Flexsteel Industries (NASDAQ:FLXS) Stock Crosses Below Two Hundred Day Moving Average of $17.41

Shares of Flexsteel Industries, Inc. (NASDAQ:FLXSGet Rating) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $17.41 and traded as low as $15.33. Flexsteel Industries shares last traded at $15.49, with a volume of 5,642 shares changing hands.

Wall Street Analyst Weigh In

FLXS has been the topic of several research reports. TheStreet lowered Flexsteel Industries from a “c” rating to a “d+” rating in a research report on Monday, August 29th. StockNews.com initiated coverage on Flexsteel Industries in a research report on Wednesday, October 12th. They set a “hold” rating on the stock.

Flexsteel Industries Trading Up 1.3 %

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 3.04. The company has a 50-day moving average of $15.06 and a 200-day moving average of $17.40.

Flexsteel Industries (NASDAQ:FLXSGet Rating) last posted its quarterly earnings results on Monday, August 22nd. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.02). Flexsteel Industries had a negative net margin of 0.44% and a positive return on equity of 0.75%. The firm had revenue of $124.52 million for the quarter, compared to analyst estimates of $119.42 million. During the same period in the prior year, the company posted $0.61 earnings per share. Sell-side analysts expect that Flexsteel Industries, Inc. will post 1.24 earnings per share for the current year.

Flexsteel Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 10th. Shareholders of record on Wednesday, September 28th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.82%. The ex-dividend date was Tuesday, September 27th. Flexsteel Industries’s dividend payout ratio is presently -193.54%.

Institutional Investors Weigh In On Flexsteel Industries

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Flexsteel Industries by 2.2% in the third quarter. Vanguard Group Inc. now owns 243,811 shares of the company’s stock worth $3,828,000 after buying an additional 5,362 shares during the period. BlackRock Inc. increased its position in Flexsteel Industries by 38.3% in the third quarter. BlackRock Inc. now owns 146,344 shares of the company’s stock worth $2,297,000 after buying an additional 40,540 shares during the period. State Street Corp increased its position in Flexsteel Industries by 2.6% in the first quarter. State Street Corp now owns 106,455 shares of the company’s stock worth $2,070,000 after buying an additional 2,688 shares during the period. Millennium Management LLC acquired a new stake in Flexsteel Industries in the second quarter worth $1,380,000. Finally, Bank of New York Mellon Corp increased its position in Flexsteel Industries by 2.8% in the third quarter. Bank of New York Mellon Corp now owns 25,620 shares of the company’s stock worth $403,000 after buying an additional 693 shares during the period. 41.78% of the stock is owned by institutional investors and hedge funds.

About Flexsteel Industries

(Get Rating)

Flexsteel Industries, Inc, together with its subsidiaries, operates as a manufacturer, importer, and online marketer of upholstered furniture for residential and contract markets in the United States. It provides upholstered furniture, such as sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, kitchen storage, bedroom furniture, and outdoor furniture.

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