Short Interest in Flexsteel Industries, Inc. (NASDAQ:FLXS) Decreases By 10.6%

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

Flexsteel Industries Stock Performance

Shares of NASDAQ FLXS traded up $0.36 during trading hours on Friday, reaching $56.15. 22,508 shares of the stock were exchanged, compared to its average volume of 41,955. The firm has a market capitalization of $292.43 million, a price-to-earnings ratio of 22.19, a P/E/G ratio of 1.44 and a beta of 0.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.04 and a current ratio of 2.84. Flexsteel Industries has a 52 week low of $16.80 and a 52 week high of $60.69. The stock’s fifty day simple moving average is $48.40 and its 200 day simple moving average is $40.06.

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

Flexsteel Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Wednesday, September 25th were given a dividend of $0.17 per share. The ex-dividend date was Wednesday, September 25th. This represents a $0.68 dividend on an annualized basis and a yield of 1.21%. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.15. Flexsteel Industries’s dividend payout ratio is currently 26.88%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded 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

A number of large investors have recently added to or reduced their stakes in the stock. MetLife Investment Management LLC boosted its holdings in shares of Flexsteel Industries by 129.0% in the 3rd 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 in the last quarter. Rhumbline Advisers boosted its holdings in shares of Flexsteel Industries by 1,647.7% in the 2nd quarter. Rhumbline Advisers now owns 5,313 shares of the company’s stock valued at $165,000 after purchasing an additional 5,009 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new stake in shares of Flexsteel Industries in the 1st quarter valued at $195,000. Marshall Wace LLP acquired a new stake in shares of Flexsteel Industries during the 2nd quarter valued at $217,000. Finally, Ritholtz Wealth Management acquired a new stake in shares of Flexsteel Industries during the 2nd quarter valued at $219,000. Institutional investors and hedge funds own 36.27% of the company’s stock.

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.