Flexsteel Industries (NASDAQ:FLXS) Announces Earnings Results

Flexsteel Industries (NASDAQ:FLXS) issued its quarterly earnings results on Monday. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.24, Zacks reports. Flexsteel Industries had a return on equity of 16.10% and a net margin of 6.79%.The business had revenue of $115.37 million during the quarter, compared to analysts’ expectations of $109.51 million.

Flexsteel Industries Price Performance

NASDAQ FLXS opened at $70.86 on Tuesday. Flexsteel Industries has a 1-year low of $34.00 and a 1-year high of $79.70. The business has a 50 day simple moving average of $71.35 and a two-hundred day simple moving average of $58.02. The stock has a market capitalization of $379.81 million, a PE ratio of 12.84, a P/E/G ratio of 1.22 and a beta of 0.56.

Flexsteel Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Wednesday, June 24th were issued a dividend of $0.25 per share. The ex-dividend date was Wednesday, June 24th. This represents a $1.00 annualized dividend and a yield of 1.4%. This is a boost from Flexsteel Industries’s previous quarterly dividend of $0.20. Flexsteel Industries’s dividend payout ratio (DPR) is 18.12%.

Wall Street Analyst Weigh In

FLXS has been the subject of a number of recent research reports. Zacks Research downgraded Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Flexsteel Industries in a research note on Friday, July 17th. Finally, Wall Street Zen downgraded shares of Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 25th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Flexsteel Industries has a consensus rating of “Moderate Buy”.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Mariner LLC bought a new stake in Flexsteel Industries in the fourth quarter worth $46,099,000. Vanguard Group Inc. lifted its position in Flexsteel Industries by 0.3% during the third quarter. Vanguard Group Inc. now owns 225,855 shares of the company’s stock valued at $10,468,000 after purchasing an additional 708 shares during the last quarter. State Street Corp lifted its position in Flexsteel Industries by 5.4% during the fourth quarter. State Street Corp now owns 84,028 shares of the company’s stock valued at $3,335,000 after purchasing an additional 4,334 shares during the last quarter. Punch & Associates Investment Management Inc. grew its stake in shares of Flexsteel Industries by 22.5% in 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 in the last quarter. Finally, Bridgeway Capital Management LLC grew its stake in shares of Flexsteel Industries by 5.2% in 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 in the last quarter. 36.27% of the stock is currently owned by institutional investors.

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.