Flexsteel Industries (NASDAQ:FLXS) Shares Cross Below Two Hundred Day Moving Average - Should You Sell?

Key Points

• Flexsteel Industries shares fell below their 200-day moving average, trading at $33.44, which raises potential concerns for investors.
• Despite the drop, Wall Street analysts have upgraded Flexsteel Industries from a "buy" to a "strong-buy" rating, indicating renewed confidence in the stock.
• The company also increased its quarterly dividend from $0.17 to $0.20, reflecting a healthy annualized yield of 2.4% for investors.

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report)'s stock price passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $38.89 and traded as low as $33.00. Flexsteel Industries shares last traded at $33.44, with a volume of 15,835 shares changing hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded shares of Flexsteel Industries from a "buy" rating to a "strong-buy" rating in a research report on Saturday.

Flexsteel Industries Price Performance

The stock has a market cap of $176.23 million, a price-to-earnings ratio of 13.17, a P/E/G ratio of 0.76 and a beta of 0.32. The stock's 50-day moving average is $35.09 and its 200 day moving average is $38.78.

Flexsteel Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Wednesday, June 25th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.4%. This is an increase from Flexsteel Industries's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Wednesday, June 25th. Flexsteel Industries's dividend payout ratio is 31.50%.

Institutional Investors Weigh In On Flexsteel Industries

Institutional investors have recently made changes to their positions in the stock. Deutsche Bank AG acquired a new position in Flexsteel Industries during the fourth quarter worth about $181,000. Nuveen Asset Management LLC raised its holdings in Flexsteel Industries by 274.7% during the fourth quarter. Nuveen Asset Management LLC now owns 23,202 shares of the company's stock worth $1,261,000 after purchasing an additional 17,010 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in Flexsteel Industries by 223.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 3,686 shares of the company's stock worth $200,000 after purchasing an additional 2,546 shares in the last quarter. Bank of America Corp DE grew its holdings in Flexsteel Industries by 40.3% in the fourth quarter. Bank of America Corp DE now owns 4,843 shares of the company's stock valued at $263,000 after purchasing an additional 1,392 shares during the last quarter. Finally, GAMMA Investing LLC increased its position 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 in the last quarter. 36.27% of the stock is currently owned by hedge funds and other institutional investors.

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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