Zacks Research Downgrades Flexsteel Industries (NASDAQ:FLXS) to Hold

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

Several other research analysts have also recently issued reports on the company. Wall Street Zen cut Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 25th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flexsteel Industries in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Flexsteel Industries has an average rating of “Moderate Buy”.

Flexsteel Industries Price Performance

Shares of FLXS stock opened at $74.96 on Tuesday. The firm has a market capitalization of $401.79 million, a price-to-earnings ratio of 13.58, a price-to-earnings-growth ratio of 1.24 and a beta of 0.54. The business has a fifty day moving average of $64.57 and a 200 day moving average of $53.65. Flexsteel Industries has a 1 year low of $32.65 and a 1 year high of $77.19.

Flexsteel Industries (NASDAQ:FLXS) last posted its quarterly earnings results on Monday, April 20th. The company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.39. The business had revenue of $115.13 million for 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%. As a group, equities research analysts expect that Flexsteel Industries will post 4.78 earnings per share for the current year.

Hedge Funds Weigh In On Flexsteel Industries

Several institutional investors and hedge funds have recently modified their holdings of FLXS. IFP Advisors Inc grew its holdings in Flexsteel Industries by 2,200.0% during the third quarter. IFP Advisors Inc now owns 621 shares of the company’s stock worth $29,000 after acquiring an additional 594 shares during the period. State of Alaska Department of Revenue acquired a new position in Flexsteel Industries in the fourth quarter valued at approximately $38,000. BNP Paribas Financial Markets boosted its position in Flexsteel Industries by 149.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 971 shares of the company’s stock worth $45,000 after purchasing an additional 582 shares in the last quarter. Farther Finance Advisors LLC purchased a new stake in Flexsteel Industries in the 4th quarter worth approximately $49,000. Finally, Copeland Capital Management LLC purchased a new stake in Flexsteel Industries in the 4th quarter worth approximately $59,000. 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.