Flexsteel Industries, Inc. (NASDAQ:FLXS) Sees Significant Increase in Short Interest

Flexsteel Industries, Inc. (NASDAQ:FLXS) was the target of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 34,700 shares, a growth of 50.2% from the March 31st total of 23,100 shares. Based on an average daily trading volume, of 28,200 shares, the short-interest ratio is presently 1.2 days. Approximately 1.0% of the company’s shares are sold short.

Flexsteel Industries Trading Up 3.8 %

NASDAQ FLXS traded up $1.42 during trading on Monday, hitting $39.03. The company had a trading volume of 20,672 shares, compared to its average volume of 29,166. The company has a current ratio of 3.07, a quick ratio of 0.90 and a debt-to-equity ratio of 0.12. Flexsteel Industries has a one year low of $15.67 and a one year high of $41.64. The company has a market cap of $201.00 million, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 1.61 and a beta of 0.53. The company’s fifty day moving average is $36.56 and its 200-day moving average is $26.88.

Flexsteel Industries (NASDAQ:FLXS) last issued its quarterly earnings data on Monday, February 5th. The company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. Flexsteel Industries had a net margin of 3.86% and a return on equity of 5.13%. The business had revenue of $100.11 million during the quarter, compared to analyst estimates of $100.09 million. On average, sell-side analysts predict that Flexsteel Industries will post 1.95 earnings per share for the current year.

Flexsteel Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Tuesday, March 26th were issued a $0.15 dividend. The ex-dividend date was Monday, March 25th. This represents a $0.60 annualized dividend and a yield of 1.54%. Flexsteel Industries’s dividend payout ratio (DPR) is presently 20.69%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FLXS. Denali Advisors LLC bought a new position in shares of Flexsteel Industries in the 1st quarter worth about $127,000. Weitzel Financial Services Inc. bought a new position in shares of Flexsteel Industries in the 1st quarter worth about $264,000. Marion Wealth Management increased its stake in shares of Flexsteel Industries by 7.1% in the 1st quarter. Marion Wealth Management now owns 29,837 shares of the company’s stock worth $1,113,000 after acquiring an additional 1,979 shares in the last quarter. Victory Capital Management Inc. bought a new position in shares of Flexsteel Industries in the 4th quarter worth about $92,000. Finally, Barclays PLC bought a new position in shares of Flexsteel Industries in the 3rd quarter worth about $40,000. 36.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. TheStreet raised shares of Flexsteel Industries from a “c” rating to a “b-” rating in a research report on Monday, February 5th. StockNews.com cut shares of Flexsteel Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, April 17th.

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.