Flexsteel Industries (NASDAQ:FLXS) Stock Passes Below 200 Day Moving Average - What's Next?

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 trading hands.

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 Stock Down 4.5%

The firm has a fifty day moving average price of $33.68 and a 200-day moving average price of $40.44. The firm has a market cap of $199.57 million, a price-to-earnings ratio of 14.91, a PEG ratio of 0.84 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 for the quarter, beating analysts' consensus estimates of $0.88 by $0.25. The firm had revenue of $113.97 million for 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%. Equities research analysts anticipate that Flexsteel Industries, Inc. will post 3.53 earnings per share for the current fiscal year.

Flexsteel Industries Increases Dividend

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

Institutional Trading of Flexsteel Industries

Hedge funds and other institutional investors have recently bought and sold shares of the company. US Bancorp DE bought a new position in shares of Flexsteel Industries during the first quarter valued at approximately $26,000. GAMMA Investing LLC grew its holdings in shares of Flexsteel Industries by 4,864.0% during the first quarter. GAMMA Investing LLC now owns 1,241 shares of the company's stock valued at $45,000 after purchasing an additional 1,216 shares during the last quarter. State of Wyoming bought a new position in shares of Flexsteel Industries during the fourth quarter valued at approximately $52,000. Russell Investments Group Ltd. bought a new position in shares of Flexsteel Industries during the first quarter valued at approximately $58,000. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Flexsteel Industries during the fourth quarter valued at approximately $70,000. 36.27% of the stock is owned by institutional investors.

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.