Flexsteel Industries (NASDAQ:FLXS) Share Price Passes Below 200-Day Moving Average - Here's What Happened

Key Points

• Flexsteel Industries' share price dropped below its 200-day moving average of $39.40, reaching a low of $36.20 during trading, with the latest share price at $36.23.
• Wall Street analyst Wall Street Zen downgraded Flexsteel Industries from a "strong-buy" to a "buy" rating on June 21st, signaling a more cautious outlook on the stock.
• The company recently declared an increased quarterly dividend of $0.20, up from $0.17, reflecting a dividend yield of 2.21% and a payout ratio of 31.50%.

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report)'s share price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $39.40 and traded as low as $36.20. Flexsteel Industries shares last traded at $36.23, with a volume of 19,504 shares traded.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut Flexsteel Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 21st.

Flexsteel Industries Stock Performance

The business has a fifty day simple moving average of $34.68 and a 200-day simple moving average of $39.40. The firm has a market cap of $191.04 million, a price-to-earnings ratio of 14.26, a PEG ratio of 0.86 and a beta of 0.39.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last issued its earnings results on Monday, April 21st. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.88 by $0.25. The business had revenue of $113.97 million during the quarter, compared to analysts' expectations of $112.24 million. Flexsteel Industries had a return on equity of 12.72% and a net margin of 3.29%. On average, equities analysts anticipate that Flexsteel Industries, Inc. will post 3.53 earnings per share for the current year.

Flexsteel Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Wednesday, June 25th were paid a $0.20 dividend. This is a boost from Flexsteel Industries's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $0.80 annualized dividend and a dividend yield of 2.21%. Flexsteel Industries's dividend payout ratio is presently 31.50%.

Institutional Investors Weigh In On Flexsteel Industries

Several institutional investors and hedge funds have recently made changes to their positions in FLXS. US Bancorp DE acquired a new stake in shares of Flexsteel Industries in the first quarter valued at about $26,000. GAMMA Investing LLC increased its stake in shares of Flexsteel Industries by 4,864.0% in the first quarter. GAMMA Investing LLC now owns 1,241 shares of the company's stock valued at $45,000 after buying an additional 1,216 shares during the period. State of Wyoming acquired a new stake in shares of Flexsteel Industries in the fourth quarter valued at about $52,000. Russell Investments Group Ltd. acquired a new stake in Flexsteel Industries during the first quarter worth approximately $58,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Flexsteel Industries during the fourth quarter worth approximately $70,000. Institutional investors and hedge funds own 36.27% of the company's stock.

Flexsteel Industries Company Profile

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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