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

Zacks Research lowered shares of Flexsteel Industries (NASDAQ:FLXS) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

FLXS has been the topic of a number of other research reports. Wall Street Zen downgraded shares of Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 25th. Weiss Ratings reissued a “buy (b-)” rating on shares of Flexsteel Industries in a research note on Friday, July 17th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy”.

Flexsteel Industries Price Performance

FLXS opened at $75.19 on Tuesday. The stock has a market capitalization of $403.02 million, a price-to-earnings ratio of 13.62, a price-to-earnings-growth ratio of 1.24 and a beta of 0.54. The business has a 50-day moving average of $64.96 and a two-hundred day moving average of $53.89. Flexsteel Industries has a 12 month low of $32.65 and a 12 month high of $77.19.

Flexsteel Industries (NASDAQ:FLXS) last announced its quarterly earnings data on Monday, April 20th. The company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.39. Flexsteel Industries had a net margin of 6.79% and a return on equity of 16.10%. The business had revenue of $115.13 million for the quarter, compared to analyst estimates of $118.32 million. Equities research analysts anticipate that Flexsteel Industries will post 4.78 earnings per share for the current year.

Flexsteel Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Wednesday, June 24th were issued a $0.25 dividend. The ex-dividend date was Wednesday, June 24th. This represents a $1.00 annualized dividend and a yield of 1.3%. This is an increase from Flexsteel Industries’s previous quarterly dividend of $0.20. Flexsteel Industries’s payout ratio is currently 18.12%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its position in shares of Flexsteel Industries by 2,200.0% in the third quarter. IFP Advisors Inc now owns 621 shares of the company’s stock worth $29,000 after buying an additional 594 shares during the period. State of Alaska Department of Revenue acquired a new position in Flexsteel Industries during the 4th quarter worth approximately $38,000. BNP Paribas Financial Markets lifted its position in Flexsteel Industries by 149.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 971 shares of the company’s stock worth $45,000 after acquiring an additional 582 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in Flexsteel Industries in the 4th quarter worth approximately $49,000. Finally, Copeland Capital Management LLC purchased a new position in Flexsteel Industries in the 4th quarter worth approximately $59,000. 36.27% of the stock is owned by hedge funds and other 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.