Flexsteel Industries (NASDAQ:FLXS) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Flexsteel Industries (NASDAQ:FLXS) from a buy rating to a hold rating in a research report released on Wednesday morning.

Separately, TheStreet raised shares of Flexsteel Industries from a c rating to a b- rating in a research report on Monday, February 5th.

Flexsteel Industries Stock Up 3.7 %

Shares of NASDAQ:FLXS opened at $36.41 on Wednesday. The firm has a market capitalization of $187.73 million, a P/E ratio of 12.34, a P/E/G ratio of 1.50 and a beta of 0.58. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.99 and a current ratio of 2.79. The stock has a 50 day moving average price of $36.84 and a 200-day moving average price of $27.61. Flexsteel Industries has a 52-week low of $15.67 and a 52-week high of $41.64.

Flexsteel Industries (NASDAQ:FLXS) last issued its quarterly earnings results on Monday, February 5th. The company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. The company had revenue of $100.11 million for the quarter, compared to analysts’ expectations of $100.09 million. Flexsteel Industries had a return on equity of 6.54% and a net margin of 3.87%. As a group, equities research analysts anticipate that Flexsteel Industries will post 2.09 EPS for the current fiscal year.

Flexsteel Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Tuesday, March 26th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Monday, March 25th. Flexsteel Industries’s dividend payout ratio is 20.34%.

Institutional Trading of Flexsteel Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC purchased a new position in Flexsteel Industries during the third quarter valued at $40,000. Empowered Funds LLC increased its holdings in shares of Flexsteel Industries by 7.7% during the first quarter. Empowered Funds LLC now owns 19,536 shares of the company’s stock valued at $729,000 after acquiring an additional 1,400 shares in the last quarter. Denali Advisors LLC purchased a new position in shares of Flexsteel Industries in the 1st quarter worth about $127,000. Weitzel Financial Services Inc. bought a new position in Flexsteel Industries in the 1st quarter worth about $264,000. Finally, Marion Wealth Management boosted its stake in Flexsteel Industries by 7.1% in the 1st quarter. Marion Wealth Management now owns 29,837 shares of the company’s stock worth $1,113,000 after purchasing an additional 1,979 shares in the last quarter. Hedge funds and other 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.