Flexsteel Industries (NASDAQ:FLXS) Upgraded at Zacks Research

Zacks Research upgraded shares of Flexsteel Industries (NASDAQ:FLXS) from a strong sell rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

FLXS has been the topic of several other research reports. Wall Street Zen downgraded Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 18th. Weiss Ratings restated a “hold (c+)” rating on shares of Flexsteel Industries in a research report on Monday. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of “Hold”.

Flexsteel Industries Stock Performance

Shares of FLXS opened at $41.35 on Monday. Flexsteel Industries has a fifty-two week low of $29.38 and a fifty-two week high of $64.14. The firm has a market cap of $220.81 million, a price-to-earnings ratio of 10.06, a PEG ratio of 1.00 and a beta of 0.55. The firm has a 50 day moving average price of $38.17 and a 200-day moving average price of $39.23.

Flexsteel Industries (NASDAQ:FLXS) last released its earnings results on Monday, October 20th. The company reported $1.31 EPS for the quarter, beating the consensus estimate of $0.78 by $0.53. The company had revenue of $110.44 million for the quarter, compared to analyst estimates of $105.38 million. Flexsteel Industries had a net margin of 5.22% and a return on equity of 16.28%. During the same quarter last year, the firm earned $0.74 EPS. As a group, equities research analysts predict that Flexsteel Industries will post 3.53 earnings per share for the current year.

Flexsteel Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Stockholders of record on Monday, December 29th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Monday, December 29th. Flexsteel Industries’s dividend payout ratio is currently 19.46%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Flexsteel Industries by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 225,855 shares of the company’s stock worth $10,468,000 after buying an additional 708 shares during the last quarter. American Century Companies Inc. boosted its holdings in Flexsteel Industries by 1.5% in the second quarter. American Century Companies Inc. now owns 118,084 shares of the company’s stock valued at $4,255,000 after acquiring an additional 1,716 shares in the last quarter. Punch & Associates Investment Management Inc. increased its position in Flexsteel Industries by 22.5% during the 3rd quarter. Punch & Associates Investment Management Inc. now owns 73,502 shares of the company’s stock valued at $3,407,000 after purchasing an additional 13,502 shares during the period. Bridgeway Capital Management LLC boosted its stake in shares of Flexsteel Industries by 5.2% during the 3rd quarter. Bridgeway Capital Management LLC now owns 66,406 shares of the company’s stock valued at $3,078,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of Flexsteel Industries by 16.2% during the second quarter. Acadian Asset Management LLC now owns 59,971 shares of the company’s stock valued at $2,159,000 after buying an additional 8,366 shares during the period. Institutional investors own 36.27% 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 rocking chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture.