Flexsteel Industries (NASDAQ:FLXS) Cut to Hold at Zacks Research

Zacks Research downgraded shares of Flexsteel Industries (NASDAQ:FLXS) from a strong-buy rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Flexsteel Industries in a research report on Friday, March 27th. Wall Street Zen upgraded Flexsteel Industries from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 7th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Flexsteel Industries presently has an average rating of “Hold”.

Flexsteel Industries Trading Up 3.5%

FLXS stock opened at $47.73 on Monday. The stock’s fifty day simple moving average is $48.66 and its two-hundred day simple moving average is $43.04. Flexsteel Industries has a 1-year low of $29.38 and a 1-year high of $59.95. The stock has a market cap of $255.36 million, a P/E ratio of 13.01, a P/E/G ratio of 0.95 and a beta of 0.52.

Flexsteel Industries (NASDAQ:FLXS) last posted its quarterly earnings data on Monday, February 2nd. The company reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.39. Flexsteel Industries had a return on equity of 16.67% and a net margin of 4.58%.The business had revenue of $118.25 million for the quarter, compared to analysts’ expectations of $107.51 million. As a group, analysts forecast that Flexsteel Industries will post 3.53 earnings per share for the current fiscal year.

Flexsteel Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Monday, March 30th will be paid a $0.20 dividend. The ex-dividend date is Monday, March 30th. This represents a $0.80 annualized dividend and a dividend yield of 1.7%. Flexsteel Industries’s payout ratio is presently 21.80%.

Institutional Trading of Flexsteel Industries

Several hedge funds have recently made changes to their positions in the company. Deutsche Bank AG raised its stake in shares of Flexsteel Industries by 11.1% in the fourth quarter. Deutsche Bank AG now owns 3,024 shares of the company’s stock valued at $119,000 after buying an additional 303 shares during the period. Barclays PLC raised its stake in shares of Flexsteel Industries by 6.4% during the 4th quarter. Barclays PLC now owns 5,527 shares of the company’s stock valued at $218,000 after purchasing an additional 333 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Flexsteel Industries by 24.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company’s stock valued at $92,000 after purchasing an additional 395 shares during the period. First Trust Advisors LP raised its stake in shares of Flexsteel Industries by 4.1% during the 2nd quarter. First Trust Advisors LP now owns 11,745 shares of the company’s stock valued at $423,000 after purchasing an additional 467 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Flexsteel Industries by 149.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 971 shares of the company’s stock valued at $45,000 after purchasing an additional 582 shares during the period. 36.27% of the stock is currently owned by institutional investors.

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.