Flexsteel Industries (NASDAQ:FLXS) Stock Rating Lowered by Zacks Research

Flexsteel Industries (NASDAQ:FLXS) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

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

Flexsteel Industries Stock Performance

Shares of FLXS stock opened at $46.11 on Monday. Flexsteel Industries has a fifty-two week low of $29.38 and a fifty-two week high of $59.95. The firm has a market capitalization of $246.46 million, a price-to-earnings ratio of 12.56, a PEG ratio of 0.95 and a beta of 0.52. The stock’s 50-day simple moving average is $48.48 and its 200-day simple moving average is $43.01.

Flexsteel Industries (NASDAQ:FLXS) last issued its quarterly earnings results on Monday, February 2nd. The company reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $107.51 million. As a group, equities analysts forecast that Flexsteel Industries will post 3.53 earnings per share for the current year.

Institutional Investors Weigh In On Flexsteel Industries

Large investors have recently bought and sold shares of the company. IFP Advisors Inc boosted its position in Flexsteel Industries by 2,200.0% in 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. State of Alaska Department of Revenue acquired a new position in Flexsteel Industries in the fourth quarter valued at approximately $38,000. BNP Paribas Financial Markets lifted its holdings in Flexsteel Industries by 149.6% in the third 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 period. Farther Finance Advisors LLC acquired a new position in Flexsteel Industries in the fourth quarter valued at approximately $49,000. Finally, Copeland Capital Management LLC acquired a new position in Flexsteel Industries in the fourth quarter valued at approximately $59,000. Hedge funds and other institutional investors own 36.27% of the company’s stock.

About Flexsteel Industries

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.