Flexsteel Industries (NASDAQ:FLXS) Upgraded to Strong-Buy at Zacks Research

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

A number of other brokerages have also issued reports on FLXS. Wall Street Zen lowered Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 25th. Weiss Ratings raised Flexsteel Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. Based on data from MarketBeat.com, Flexsteel Industries presently has an average rating of “Strong Buy”.

Flexsteel Industries Stock Performance

Shares of Flexsteel Industries stock opened at $57.02 on Tuesday. The business’s 50 day simple moving average is $50.25 and its 200 day simple moving average is $45.82. Flexsteel Industries has a 52-week low of $29.38 and a 52-week high of $59.95. The firm has a market cap of $305.63 million, a PE ratio of 10.33, a P/E/G ratio of 0.98 and a beta of 0.57.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FLXS. Mariner LLC bought a new position in shares of Flexsteel Industries during the 4th quarter worth approximately $46,099,000. Walleye Capital LLC bought a new position in shares of Flexsteel Industries during the 1st quarter worth approximately $1,359,000. Focus Partners Wealth bought a new position in shares of Flexsteel Industries during the 3rd quarter worth approximately $1,105,000. Bank of America Corp DE boosted its stake in shares of Flexsteel Industries by 462.3% during the 1st quarter. Bank of America Corp DE now owns 27,536 shares of the company’s stock worth $1,237,000 after acquiring an additional 22,639 shares during the period. Finally, LSV Asset Management boosted its stake in shares of 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 during the period. 36.27% of the stock is currently owned by institutional investors.

About Flexsteel Industries

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.