Flexsteel Industries (NASDAQ:FLXS) Stock Rating Lowered by Zacks Research

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

Several other research analysts have also weighed in on the company. Wall Street Zen lowered Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 25th. Weiss Ratings restated a “buy (b-)” rating on shares of Flexsteel Industries in a report on Friday, July 17th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy”.

Flexsteel Industries Price Performance

Shares of FLXS stock opened at $74.96 on Tuesday. The stock has a market cap of $401.79 million, a PE ratio of 13.58, a price-to-earnings-growth ratio of 1.24 and a beta of 0.54. The stock has a 50-day moving average of $64.57 and a 200-day moving average of $53.65. Flexsteel Industries has a one year low of $32.65 and a one year high of $77.19.

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

Institutional Investors Weigh In On Flexsteel Industries

Institutional investors have recently bought and sold shares of the company. Mariner LLC bought a new position in shares of Flexsteel Industries during the 4th quarter worth approximately $46,099,000. Vanguard Group Inc. lifted its position in shares of Flexsteel Industries by 0.3% in the third quarter. Vanguard Group Inc. now owns 225,855 shares of the company’s stock worth $10,468,000 after purchasing an additional 708 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Flexsteel Industries by 7.9% during the first quarter. Renaissance Technologies LLC now owns 142,200 shares of the company’s stock worth $6,390,000 after purchasing an additional 10,400 shares during the last quarter. Punch & Associates Investment Management Inc. boosted its holdings in Flexsteel Industries by 0.6% during the first quarter. Punch & Associates Investment Management Inc. now owns 91,525 shares of the company’s stock worth $4,113,000 after purchasing an additional 545 shares during the last quarter. Finally, State Street Corp grew its position in Flexsteel Industries by 5.4% in the fourth quarter. State Street Corp now owns 84,028 shares of the company’s stock valued at $3,335,000 after purchasing an additional 4,334 shares in the last quarter. Institutional investors own 36.27% of the company’s stock.

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.