Flexsteel Industries (NASDAQ:FLXS) Lowered to Hold Rating by Zacks Research

Key Points

• Zacks Research downgraded Flexsteel Industries from “strong-buy” to “hold,” adding to a mixed analyst picture that now includes one buy and one hold rating, with MarketBeat showing an average “Moderate Buy” rating.
• The stock has been strong recently, opening at $74.96 and trading near its 52-week high of $77.19, well above its 50-day and 200-day moving averages.
• Flexsteel’s latest earnings beat expectations, with quarterly EPS of $1.14 topping estimates, though revenue of $115.13 million came in slightly below forecasts.

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

FLXS has been the subject of several other reports. Wall Street Zen lowered Flexsteel Industries from a "strong-buy" rating to a "buy" rating in a research report on Saturday, April 25th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Flexsteel Industries in a research report on Friday, July 17th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy".

Flexsteel Industries Stock Performance

Shares of FLXS opened at $74.96 on Tuesday. The company has a 50 day moving average price of $64.57 and a 200-day moving average price of $53.65. Flexsteel Industries has a fifty-two week low of $32.65 and a fifty-two week high of $77.19. The stock has a market capitalization of $401.79 million, a PE ratio of 13.58, a PEG ratio of 1.24 and a beta of 0.54.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last issued its quarterly earnings data on Monday, April 20th. The company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.39. The company had revenue of $115.13 million for the quarter, compared to analyst estimates of $118.32 million. Flexsteel Industries had a net margin of 6.79% and a return on equity of 16.10%. Equities research analysts forecast that Flexsteel Industries will post 4.78 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC acquired a new stake in Flexsteel Industries in the first quarter worth about $221,000. Jones Financial Companies Lllp increased its holdings in shares of Flexsteel Industries by 5,214.0% during the first quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company's stock valued at $97,000 after acquiring an additional 2,607 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Flexsteel Industries by 7.0% during the first quarter. Empowered Funds LLC now owns 24,749 shares of the company's stock valued at $904,000 after acquiring an additional 1,622 shares in the last quarter. First Trust Advisors LP raised its position in shares of Flexsteel Industries by 4.1% in the 2nd quarter. First Trust Advisors LP now owns 11,745 shares of the company's stock valued at $423,000 after purchasing an additional 467 shares during the last quarter. Finally, Qube Research & Technologies Ltd raised its position in shares of Flexsteel Industries by 7.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 28,888 shares of the company's stock valued at $1,041,000 after purchasing an additional 1,881 shares during the last quarter. 36.27% of the stock is owned by institutional investors and hedge funds.

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.

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