Flexsteel Industries (NASDAQ:FLXS) Upgraded to Strong-Buy at Zacks Research

Flexsteel Industries (NASDAQ:FLXS) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

Several other research firms also recently issued reports on FLXS. Wall Street Zen downgraded Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 25th. Weiss Ratings upgraded Flexsteel Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Strong Buy”.

Flexsteel Industries Price Performance

FLXS opened at $57.02 on Tuesday. The business has a fifty day simple moving average of $50.25 and a 200 day simple moving average of $45.82. The company has a market capitalization of $305.63 million, a PE ratio of 10.33, a price-to-earnings-growth ratio of 0.98 and a beta of 0.57. Flexsteel Industries has a 1 year low of $29.38 and a 1 year high of $59.95.

Flexsteel Industries (NASDAQ:FLXS) last released its quarterly earnings results on Monday, April 20th. The company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.39. The business had revenue of $115.13 million during the quarter, compared to the consensus estimate of $118.32 million. Flexsteel Industries had a return on equity of 16.10% and a net margin of 6.79%. Equities analysts anticipate that Flexsteel Industries will post 4.78 earnings per share for the current fiscal year.

Institutional Trading of Flexsteel Industries

Institutional investors have recently modified their holdings of the stock. LSV Asset Management lifted its position in shares of Flexsteel Industries by 102.1% during the 3rd quarter. LSV Asset Management now owns 37,800 shares of the company’s stock valued at $1,752,000 after acquiring an additional 19,100 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Flexsteel Industries by 97.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 29,207 shares of the company’s stock worth $1,313,000 after buying an additional 14,417 shares in the last quarter. Ritholtz Wealth Management raised its holdings in shares of Flexsteel Industries by 50.6% during the 1st quarter. Ritholtz Wealth Management now owns 16,110 shares of the company’s stock worth $724,000 after buying an additional 5,411 shares in the last quarter. Punch & Associates Investment Management Inc. raised its holdings in shares of Flexsteel Industries by 23.8% during the 4th quarter. Punch & Associates Investment Management Inc. now owns 90,980 shares of the company’s stock worth $3,593,000 after buying an additional 17,478 shares in the last quarter. Finally, Copeland Capital Management LLC acquired a new position in shares of Flexsteel Industries during the 4th quarter worth $59,000. 36.27% of the stock is currently owned by institutional investors.

Flexsteel Industries Company Profile

Flexsteel Industries, Inc (NASDAQ: FLXS) is a U.S.-based furniture manufacturer specializing in the design, production, and marketing of residential upholstered furniture and wood casegoods. The company operates through two primary segments: Upholstery, which encompasses seating products such as sofas, loveseats, chairs, recliners, and sectionals; and Casegoods, which includes accent and occasional tables, cabinets, bookcases, and other wood-based furnishings. Flexsteel sells its products through a network of independent retailers, furniture stores, and distributors across North America.

Flexsteel’s upholstery segment is distinguished by its patented Blue Steel Spring® technology, which offers enhanced longevity and comfort by replacing conventional webbing and springs with a welded steel seat suspension.