Zacks Research Upgrades Flexsteel Industries (NASDAQ:FLXS) to “Strong-Buy”

Flexsteel Industries (NASDAQ:FLXS) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday, Zacks reports.

Several other analysts also recently commented on the company. Freedom Capital downgraded Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flexsteel Industries in a research report on Friday, July 17th. Finally, Freedom Broker downgraded Flexsteel Industries from a “buy” rating to a “hold” rating and upped their price target for the stock from $72.00 to $80.00 in a report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $80.00.

Flexsteel Industries Price Performance

Shares of NASDAQ FLXS opened at $88.82 on Thursday. The company has a 50-day moving average price of $80.27 and a 200-day moving average price of $65.71. The stock has a market capitalization of $476.08 million, a P/E ratio of 14.30, a P/E/G ratio of 1.36 and a beta of 0.51. Flexsteel Industries has a 1 year low of $34.00 and a 1 year high of $90.64.

Flexsteel Industries (NASDAQ:FLXS) last posted its earnings results on Monday, August 17th. The company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.24. The company had revenue of $115.37 million for the quarter, compared to analyst estimates of $109.51 million. Flexsteel Industries had a net margin of 7.21% and a return on equity of 16.11%. As a group, equities research analysts anticipate that Flexsteel Industries will post 5.29 earnings per share for the current fiscal year.

Insider Activity

In other news, insider David Crimmins sold 4,494 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $80.91, for a total value of $363,609.54. Following the transaction, the insider owned 30,194 shares in the company, valued at $2,442,996.54. The trade was a 12.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Stacy Kammes sold 2,750 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $82.66, for a total value of $227,315.00. Following the completion of the transaction, the vice president owned 33,306 shares in the company, valued at $2,753,073.96. The trade was a 7.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 28,914 shares of company stock worth $2,350,392 in the last quarter. 11.20% of the stock is owned by corporate insiders.

Institutional Trading of Flexsteel Industries

Hedge funds have recently bought and sold shares of the business. Legal & General Group Plc purchased a new stake in shares of Flexsteel Industries during the 2nd quarter valued at $25,000. C M Bidwell & Associates Ltd. purchased a new position in shares of Flexsteel Industries in the 2nd quarter worth about $67,000. IFP Advisors Inc boosted its holdings in shares of Flexsteel Industries by 52.5% in the 2nd quarter. IFP Advisors Inc now owns 3,052 shares of the company’s stock worth $227,000 after buying an additional 1,051 shares during the last quarter. Deutsche Bank AG bought a new position in Flexsteel Industries during the second quarter valued at about $234,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Flexsteel Industries during the second quarter valued at about $246,000. 36.27% of the stock is currently owned by institutional investors.

Flexsteel Industries Company Profile

Flexsteel Industries, Inc is a furniture manufacturer and distributor headquartered in Dubuque, Iowa. Founded in 1893, the company develops and sells residential furniture under the Flexsteel brand, with a focus on upholstered seating and furnishings for living rooms, family rooms, bedrooms, dining areas and home offices.

Its product portfolio includes sofas, sectionals, recliners, chairs, mattresses, beds, dressers, dining tables, dining chairs and occasional furniture. Flexsteel is known for its Blue Steel Spring seating technology, which is incorporated into many of its upholstered furniture products.