Flexsteel Industries (NASDAQ:FLXS) Posts Quarterly Earnings Results, Beats Estimates By $0.39 EPS

Flexsteel Industries (NASDAQ:FLXS) released its earnings results on Monday. The company reported $1.14 EPS for the quarter, beating the consensus estimate of $0.75 by $0.39, Zacks reports. Flexsteel Industries had a return on equity of 16.67% and a net margin of 4.58%.The company had revenue of $115.13 million during the quarter, compared to analysts’ expectations of $118.32 million.

Flexsteel Industries Trading Down 0.8%

FLXS stock opened at $46.25 on Tuesday. The stock’s 50 day simple moving average is $48.82 and its 200 day simple moving average is $43.02. Flexsteel Industries has a 12-month low of $29.38 and a 12-month high of $59.95. The firm has a market cap of $247.44 million, a P/E ratio of 12.60, a P/E/G ratio of 0.99 and a beta of 0.52.

Flexsteel Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Monday, March 30th. Flexsteel Industries’s payout ratio is 21.80%.

Institutional Trading of Flexsteel Industries

Several institutional investors have recently added to or reduced their stakes in the business. IFP Advisors Inc raised its holdings in shares of Flexsteel Industries by 2,200.0% during the third quarter. IFP Advisors Inc now owns 621 shares of the company’s stock worth $29,000 after purchasing an additional 594 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Flexsteel Industries by 149.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 971 shares of the company’s stock valued at $45,000 after buying an additional 582 shares during the period. Russell Investments Group Ltd. grew its position in shares of Flexsteel Industries by 24.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company’s stock valued at $92,000 after buying an additional 395 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Flexsteel Industries by 5,214.0% during 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 period. Finally, Deutsche Bank AG raised its stake in Flexsteel Industries by 11.1% during the fourth quarter. Deutsche Bank AG now owns 3,024 shares of the company’s stock worth $119,000 after acquiring an additional 303 shares during the period. Institutional investors own 36.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FLXS. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Flexsteel Industries in a report on Friday, March 27th. Wall Street Zen raised shares of Flexsteel Industries from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. Finally, Zacks Research lowered shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the company has a consensus rating of “Hold”.

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.