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

Flexsteel Industries, Inc. (NASDAQ:FLXS) was the recipient of a large drop in short interest in 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 currently 2.6 days. Approximately 2.2% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Flexsteel Industries

Several large investors have recently made changes to their positions in the company. MetLife Investment Management LLC increased 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 worth $122,000 after buying an additional 1,547 shares during the last quarter. Rhumbline Advisers increased its holdings in Flexsteel Industries by 1,647.7% in 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. acquired a new position in Flexsteel Industries in the first quarter worth approximately $195,000. Marshall Wace LLP acquired a new position in Flexsteel Industries in the second quarter worth approximately $217,000. Finally, Ritholtz Wealth Management acquired a new position in Flexsteel Industries in the second quarter worth approximately $219,000. Institutional investors own 36.27% of the company’s stock.

Flexsteel Industries Stock Up 1.0 %

Flexsteel Industries stock traded up $0.54 during mid-day trading on Monday, hitting $56.69. The company’s stock had a trading volume of 38,284 shares, compared to its average volume of 31,460. Flexsteel Industries has a 52-week low of $16.80 and a 52-week high of $60.69. The company has a market cap of $295.24 million, a PE ratio of 22.41, a price-to-earnings-growth ratio of 1.44 and a beta of 0.42. 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 is $48.40 and its 200 day moving average is $40.09.

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

Flexsteel Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Wednesday, September 25th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.20%. 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. Flexsteel Industries’s payout ratio is currently 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.