Flexsteel Industries (NASDAQ:FLXS) Issues Earnings Results, Beats Estimates By $0.26 EPS

Flexsteel Industries (NASDAQ:FLXS) announced its quarterly earnings results on Monday. The company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.26, Zacks reports. Flexsteel Industries had a return on equity of 16.67% and a net margin of 4.58%.

Flexsteel Industries Trading Down 0.8%

FLXS traded down $0.39 during midday trading on Monday, hitting $46.25. 76,950 shares of the company were exchanged, compared to its average volume of 38,815. The company’s 50 day simple moving average is $49.04 and its 200 day simple moving average is $43.01. The firm has a market capitalization of $247.44 million, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 0.99 and a beta of 0.52. Flexsteel Industries has a 1-year low of $29.38 and a 1-year high of $59.95.

Flexsteel Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 30th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Monday, March 30th. Flexsteel Industries’s dividend payout ratio (DPR) is currently 21.80%.

Analyst Upgrades and Downgrades

FLXS has been the topic of several analyst reports. Wall Street Zen raised Flexsteel Industries from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 7th. Zacks Research downgraded Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Flexsteel Industries in a research report on Friday, March 27th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of “Hold”.

Institutional Investors Weigh In On Flexsteel Industries

Institutional investors have recently modified their holdings of the business. IFP Advisors Inc grew its position in shares of Flexsteel Industries by 2,200.0% during the 3rd quarter. IFP Advisors Inc now owns 621 shares of the company’s stock valued at $29,000 after acquiring an additional 594 shares during the period. BNP Paribas Financial Markets grew its position in shares of Flexsteel Industries by 149.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 971 shares of the company’s stock valued at $45,000 after acquiring an additional 582 shares during the period. Russell Investments Group Ltd. grew its position in shares of Flexsteel Industries by 24.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company’s stock valued at $92,000 after acquiring an additional 395 shares during the period. Jones Financial Companies Lllp grew its position in shares of Flexsteel Industries by 5,214.0% during the 1st quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company’s stock valued at $97,000 after acquiring an additional 2,607 shares during the period. Finally, Deutsche Bank AG grew its position in shares of Flexsteel Industries by 11.1% during the 4th quarter. Deutsche Bank AG now owns 3,024 shares of the company’s stock valued at $119,000 after acquiring an additional 303 shares during the period. 36.27% of the stock is currently owned by institutional investors and hedge funds.

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.