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

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) crossed 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 changing hands.

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 Up 1.7%

The stock has a fifty day moving average of $33.45 and a 200-day moving average of $40.69. The firm has a market capitalization of $209.40 million, a P/E ratio of 15.64, a PEG 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 (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.25. Flexsteel Industries had a return on equity of 12.72% and a net margin of 3.29%. The business had revenue of $113.97 million during the quarter, compared to analysts' expectations of $112.24 million. As a group, analysts forecast that Flexsteel Industries, Inc. will post 3.53 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Wednesday, June 25th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.01%. 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. Flexsteel Industries's payout ratio is currently 31.50%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. US Bancorp DE acquired a new stake in Flexsteel Industries in the first quarter worth about $26,000. State of Wyoming acquired a new stake in Flexsteel Industries in the fourth quarter worth about $52,000. GAMMA Investing LLC increased its position in Flexsteel Industries by 4,864.0% in the first 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 period. Aster Capital Management DIFC Ltd acquired a new stake in Flexsteel Industries in the fourth quarter worth about $70,000. Finally, Russell Investments Group Ltd. acquired a new stake in Flexsteel Industries in the first quarter worth about $58,000. 36.27% of the stock is owned by 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.