Flexsteel Industries (NASDAQ:FLXS) Downgraded to Buy Rating by Wall Street Zen

Wall Street Zen cut 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 NASDAQ:FLXS traded up $0.08 during midday trading on Friday, reaching $35.74. 32,897 shares of the company's stock were exchanged, compared to its average volume of 29,313. The firm's 50 day simple moving average is $32.28 and its two-hundred day simple moving average is $42.62. Flexsteel Industries has a fifty-two week low of $28.81 and a fifty-two week high of $65.87. The stock has a market cap of $188.46 million, a price-to-earnings ratio of 14.07, a P/E/G ratio of 0.82 and a beta of 0.36.

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. The business had revenue of $113.97 million during the quarter, compared to analysts' expectations of $112.24 million. Flexsteel Industries had a net margin of 3.29% and a return on equity of 12.72%. Equities research analysts predict that Flexsteel Industries will post 3.53 earnings per share for the current fiscal year.

Flexsteel Industries Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 7th. Shareholders 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 yield of 2.24%. This is a boost from Flexsteel Industries's previous quarterly dividend of $0.17. The ex-dividend date is Wednesday, June 25th. Flexsteel Industries's dividend payout ratio is 31.50%.

Institutional Investors Weigh In On Flexsteel Industries

A number of institutional investors have recently modified their holdings of FLXS. US Bancorp DE acquired a new position in Flexsteel Industries in the 1st quarter valued at about $26,000. State of Wyoming purchased a new position in shares of Flexsteel Industries in the fourth quarter valued at approximately $52,000. GAMMA Investing LLC boosted its stake 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 valued at $45,000 after purchasing an additional 1,216 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in shares of Flexsteel Industries in the fourth quarter valued at approximately $70,000. Finally, Russell Investments Group Ltd. purchased a new stake in Flexsteel Industries during the 1st quarter worth approximately $58,000. 36.27% of the stock is owned by institutional investors and hedge funds.

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.