Flexsteel Industries (NASDAQ:FLXS) Share Price Passes Above 50 Day Moving Average – What’s Next?

Flexsteel Industries, Inc. (NASDAQ:FLXS) crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $38.44 and traded as high as $41.43. Flexsteel Industries shares last traded at $40.46, with a volume of 17,151 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Wall Street Zen downgraded Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 18th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Flexsteel Industries in a research report on Monday, December 29th. Finally, Zacks Research raised shares of Flexsteel Industries from a “strong sell” rating to a “hold” rating in a research note on Monday, December 15th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Flexsteel Industries presently has a consensus rating of “Hold”.

Flexsteel Industries Trading Up 1.4%

The company has a 50-day moving average price of $38.44 and a two-hundred day moving average price of $40.05. The stock has a market cap of $216.06 million, a P/E ratio of 9.84, a P/E/G ratio of 0.94 and a beta of 0.51.

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

Flexsteel Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Monday, December 29th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, December 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.0%. Flexsteel Industries’s payout ratio is currently 19.46%.

Institutional Trading of Flexsteel Industries

Several institutional investors have recently added to or reduced their stakes in FLXS. IFP Advisors Inc grew its stake in shares of Flexsteel Industries by 2,200.0% during the third quarter. IFP Advisors Inc now owns 621 shares of the company’s stock valued at $29,000 after buying an additional 594 shares during the last quarter. BNP Paribas Financial Markets grew its position in Flexsteel Industries by 149.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 971 shares of the company’s stock valued at $45,000 after acquiring an additional 582 shares during the last quarter. Russell Investments Group Ltd. grew its position in Flexsteel Industries by 24.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company’s stock valued at $92,000 after acquiring an additional 395 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Flexsteel Industries by 5,214.0% in the first quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company’s stock worth $97,000 after purchasing an additional 2,607 shares during the period. Finally, AQR Capital Management LLC bought a new stake in shares of Flexsteel Industries during the first quarter worth $221,000. Institutional investors own 36.27% of the company’s stock.

Flexsteel Industries Company Profile

Flexsteel Industries, Inc (NASDAQ: FLXS) is a U.S.-based furniture manufacturer specializing in the design, production, and marketing of residential upholstered furniture and wood casegoods. The company operates through two primary segments: Upholstery, which encompasses seating products such as sofas, loveseats, chairs, recliners, and sectionals; and Casegoods, which includes accent and occasional tables, cabinets, bookcases, and other wood-based furnishings. Flexsteel sells its products through a network of independent retailers, furniture stores, and distributors across North America.

Flexsteel’s upholstery segment is distinguished by its patented Blue Steel Spring® technology, which offers enhanced longevity and comfort by replacing conventional webbing and springs with a welded steel seat suspension.