Flexsteel Industries (NASDAQ:FLXS) Raised to Strong-Buy at Wall Street Zen

Key Points

• Flexsteel Industries has been upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating, signaling strong confidence from analysts.
• The company's stock opened at $33.44, with a market cap of $176.23 million and a P/E ratio of 13.17.
• Institutional investors hold 36.27% of Flexsteel Industries' stock, with several hedge funds increasing their stakes recently.

Wall Street Zen upgraded shares of Flexsteel Industries (NASDAQ:FLXS - Free Report) from a buy rating to a strong-buy rating in a research note published on Saturday morning.

Flexsteel Industries Stock Up 0.4%

NASDAQ:FLXS traded up $0.13 during trading hours on Friday, hitting $33.63. 7,419 shares of the company traded hands, compared to its average volume of 22,509. Flexsteel Industries has a one year low of $29.38 and a one year high of $65.87. The company has a market cap of $177.22 million, a PE ratio of 13.24, a PEG ratio of 0.76 and a beta of 0.32. The firm's 50-day simple moving average is $35.20 and its 200-day simple moving average is $38.46.

Flexsteel Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Wednesday, June 25th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, June 25th. This represents a $0.80 annualized dividend and a dividend yield of 2.4%. This is a boost from Flexsteel Industries's previous quarterly dividend of $0.17. Flexsteel Industries's payout ratio is 31.50%.

Institutional Investors Weigh In On Flexsteel Industries

Several large investors have recently made changes to their positions in FLXS. American Century Companies Inc. increased its holdings in Flexsteel Industries by 33.2% in the 4th quarter. American Century Companies Inc. now owns 98,202 shares of the company's stock worth $5,336,000 after acquiring an additional 24,492 shares during the last quarter. Renaissance Technologies LLC increased its holdings in 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 acquiring an additional 22,000 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Flexsteel Industries by 93.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 39,160 shares of the company's stock worth $2,128,000 after acquiring an additional 18,903 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in Flexsteel Industries by 274.7% in the 4th quarter. Nuveen Asset Management LLC now owns 23,202 shares of the company's stock worth $1,261,000 after acquiring an additional 17,010 shares during the last quarter. Finally, EAM Investors LLC purchased a new stake in Flexsteel Industries in the 4th quarter worth about $820,000. 36.27% of the stock is owned by hedge funds and other institutional investors.

Flexsteel Industries Company Profile

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.