Flexsteel Industries, Inc. (NASDAQ:FLXS) Short Interest Update

Flexsteel Industries, Inc. (NASDAQ:FLXS) saw 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 trading volume of 29,900 shares, the days-to-cover ratio is currently 2.6 days. Approximately 2.2% of the shares of the company are sold short.

Flexsteel Industries Stock Performance

NASDAQ:FLXS traded up $0.90 during mid-day trading on Tuesday, reaching $57.59. 7,717 shares of the company’s stock were exchanged, compared to its average volume of 31,354. 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 one year low of $16.80 and a one year high of $60.69. The firm has a market capitalization of $300.04 million, a PE ratio of 22.41, a price-to-earnings-growth ratio of 1.44 and a beta of 0.42. The business’s fifty day simple moving average is $48.75 and its two-hundred day simple moving average is $40.22.

Flexsteel Industries (NASDAQ:FLXS) last released its earnings results 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 company had revenue of $104.01 million for the quarter, compared to the consensus estimate of $101.60 million. During the same quarter in the previous year, the company earned $0.14 EPS. Analysts anticipate that Flexsteel Industries will post 3.25 earnings per share for the current fiscal year.

Flexsteel Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Wednesday, September 25th were issued a $0.17 dividend. This is a positive change from Flexsteel Industries’s previous quarterly dividend of $0.15. The ex-dividend date was Wednesday, September 25th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.18%. Flexsteel Industries’s dividend payout ratio is presently 26.88%.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Flexsteel Industries

Institutional investors have recently added to or reduced their stakes in the company. MetLife Investment Management LLC boosted its position in shares of Flexsteel Industries by 129.0% during 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 in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Flexsteel Industries in the 3rd quarter valued at approximately $221,000. Jane Street Group LLC bought a new stake in shares of Flexsteel Industries in the 3rd quarter worth $228,000. Hillsdale Investment Management Inc. bought a new position in shares of Flexsteel Industries during the first quarter valued at $195,000. Finally, Rhumbline Advisers grew its stake in shares of 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 acquiring an additional 5,009 shares during the period. 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.