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 note issued to investors on Monday,Zacks.com reports.

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

Flexsteel Industries Trading Down 0.9%

NASDAQ:FLXS opened at $46.11 on Monday. Flexsteel Industries has a twelve month low of $29.38 and a twelve month high of $59.95. The company has a market cap of $246.46 million, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 0.95 and a beta of 0.52. The stock has a fifty day simple moving average of $48.48 and a 200-day simple moving average of $43.01.

Flexsteel Industries (NASDAQ:FLXS) last released its earnings results on Monday, February 2nd. The company reported $1.18 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $107.51 million. As a group, equities research analysts predict that Flexsteel Industries will post 3.53 EPS for the current fiscal year.

Institutional Trading of Flexsteel Industries

Several institutional investors and hedge funds have recently made changes to their positions in FLXS. Mariner LLC bought a new stake in shares of Flexsteel Industries in the fourth quarter valued at about $46,099,000. Focus Partners Wealth bought a new stake in shares of Flexsteel Industries in the third quarter valued at about $1,105,000. SummerHaven Investment Management LLC bought a new stake in shares of Flexsteel Industries in the third quarter valued at about $991,000. Inspire Investing LLC bought a new position in Flexsteel Industries in the third quarter worth about $955,000. Finally, LSV Asset Management raised its holdings in Flexsteel Industries by 102.1% in the third quarter. LSV Asset Management now owns 37,800 shares of the company’s stock worth $1,752,000 after purchasing an additional 19,100 shares in the last quarter. 36.27% of the stock is currently owned by institutional investors.

Flexsteel Industries Company Profile

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.