Flexsteel Industries (NASDAQ:FLXS) Upgraded by Zacks Research to Strong-Buy Rating

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

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 25th. Weiss Ratings upgraded shares of Flexsteel Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat.com, Flexsteel Industries presently has an average rating of “Strong Buy”.

Flexsteel Industries Price Performance

Shares of FLXS opened at $57.02 on Tuesday. Flexsteel Industries has a 1-year low of $29.38 and a 1-year high of $59.95. The stock has a market cap of $305.63 million, a PE ratio of 10.33, a P/E/G ratio of 0.98 and a beta of 0.57. The firm has a 50-day simple moving average of $50.25 and a two-hundred day simple moving average of $45.82.

Flexsteel Industries (NASDAQ:FLXS) last announced its quarterly earnings results on Monday, April 20th. The company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.39. Flexsteel Industries had a net margin of 6.79% and a return on equity of 16.10%. The business had revenue of $115.13 million during the quarter, compared to analysts’ expectations of $118.32 million. As a group, sell-side analysts expect that Flexsteel Industries will post 4.78 earnings per share for the current fiscal year.

Flexsteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 30th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, March 30th. This represents a $0.80 annualized dividend and a yield of 1.4%. Flexsteel Industries’s dividend payout ratio is 14.49%.

Institutional Investors Weigh In On Flexsteel Industries

Several large investors have recently bought and sold shares of FLXS. AQR Capital Management LLC purchased a new position in Flexsteel Industries in the first quarter worth approximately $221,000. Jones Financial Companies Lllp lifted its stake in Flexsteel Industries by 5,214.0% in the first quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company’s stock worth $97,000 after acquiring an additional 2,607 shares during the last quarter. Empowered Funds LLC lifted its stake in Flexsteel Industries by 7.0% in the first quarter. Empowered Funds LLC now owns 24,749 shares of the company’s stock worth $904,000 after acquiring an additional 1,622 shares during the last quarter. First Trust Advisors LP lifted its stake in Flexsteel Industries by 4.1% in the second quarter. First Trust Advisors LP now owns 11,745 shares of the company’s stock worth $423,000 after acquiring an additional 467 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its stake in Flexsteel Industries by 7.0% in the second quarter. Qube Research & Technologies Ltd now owns 28,888 shares of the company’s stock worth $1,041,000 after acquiring an additional 1,881 shares during the last quarter. Hedge funds and other institutional investors own 36.27% of the company’s stock.

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.