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

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) shares passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $40.05 and traded as low as $37.41. Flexsteel Industries shares last traded at $38.15, with a volume of 17,427 shares trading hands.

Analyst Upgrades and Downgrades

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

Flexsteel Industries Price Performance

The firm has a fifty day moving average of $34.34 and a two-hundred day moving average of $39.73. The stock has a market capitalization of $195.36 million, a P/E ratio of 14.59, a P/E/G ratio of 0.82 and a beta of 0.39.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last released its earnings results on Monday, April 21st. The company reported $1.13 EPS for the quarter, topping 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 firm had revenue of $113.97 million during the quarter, compared to the consensus estimate of $112.24 million. As a group, sell-side analysts forecast that Flexsteel Industries, Inc. will post 3.53 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The business 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 is a boost from Flexsteel Industries's previous quarterly dividend of $0.17. This represents a $0.80 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Wednesday, June 25th. Flexsteel Industries's dividend payout ratio is presently 31.50%.

Hedge Funds Weigh In On Flexsteel Industries

Several hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in Flexsteel Industries by 2.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,219 shares of the company's stock worth $556,000 after buying an additional 226 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Flexsteel Industries by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 95,508 shares of the company's stock valued at $5,191,000 after purchasing an additional 253 shares during the last quarter. Marion Wealth Management grew its stake in shares of Flexsteel Industries by 1.2% in the 1st quarter. Marion Wealth Management now owns 32,048 shares of the company's stock valued at $1,170,000 after purchasing an additional 388 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Flexsteel Industries by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 14,109 shares of the company's stock valued at $767,000 after purchasing an additional 557 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of 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 purchasing an additional 565 shares during the last quarter. Institutional investors and hedge funds own 36.27% of the company's stock.

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.