Flexsteel Industries (NASDAQ:FLXS) Stock Rating Lowered by Wall Street Zen

Wall Street Zen downgraded shares of Flexsteel Industries (NASDAQ:FLXS - Free Report) from a strong-buy rating to a buy rating in a report issued on Saturday morning.

Flexsteel Industries Price Performance

Shares of FLXS stock traded up $1.96 during trading hours on Friday, hitting $37.59. 28,551 shares of the company's stock were exchanged, compared to its average volume of 29,331. Flexsteel Industries has a 52 week low of $28.81 and a 52 week high of $65.87. The stock has a market cap of $198.10 million, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 0.82 and a beta of 0.36. The stock's 50-day moving average is $32.33 and its 200-day moving average is $42.32.

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, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $112.24 million. Equities research analysts forecast that Flexsteel Industries will post 3.53 earnings per share for the current fiscal year.

Flexsteel Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 7th. Investors of record on Wednesday, June 25th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.13%. This is an increase from Flexsteel Industries's previous quarterly dividend of $0.17. The ex-dividend date is Wednesday, June 25th. Flexsteel Industries's payout ratio is 26.77%.

Institutional Trading of Flexsteel Industries

Institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC boosted its position in shares of Flexsteel Industries by 15.8% in the 4th quarter. Renaissance Technologies LLC now owns 161,300 shares of the company's stock worth $8,765,000 after purchasing an additional 22,000 shares during the last quarter. American Century Companies Inc. lifted its stake in Flexsteel Industries by 18.5% in the first quarter. American Century Companies Inc. now owns 116,368 shares of the company's stock valued at $4,249,000 after buying an additional 18,166 shares during the period. Geode Capital Management LLC boosted its holdings in Flexsteel Industries by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 95,508 shares of the company's stock worth $5,191,000 after buying an additional 253 shares during the last quarter. Northern Trust Corp boosted its holdings in Flexsteel Industries by 7.2% during the fourth quarter. Northern Trust Corp now owns 54,064 shares of the company's stock worth $2,938,000 after buying an additional 3,629 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Flexsteel Industries by 32.5% during the 1st quarter. Acadian Asset Management LLC now owns 51,605 shares of the company's stock worth $1,881,000 after buying an additional 12,663 shares during the period. 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.