Flexsteel Industries (NASDAQ:FLXS) Lifted to Hold at StockNews.com

Flexsteel Industries (NASDAQ:FLXSGet Rating) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.

Flexsteel Industries stock opened at $22.19 on Thursday. The firm has a fifty day simple moving average of $20.29 and a two-hundred day simple moving average of $24.74. The company has a quick ratio of 0.89, a current ratio of 3.41 and a debt-to-equity ratio of 0.39. Flexsteel Industries has a twelve month low of $18.23 and a twelve month high of $51.13. The company has a market capitalization of $143.97 million, a PE ratio of 23.11, a P/E/G ratio of 3.20 and a beta of 0.82.

Flexsteel Industries (NASDAQ:FLXSGet Rating) last released its earnings results on Monday, April 25th. The company reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.31. Flexsteel Industries had a return on equity of 3.68% and a net margin of 1.41%. During the same period last year, the firm posted $0.72 earnings per share. As a group, equities analysts expect that Flexsteel Industries will post 0.51 earnings per share for the current fiscal year.

In other news, Director Kathryn P. Dickson acquired 2,000 shares of the firm’s stock in a transaction on Wednesday, February 9th. The stock was acquired at an average price of $22.11 per share, for a total transaction of $44,220.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Derek P. Schmidt bought 4,344 shares of the stock in a transaction dated Monday, February 14th. The shares were acquired at an average price of $22.21 per share, with a total value of $96,480.24. The disclosure for this purchase can be found here. Insiders acquired 22,199 shares of company stock valued at $493,507 over the last 90 days. 7.40% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of FLXS. Morgan Stanley raised its stake in shares of Flexsteel Industries by 2,672.7% in the second quarter. Morgan Stanley now owns 11,562 shares of the company’s stock worth $466,000 after purchasing an additional 11,145 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Flexsteel Industries in the 4th quarter worth approximately $204,000. Millennium Management LLC bought a new stake in shares of Flexsteel Industries in the third quarter worth $228,000. Barclays PLC increased its position in shares of Flexsteel Industries by 193.1% during the 4th quarter. Barclays PLC now owns 7,959 shares of the company’s stock valued at $213,000 after purchasing an additional 5,244 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in Flexsteel Industries by 1.0% during the third quarter. BlackRock Inc. now owns 448,882 shares of the company’s stock valued at $13,862,000 after buying an additional 4,368 shares during the last quarter. Institutional investors and hedge funds own 66.08% of the company’s stock.

About Flexsteel Industries (Get Rating)

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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