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

Flexsteel Industries, Inc. (NASDAQ:FLXS - Get Free Report) 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 research note on Saturday, June 21st.

Flexsteel Industries Trading Up 1.7%

The firm's 50 day moving average is $34.09 and its two-hundred day moving average is $40.05. The firm has a market cap of $201.05 million, a P/E ratio of 15.02, a price-to-earnings-growth ratio of 0.83 and a beta of 0.39.

Flexsteel Industries (NASDAQ:FLXS - Get Free Report) last announced 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. Flexsteel Industries had a net margin of 3.29% and a return on equity of 12.72%. The firm had revenue of $113.97 million for the quarter, compared to analyst estimates of $112.24 million. Analysts predict that Flexsteel Industries, Inc. will post 3.53 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Wednesday, June 25th were paid a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $0.80 dividend on an annualized basis and a yield of 2.10%. This is a positive change from Flexsteel Industries's previous quarterly dividend of $0.17. Flexsteel Industries's payout ratio is presently 31.50%.

Institutional Trading of Flexsteel Industries

Institutional investors have recently made changes to their positions in the business. US Bancorp DE bought a new stake in shares of Flexsteel Industries in the first quarter worth $26,000. State of Wyoming bought a new stake in shares of Flexsteel Industries in the fourth quarter worth $52,000. GAMMA Investing LLC lifted its position in shares of 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 in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Flexsteel Industries in the fourth quarter worth $70,000. Finally, Russell Investments Group Ltd. bought a new stake in Flexsteel Industries during the first quarter worth $58,000. Institutional investors 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.

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