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

Flexsteel Industries, Inc. (NASDAQ:FLXS) saw a large drop in short interest in 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 stock are short sold.

Wall Street Analyst Weigh In

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

Flexsteel Industries Trading Up 0.6 %

NASDAQ:FLXS traded up $0.36 during trading hours on Friday, hitting $56.15. 22,508 shares of the company were exchanged, compared to its average volume of 41,955. The stock has a market capitalization of $292.43 million, a price-to-earnings ratio of 22.19, a price-to-earnings-growth ratio of 1.44 and a beta of 0.42. The company has a current ratio of 2.84, a quick ratio of 1.04 and a debt-to-equity ratio of 0.02. Flexsteel Industries has a one year low of $16.80 and a one year high of $60.69. The company has a fifty day simple moving average of $48.40 and a 200 day simple moving average of $40.06.

Flexsteel Industries (NASDAQ:FLXS) last announced its earnings results on Monday, October 21st. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 10.09% and a net margin of 3.30%. During the same period last year, the company earned $0.14 EPS. Sell-side analysts expect that Flexsteel Industries will post 3.25 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The business also recently announced 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. This is a positive change from Flexsteel Industries’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend was Wednesday, September 25th. Flexsteel Industries’s dividend payout ratio (DPR) is currently 26.88%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FLXS. Barclays PLC raised its position in shares of Flexsteel Industries by 20.9% in the 3rd quarter. Barclays PLC now owns 6,147 shares of the company’s stock worth $273,000 after acquiring an additional 1,061 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Flexsteel Industries in the 3rd quarter worth about $228,000. State Street Corp raised its position in shares of Flexsteel Industries by 17.9% in the 3rd quarter. State Street Corp now owns 58,687 shares of the company’s stock worth $2,609,000 after acquiring an additional 8,917 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Flexsteel Industries in the 3rd quarter worth about $294,000. Finally, MetLife Investment Management LLC raised its position 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 worth $122,000 after acquiring an additional 1,547 shares in the last quarter. 36.27% of the stock is owned by institutional investors.

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.