Flexsteel Industries, Inc. (NASDAQ:FLXS) Short Interest Down 10.6% in October

Flexsteel Industries, Inc. (NASDAQ:FLXS) was the recipient of a large drop in short interest during 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. Approximately 2.2% of the company’s shares are sold short. Based on an average trading volume of 29,900 shares, the days-to-cover ratio is currently 2.6 days.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Flexsteel Industries

Several institutional investors and hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. grew its stake in shares of Flexsteel Industries by 185.1% in the second quarter. American Century Companies Inc. now owns 46,521 shares of the company’s stock valued at $1,445,000 after buying an additional 30,203 shares in the last quarter. Nations Financial Group Inc. IA ADV acquired a new position in shares of Flexsteel Industries during the second quarter worth $843,000. Bank of New York Mellon Corp purchased a new position in shares of Flexsteel Industries in the second quarter valued at $425,000. Acadian Asset Management LLC acquired a new stake in Flexsteel Industries during the 1st quarter valued at $435,000. Finally, State Street Corp grew its holdings in Flexsteel Industries by 17.9% during the 3rd quarter. State Street Corp now owns 58,687 shares of the company’s stock valued at $2,609,000 after purchasing an additional 8,917 shares in the last quarter. Institutional investors and hedge funds own 36.27% of the company’s stock.

Flexsteel Industries Price Performance

Shares of NASDAQ:FLXS traded up $0.90 during midday trading on Tuesday, reaching $57.59. 7,717 shares of the company’s stock traded hands, compared to its average volume of 31,354. The company has a fifty day simple moving average of $48.75 and a two-hundred day simple moving average of $40.22. The company has a market cap of $300.04 million, a P/E ratio of 22.41, a PEG 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 1 year low of $16.80 and a 1 year high of $60.69.

Flexsteel Industries (NASDAQ:FLXS) last posted its quarterly earnings data 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. Flexsteel Industries had a return on equity of 10.09% and a net margin of 3.30%. The business had revenue of $104.01 million for the quarter, compared to analyst estimates of $101.60 million. During the same quarter in the prior year, the company earned $0.14 earnings per share. Equities analysts predict that Flexsteel Industries will post 3.25 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The company also recently disclosed 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. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, September 25th. This represents a $0.68 annualized dividend and a dividend yield of 1.18%. Flexsteel Industries’s dividend payout ratio is presently 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.