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

Shares of Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $40.70 and traded as low as $38.38. Flexsteel Industries shares last traded at $39.04, with a volume of 28,546 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of Flexsteel Industries from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 21st.

Flexsteel Industries Stock Performance

The stock's fifty day moving average is $33.45 and its two-hundred day moving average is $40.69. The firm has a market capitalization of $209.01 million, a price-to-earnings ratio of 15.61, a price-to-earnings-growth ratio of 0.87 and a beta of 0.39.

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

Flexsteel Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Wednesday, June 25th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.02%. This is a positive change from Flexsteel Industries's previous quarterly dividend of $0.17. The ex-dividend date was Wednesday, June 25th. Flexsteel Industries's dividend payout ratio (DPR) is presently 31.50%.

Institutional Investors Weigh In On Flexsteel Industries

Large investors have recently added to or reduced their stakes in the company. US Bancorp DE acquired a new position in Flexsteel Industries during the 1st quarter worth $26,000. GAMMA Investing LLC increased its position in shares of Flexsteel Industries by 4,864.0% in the 1st quarter. GAMMA Investing LLC now owns 1,241 shares of the company's stock worth $45,000 after purchasing an additional 1,216 shares during the last quarter. State of Wyoming bought a new stake in shares of Flexsteel Industries in the 4th quarter worth about $52,000. Russell Investments Group Ltd. bought a new stake in shares of Flexsteel Industries in the 1st quarter worth about $58,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Flexsteel Industries in the 4th quarter worth about $70,000. 36.27% of the stock is owned by institutional investors and hedge funds.

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.