.55, a price-to-earnings-growth ratio of 1.56 and a beta of 0.40. The company has a quick ratio of 1.04, a current ratio of 2.84 and a debt-to-equity ratio of 0.02. Flexsteel Industries has a 52-week low of $17.00 and a 52-week high of $63.00. The business’s 50-day moving average price is $52.52 and its 200-day moving average price is $42.08.

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 analysts’ consensus estimates of $0.62 by $0.12. Flexsteel Industries had a net margin of 3.30% and a return on equity of 10.09%. The firm had revenue of $104.01 million for the quarter, compared to analysts’ expectations of $101.60 million. During the same quarter in the previous year, the company earned $0.14 earnings per share. On average, research analysts expect that Flexsteel Industries will post 3.25 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

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

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.

Institutional Trading of Flexsteel Industries

Hedge funds and other institutional investors have recently bought and sold shares of the stock. MetLife Investment Management LLC boosted its holdings in Flexsteel Industries by 129.0% in the third quarter. MetLife Investment Management LLC now owns 2,746 shares of the company’s stock valued at $122,000 after purchasing an additional 1,547 shares during the last quarter. Rhumbline Advisers lifted its position in shares of 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 purchasing an additional 5,009 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Flexsteel Industries during the second quarter worth about $217,000. Ritholtz Wealth Management purchased a new position in shares of Flexsteel Industries in the 2nd quarter valued at approximately $219,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Flexsteel Industries in the 3rd quarter valued at about $221,000. 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.