Flexsteel Industries (NASDAQ:FLXS) Shares Pass Below 200-Day Moving Average - Here's What Happened

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) shares 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.

Analyst Ratings Changes

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

Flexsteel Industries Trading Down 4.5%

The firm has a market cap of $199.57 million, a price-to-earnings ratio of 14.91, a PEG ratio of 0.87 and a beta of 0.39. The firm has a 50-day moving average of $33.59 and a two-hundred day moving average of $40.57.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The company reported $1.13 earnings per share for the quarter, topping the consensus estimate 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, equities analysts anticipate that Flexsteel Industries, Inc. will post 3.53 EPS for the current year.

Flexsteel Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Wednesday, June 25th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend was Wednesday, June 25th. This is a boost from Flexsteel Industries's previous quarterly dividend of $0.17. Flexsteel Industries's payout ratio is currently 31.50%.

Hedge Funds Weigh In On Flexsteel Industries

Several large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its holdings in Flexsteel Industries by 7.8% in the 1st quarter. Rhumbline Advisers now owns 7,788 shares of the company's stock valued at $284,000 after acquiring an additional 565 shares in the last quarter. Strs Ohio bought a new position in Flexsteel Industries in the 1st quarter valued at $340,000. Acadian Asset Management LLC boosted its position in Flexsteel Industries by 32.5% in the 1st quarter. Acadian Asset Management LLC now owns 51,605 shares of the company's stock valued at $1,881,000 after buying an additional 12,663 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Flexsteel Industries by 7.0% in the 1st quarter. Empowered Funds LLC now owns 24,749 shares of the company's stock valued at $904,000 after purchasing an additional 1,622 shares during the period. Finally, Jones Financial Companies Lllp lifted its stake in shares of Flexsteel Industries by 5,214.0% in the 1st quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company's stock valued at $97,000 after purchasing an additional 2,607 shares during the period. 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.