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

StockNews.com lowered shares of Flexsteel Industries (NASDAQ:FLXS) from a buy rating to a hold rating in a research report released on Wednesday.

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

Flexsteel Industries Trading Up 2.2 %

Flexsteel Industries stock opened at $37.43 on Wednesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 3.07. The business’s 50-day simple moving average is $32.74 and its 200-day simple moving average is $23.81. The firm has a market capitalization of $192.76 million, a PE ratio of 12.91, a PEG ratio of 1.52 and a beta of 0.52. Flexsteel Industries has a 52 week low of $15.67 and a 52 week high of $38.40.

Flexsteel Industries (NASDAQ:FLXS) last posted its quarterly earnings data on Monday, February 5th. The company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. Flexsteel Industries had a return on equity of 5.13% and a net margin of 3.86%. The business had revenue of $100.11 million for the quarter, compared to analyst estimates of $100.09 million. Equities research analysts forecast that Flexsteel Industries will post 1.95 earnings per share for the current year.

Flexsteel Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 4th. Investors of record on Tuesday, March 26th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, March 25th. This represents a $0.60 annualized dividend and a yield of 1.60%. Flexsteel Industries’s dividend payout ratio is 20.69%.

Hedge Funds Weigh In On Flexsteel Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in FLXS. Vanguard Group Inc. grew its stake in shares of Flexsteel Industries by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 243,811 shares of the company’s stock valued at $3,828,000 after purchasing an additional 5,362 shares during the period. Punch & Associates Investment Management Inc. grew its stake in shares of Flexsteel Industries by 0.6% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 196,499 shares of the company’s stock valued at $3,785,000 after purchasing an additional 1,199 shares during the period. BlackRock Inc. grew its stake in shares of Flexsteel Industries by 38.3% in the 3rd quarter. BlackRock Inc. now owns 146,344 shares of the company’s stock valued at $2,297,000 after purchasing an additional 40,540 shares during the period. State Street Corp grew its stake in shares of Flexsteel Industries by 2.6% in the 1st quarter. State Street Corp now owns 106,455 shares of the company’s stock valued at $2,070,000 after purchasing an additional 2,688 shares during the period. Finally, Millennium Management LLC bought a new stake in shares of Flexsteel Industries in the 2nd quarter valued at approximately $1,380,000. 36.27% of the stock is currently owned by institutional investors.

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.