Flexsteel Industries (NASDAQ:FLXS) Lowered to "Buy" Rating by Wall Street Zen

Key Points

• Flexsteel Industries' stock rating was downgraded from "strong-buy" to "buy" by Wall Street Zen in a recent research report.
• Despite the downgrade, Flexsteel Industries' stock price increased by 2.7%, opening at $34.27.
• Institutional investors currently own 36.27% of Flexsteel's stock, with notable increases in holdings from several asset management firms in the second quarter.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued on Sunday.

Flexsteel Industries Stock Up 2.7%

FLXS stock opened at $34.27 on Friday. The company has a market cap of $180.60 million, a PE ratio of 13.49, a price-to-earnings-growth ratio of 0.76 and a beta of 0.32. The business has a 50-day simple moving average of $35.38 and a 200 day simple moving average of $38.09. Flexsteel Industries has a 52 week low of $29.38 and a 52 week high of $65.87.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC grew its position in Flexsteel Industries by 16.2% in the second quarter. Acadian Asset Management LLC now owns 59,971 shares of the company's stock valued at $2,159,000 after acquiring an additional 8,366 shares during the last quarter. Los Angeles Capital Management LLC grew its position in Flexsteel Industries by 12.7% in the second quarter. Los Angeles Capital Management LLC now owns 42,939 shares of the company's stock valued at $1,547,000 after acquiring an additional 4,840 shares during the last quarter. Marion Wealth Management grew its position in Flexsteel Industries by 1.9% in the second quarter. Marion Wealth Management now owns 32,641 shares of the company's stock valued at $1,176,000 after acquiring an additional 593 shares during the last quarter. RMG Wealth Management LLC bought a new position in Flexsteel Industries in the second quarter valued at about $242,000. Finally, Rhumbline Advisers grew its position in Flexsteel Industries by 7.8% in the first quarter. Rhumbline Advisers now owns 7,788 shares of the company's stock valued at $284,000 after acquiring an additional 565 shares during the last quarter. Institutional investors own 36.27% of the company's stock.

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.

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