Flexsteel Industries (NASDAQ:FLXS) Rating Increased to Strong-Buy at StockNews.com

Flexsteel Industries (NASDAQ:FLXS) was upgraded by equities research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Wednesday.

Flexsteel Industries Stock Performance

FLXS stock opened at $19.63 on Wednesday. The company has a 50 day moving average price of $20.69 and a 200 day moving average price of $19.42. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.10 and a quick ratio of 0.88. Flexsteel Industries has a fifty-two week low of $13.46 and a fifty-two week high of $24.96. The stock has a market capitalization of $101.39 million, a PE ratio of 7.09, a price-to-earnings-growth ratio of 0.98 and a beta of 0.61.

Flexsteel Industries (NASDAQ:FLXS) last issued its earnings results on Tuesday, August 22nd. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. Flexsteel Industries had a net margin of 3.75% and a return on equity of 3.24%. The company had revenue of $105.82 million for the quarter, compared to analysts’ expectations of $103.01 million. During the same period in the prior year, the firm earned $0.41 EPS. Analysts forecast that Flexsteel Industries will post 1.77 EPS for the current year.

Hedge Funds Weigh In On Flexsteel Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG raised its stake in shares of Flexsteel Industries by 90.7% during the third quarter. UBS Group AG now owns 2,090 shares of the company’s stock valued at $33,000 after acquiring an additional 994 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in Flexsteel Industries by 109.6% during the second quarter. BNP Paribas Arbitrage SA now owns 2,257 shares of the company’s stock valued at $41,000 after acquiring an additional 1,180 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Flexsteel Industries by 49.4% in the 1st quarter. Bank of America Corp DE now owns 5,659 shares of the company’s stock worth $109,000 after buying an additional 1,871 shares during the last quarter. Trexquant Investment LP bought a new position in shares of Flexsteel Industries during the 3rd quarter valued at $183,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Flexsteel Industries by 12.5% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 12,600 shares of the company’s stock worth $198,000 after purchasing an additional 1,400 shares during the period. Institutional investors own 33.45% of the company’s stock.

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 and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture.