StockNews.com Downgrades Flexsteel Industries (NASDAQ:FLXS) 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 Friday.

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

Flexsteel Industries Trading Down 2.7 %

NASDAQ FLXS traded down $0.93 on Friday, reaching $34.15. The company had a trading volume of 20,394 shares, compared to its average volume of 18,787. Flexsteel Industries has a 52 week low of $15.67 and a 52 week high of $41.64. The stock’s 50 day moving average is $36.79 and its 200-day moving average is $28.83. The company has a quick ratio of 0.99, a current ratio of 2.79 and a debt-to-equity ratio of 0.10. The stock has a market cap of $176.21 million, a price-to-earnings ratio of 11.58, a PEG ratio of 1.40 and a beta of 0.58.

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

Flexsteel Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Tuesday, March 26th were paid a $0.15 dividend. The ex-dividend date was Monday, March 25th. This represents a $0.60 annualized dividend and a dividend yield of 1.76%. Flexsteel Industries’s dividend payout ratio (DPR) is presently 20.34%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Heron Bay Capital Management bought a new position in Flexsteel Industries in the first quarter valued at about $298,000. Hillsdale Investment Management Inc. acquired a new position in Flexsteel Industries in the first quarter valued at $195,000. Acadian Asset Management LLC acquired a new position in Flexsteel Industries in the first quarter valued at approximately $435,000. Empowered Funds LLC raised 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 purchasing an additional 1,400 shares during the period. Finally, Denali Advisors LLC acquired a new position in shares of Flexsteel Industries during the first quarter worth approximately $127,000. 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.