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

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

FLXS has been the subject of a number of other reports. Wall Street Zen upgraded Flexsteel Industries from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Flexsteel Industries in a report on Friday, March 27th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold”.

Flexsteel Industries Stock Performance

Shares of NASDAQ FLXS traded up $2.41 during mid-day trading on Monday, reaching $48.52. 22,849 shares of the company’s stock were exchanged, compared to its average volume of 35,424. The firm has a market capitalization of $259.34 million, a price-to-earnings ratio of 13.22, a PEG ratio of 0.95 and a beta of 0.52. Flexsteel Industries has a 52-week low of $29.38 and a 52-week high of $59.95. The company’s 50-day moving average is $48.48 and its 200-day moving average is $43.01.

Flexsteel Industries (NASDAQ:FLXS) last released its quarterly earnings results on Monday, February 2nd. The company reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.39. The business had revenue of $118.25 million during the quarter, compared to analysts’ expectations of $107.51 million. Flexsteel Industries had a return on equity of 16.67% and a net margin of 4.58%. As a group, equities analysts predict that Flexsteel Industries will post 3.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Flexsteel Industries

Hedge funds have recently bought and sold shares of the company. LSV Asset Management lifted its stake in Flexsteel Industries by 102.1% during the 3rd quarter. LSV Asset Management now owns 37,800 shares of the company’s stock worth $1,752,000 after acquiring an additional 19,100 shares in the last quarter. SummerHaven Investment Management LLC acquired a new stake in Flexsteel Industries in the 3rd quarter valued at about $991,000. Inspire Investing LLC acquired a new stake in Flexsteel Industries in the 3rd quarter valued at about $955,000. Marion Wealth Management raised its position in Flexsteel Industries by 4.0% in the 3rd quarter. Marion Wealth Management now owns 33,936 shares of the company’s stock valued at $1,573,000 after purchasing an additional 1,295 shares in the last quarter. Finally, Farther Finance Advisors LLC acquired a new stake in Flexsteel Industries in the 4th quarter valued at about $49,000. Institutional investors and hedge funds 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.