Flexsteel Industries (NASDAQ:FLXS) Releases Earnings Results, Beats Estimates By $0.24 EPS

Flexsteel Industries (NASDAQ:FLXS) issued its quarterly earnings data on Monday. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.09 by $0.24, Zacks reports. Flexsteel Industries had a return on equity of 16.10% and a net margin of 6.79%.The company had revenue of $115.37 million during the quarter, compared to analyst estimates of $109.51 million.

Flexsteel Industries Price Performance

Shares of FLXS stock traded down $2.93 on Monday, hitting $70.86. 111,540 shares of the stock traded hands, compared to its average volume of 46,753. The firm has a market cap of $379.53 million, a price-to-earnings ratio of 12.84, a PEG ratio of 1.22 and a beta of 0.56. Flexsteel Industries has a 52 week low of $34.00 and a 52 week high of $79.70. The firm has a 50 day simple moving average of $71.06 and a two-hundred day simple moving average of $57.80.

Flexsteel Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Wednesday, June 24th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. This is a boost from Flexsteel Industries’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, June 24th. Flexsteel Industries’s dividend payout ratio is currently 18.12%.

Institutional Investors Weigh In On Flexsteel Industries

Institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC purchased a new position in shares of Flexsteel Industries in the first quarter valued at about $221,000. Jones Financial Companies Lllp grew its position in shares of Flexsteel Industries by 5,214.0% during the first quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company’s stock worth $97,000 after purchasing an additional 2,607 shares in the last quarter. Empowered Funds LLC grew its position in shares of Flexsteel Industries by 7.0% during the first quarter. Empowered Funds LLC now owns 24,749 shares of the company’s stock worth $904,000 after purchasing an additional 1,622 shares in the last quarter. First Trust Advisors LP lifted its holdings in Flexsteel Industries by 4.1% in the 2nd quarter. First Trust Advisors LP now owns 11,745 shares of the company’s stock worth $423,000 after purchasing an additional 467 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its position in shares of Flexsteel Industries by 7.0% during the second quarter. Qube Research & Technologies Ltd now owns 28,888 shares of the company’s stock worth $1,041,000 after acquiring an additional 1,881 shares during the last quarter. Hedge funds and other institutional investors own 36.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wall Street Zen downgraded Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, April 25th. Zacks Research lowered shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Flexsteel Industries in a research report on Friday, July 17th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

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.