Flexsteel Industries (NASDAQ:FLXS) Issues Earnings Results

Flexsteel Industries (NASDAQ:FLXS) released its earnings results on Monday. The company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.39, Zacks reports. The firm had revenue of $115.12 million during the quarter, compared to the consensus estimate of $118.32 million. Flexsteel Industries had a return on equity of 16.67% and a net margin of 4.58%.

Flexsteel Industries Stock Performance

NASDAQ FLXS opened at $46.25 on Tuesday. Flexsteel Industries has a 1 year low of $29.38 and a 1 year high of $59.95. The business’s fifty day moving average is $48.82 and its two-hundred day moving average is $43.02. The stock has a market capitalization of $247.44 million, a P/E ratio of 12.60, a P/E/G ratio of 0.99 and a beta of 0.52.

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 issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, March 30th. This represents a $0.80 annualized dividend and a dividend yield of 1.7%. Flexsteel Industries’s dividend payout ratio is currently 21.80%.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Flexsteel Industries

A number of hedge funds have recently modified their holdings of FLXS. Mariner LLC purchased a new stake in shares of Flexsteel Industries during the fourth quarter valued at $46,099,000. Vanguard Group Inc. increased its stake in Flexsteel Industries by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 225,855 shares of the company’s stock worth $10,468,000 after purchasing an additional 708 shares in the last quarter. State Street Corp increased its stake in Flexsteel Industries by 5.4% in the 4th quarter. State Street Corp now owns 84,028 shares of the company’s stock worth $3,335,000 after purchasing an additional 4,334 shares in the last quarter. Punch & Associates Investment Management Inc. raised its holdings in Flexsteel Industries by 22.5% during the 3rd quarter. Punch & Associates Investment Management Inc. now owns 73,502 shares of the company’s stock worth $3,407,000 after buying an additional 13,502 shares during the period. Finally, Bridgeway Capital Management LLC raised its holdings in Flexsteel Industries by 5.2% during the 3rd quarter. Bridgeway Capital Management LLC now owns 66,406 shares of the company’s stock worth $3,078,000 after buying an additional 3,300 shares during the period. 36.27% of the stock is currently owned by institutional investors and hedge funds.

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.