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

Zacks Research lowered shares of Flexsteel Industries (NASDAQ:FLXS) from a strong-buy rating to a hold rating in a report released on Tuesday morning,Zacks.com reports.

A number of other research firms have also weighed in on FLXS. Wall Street Zen lowered shares of Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 25th. Weiss Ratings restated a “buy (b-)” rating on shares of Flexsteel Industries in a research report on Friday, July 17th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy”.

Flexsteel Industries Stock Up 0.0%

Flexsteel Industries stock opened at $74.96 on Tuesday. Flexsteel Industries has a 52 week low of $32.65 and a 52 week high of $77.19. The company has a market capitalization of $401.79 million, a price-to-earnings ratio of 13.58, a price-to-earnings-growth ratio of 1.24 and a beta of 0.54. The stock has a 50-day moving average price of $64.57 and a 200 day moving average price of $53.65.

Flexsteel Industries (NASDAQ:FLXS) last issued its quarterly earnings results 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 company had revenue of $115.13 million for the quarter, compared to the consensus estimate of $118.32 million. Research analysts anticipate that Flexsteel Industries will post 4.78 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Wednesday, June 24th were issued a dividend of $0.25 per share. This is a positive change from Flexsteel Industries’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, June 24th. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. Flexsteel Industries’s payout ratio is presently 18.12%.

Institutional Trading of Flexsteel Industries

A number of hedge funds have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its position in Flexsteel Industries by 97.5% during the first quarter. Janney Montgomery Scott LLC now owns 29,207 shares of the company’s stock worth $1,313,000 after purchasing an additional 14,417 shares in the last quarter. Illumine Investment Management LLC purchased a new stake in shares of Flexsteel Industries in the first quarter valued at approximately $774,000. Punch & Associates Investment Management Inc. increased its position in shares of Flexsteel Industries by 23.8% in the fourth quarter. Punch & Associates Investment Management Inc. now owns 90,980 shares of the company’s stock valued at $3,593,000 after buying an additional 17,478 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of Flexsteel Industries during the 1st quarter worth approximately $1,359,000. Finally, Hillsdale Investment Management Inc. raised its stake in shares of Flexsteel Industries by 38.2% during the 1st quarter. Hillsdale Investment Management Inc. now owns 7,600 shares of the company’s stock worth $342,000 after buying an additional 2,100 shares during the period. 36.27% of the stock is owned by hedge funds and other institutional investors.

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.