Flexsteel Industries, Inc. (NASDAQ:FLXS – Get Rating) declared a quarterly dividend on Tuesday, September 13th, Zacks reports. Investors of record on Wednesday, September 28th will be given a dividend of 0.15 per share on Monday, October 10th. This represents a $0.60 annualized dividend and a yield of 3.70%. The ex-dividend date is Tuesday, September 27th.
Flexsteel Industries has decreased its dividend by an average of 12.0% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Flexsteel Industries has a payout ratio of 48.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Flexsteel Industries to earn $2.95 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 20.3%.
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Flexsteel Industries Trading Down 3.6 %
NASDAQ:FLXS opened at $16.20 on Thursday. The company has a market cap of $85.86 million, a PE ratio of 64.80, a P/E/G ratio of 1.12 and a beta of 0.64. Flexsteel Industries has a 52 week low of $16.01 and a 52 week high of $36.77. The company has a quick ratio of 0.76, a current ratio of 2.94 and a debt-to-equity ratio of 0.29. The business's 50 day moving average is $17.84 and its two-hundred day moving average is $19.26.
Flexsteel Industries (NASDAQ:FLXS – Get Rating) last issued its earnings results on Monday, August 22nd. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.02). Flexsteel Industries had a return on equity of 2.61% and a net
margin of 0.34%. During the same period last year, the firm earned $0.61 earnings per share. On average, analysts predict that Flexsteel Industries will post 1.25 EPS for the current year.
Institutional Investors Weigh In On Flexsteel Industries
Several hedge funds have recently bought and sold shares of FLXS. Millennium Management LLC bought a new position in shares of Flexsteel Industries during the second quarter worth approximately $1,380,000. Citadel Advisors LLC acquired a new position in shares of Flexsteel Industries during the second quarter worth $268,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Flexsteel Industries during the second quarter worth $202,000. State Street Corp lifted its holdings in shares of Flexsteel Industries by 2.6% during the first quarter. State Street Corp now owns 106,455 shares of the company's stock worth $2,070,000 after purchasing an additional 2,688 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Flexsteel Industries by 49.4% during the first quarter. Bank of America Corp DE now owns 5,659 shares of the company's stock worth $109,000 after purchasing an additional 1,871 shares during the period. 41.78% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Separately, TheStreet downgraded Flexsteel Industries from a "c" rating to a "d+" rating in a report on Monday, August 29th.
About Flexsteel Industries
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Flexsteel Industries, Inc, together with its subsidiaries, operates as a manufacturer, importer, and online marketer of upholstered and wooden furniture for residential and contract markets in the United States. It offers upholstered furniture, such as sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, and bedroom furniture.
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