Flexsteel Industries (NASDAQ:FLXS) Raised to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Flexsteel Industries to “strong buy” from “hold.” The broader analyst consensus is “Moderate Buy,” with an average price target of $80.
• Flexsteel reported quarterly EPS of $1.33, exceeding the $1.09 consensus estimate, while revenue of $115.37 million also topped expectations of $109.51 million.
• Shares opened at $88.82, near their 52-week high of $90.64. Recent insider selling totaled 28,914 shares valued at approximately $2.35 million, while institutional investors own 36.27% of the stock.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Thursday, Zacks reports.

Several other research firms have also weighed in on FLXS. Freedom Capital lowered Flexsteel Industries from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 18th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Flexsteel Industries in a research note on Friday, July 17th. Finally, Freedom Broker downgraded shares of Flexsteel Industries from a "buy" rating to a "hold" rating and increased their price target for the company from $72.00 to $80.00 in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $80.00.

Flexsteel Industries Stock Performance

FLXS opened at $88.82 on Thursday. The company has a fifty day moving average price of $80.27 and a two-hundred day moving average price of $65.71. The firm has a market capitalization of $476.08 million, a PE ratio of 14.30, a P/E/G ratio of 1.36 and a beta of 0.51. Flexsteel Industries has a 52 week low of $34.00 and a 52 week high of $90.64.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last posted its quarterly earnings results on Monday, August 17th. The company reported $1.33 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.24. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%.The company had revenue of $115.37 million for the quarter, compared to the consensus estimate of $109.51 million. Equities analysts forecast that Flexsteel Industries will post 5.29 EPS for the current year.

Insiders Place Their Bets

In other news, insider Michael McClaflin sold 2,500 shares of the firm's stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $79.57, for a total transaction of $198,925.00. Following the sale, the insider owned 36,026 shares of the company's stock, valued at $2,866,588.82. This trade represents a 6.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Stacy Kammes sold 2,750 shares of Flexsteel Industries stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $82.66, for a total value of $227,315.00. Following the transaction, the vice president owned 33,306 shares in the company, valued at $2,753,073.96. This trade represents a 7.63% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 28,914 shares of company stock valued at $2,350,392. Insiders own 11.20% of the company's stock.

Institutional Trading of Flexsteel Industries

Large investors have recently bought and sold shares of the business. Engineers Gate Manager LP acquired a new position in shares of Flexsteel Industries in the second quarter valued at approximately $259,000. IFP Advisors Inc raised its holdings in shares of Flexsteel Industries by 52.5% during the second quarter. IFP Advisors Inc now owns 3,052 shares of the company's stock worth $227,000 after acquiring an additional 1,051 shares during the period. Empowered Funds LLC bought a new stake in Flexsteel Industries in the 2nd quarter valued at $2,459,000. Public Employees Retirement System of Ohio bought a new stake in Flexsteel Industries in the 2nd quarter valued at $483,000. Finally, Punch & Associates Investment Management Inc. acquired a new position in Flexsteel Industries in the 2nd quarter worth $6,817,000. 36.27% of the stock is owned by institutional investors.

Flexsteel Industries Company Profile

Flexsteel Industries, Inc is a furniture manufacturer and distributor headquartered in Dubuque, Iowa. Founded in 1893, the company develops and sells residential furniture under the Flexsteel brand, with a focus on upholstered seating and furnishings for living rooms, family rooms, bedrooms, dining areas and home offices.

Its product portfolio includes sofas, sectionals, recliners, chairs, mattresses, beds, dressers, dining tables, dining chairs and occasional furniture. Flexsteel is known for its Blue Steel Spring seating technology, which is incorporated into many of its upholstered furniture products.

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