Flexsteel Industries (NASDAQ:FLXS) Downgraded by Zacks Research to “Hold”

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

FLXS has been the topic of a number of other research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Flexsteel Industries in a report on Friday, March 27th. Wall Street Zen upgraded Flexsteel Industries from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Flexsteel Industries currently has an average rating of “Hold”.

Flexsteel Industries Price Performance

NASDAQ:FLXS traded up $2.91 during trading hours on Monday, reaching $49.02. 21,627 shares of the company traded hands, compared to its average volume of 35,169. The firm’s 50-day moving average is $48.48 and its 200-day moving average is $43.01. The stock has a market cap of $261.99 million, a P/E ratio of 13.34, a P/E/G ratio of 0.95 and a beta of 0.52. Flexsteel Industries has a 1-year low of $29.38 and a 1-year high of $59.95.

Flexsteel Industries (NASDAQ:FLXS) last announced its earnings results on Monday, February 2nd. The company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.39. The firm had revenue of $118.25 million for the quarter, compared to analysts’ expectations of $107.51 million. Flexsteel Industries had a return on equity of 16.67% and a net margin of 4.58%. As a group, research analysts predict that Flexsteel Industries will post 3.53 earnings per share for the current year.

Flexsteel Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Monday, March 30th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, March 30th. Flexsteel Industries’s dividend payout ratio is currently 21.80%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Quadrature Capital Ltd lifted its stake in shares of Flexsteel Industries by 88.2% during the 4th quarter. Quadrature Capital Ltd now owns 8,701 shares of the company’s stock worth $344,000 after purchasing an additional 4,077 shares during the period. Lazard Asset Management LLC lifted its stake in shares of Flexsteel Industries by 140.9% during the 4th quarter. Lazard Asset Management LLC now owns 20,628 shares of the company’s stock worth $815,000 after purchasing an additional 12,064 shares during the period. Punch & Associates Investment Management Inc. lifted its stake in shares of Flexsteel Industries by 23.8% during the 4th quarter. Punch & Associates Investment Management Inc. now owns 90,980 shares of the company’s stock worth $3,593,000 after purchasing an additional 17,478 shares during the period. Panagora Asset Management Inc. lifted its stake in shares of Flexsteel Industries by 7.5% during the 4th quarter. Panagora Asset Management Inc. now owns 24,006 shares of the company’s stock worth $948,000 after purchasing an additional 1,667 shares during the period. Finally, Mariner LLC purchased a new position in shares of Flexsteel Industries in the 4th quarter worth $46,099,000. Hedge funds and other 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.