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

StockNews.com lowered shares of Flexsteel Industries (NASDAQ:FLXS) from a buy rating to a hold rating in a research note issued to investors on Friday.

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

Flexsteel Industries Trading Down 2.7 %

Flexsteel Industries stock opened at $34.15 on Friday. The company has a current ratio of 2.79, a quick ratio of 0.99 and a debt-to-equity ratio of 0.10. Flexsteel Industries has a 12 month low of $15.67 and a 12 month high of $41.64. The stock’s 50 day simple moving average is $36.79 and its two-hundred day simple moving average is $29.01. The firm has a market cap of $176.21 million, a PE ratio of 11.58, a P/E/G ratio of 1.36 and a beta of 0.58.

Flexsteel Industries (NASDAQ:FLXS) last announced its earnings results on Monday, April 29th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.11. Flexsteel Industries had a return on equity of 6.54% and a net margin of 3.87%. The business had revenue of $107.22 million during the quarter, compared to the consensus estimate of $102.11 million. Analysts anticipate that Flexsteel Industries will post 2.09 earnings per share for the current year.

Flexsteel Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Tuesday, March 26th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend was Monday, March 25th. Flexsteel Industries’s dividend payout ratio is currently 20.34%.

Institutional Investors Weigh In On Flexsteel Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC raised its stake 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 worth $729,000 after purchasing an additional 1,400 shares during the last quarter. Barclays PLC purchased a new stake in shares of Flexsteel Industries during the third quarter worth approximately $40,000. Marion Wealth Management raised its stake in shares of Flexsteel Industries by 7.1% during the first 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 during the last quarter. Denali Advisors LLC purchased a new stake in shares of Flexsteel Industries during the first quarter worth approximately $127,000. Finally, Victory Capital Management Inc. acquired a new position in Flexsteel Industries during the fourth quarter worth $92,000. Hedge funds and other institutional investors own 36.27% of the company’s stock.

Flexsteel Industries Company Profile

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.