Flexsteel Industries (NASDAQ:FLXS) Shares Cross Below 200-Day Moving Average – What’s Next?

Shares of Flexsteel Industries, Inc. (NASDAQ:FLXS) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $37.99 and traded as low as $34.50. Flexsteel Industries shares last traded at $34.94, with a volume of 25,304 shares.

Analyst Ratings Changes

Several research firms have issued reports on FLXS. Zacks Research cut shares of Flexsteel Industries from a “strong-buy” rating to a “strong sell” rating in a research report on Thursday, October 16th. Weiss Ratings lowered shares of Flexsteel Industries from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Finally, Wall Street Zen lowered Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 18th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Flexsteel Industries currently has a consensus rating of “Reduce”.

Flexsteel Industries Stock Performance

The company’s fifty day simple moving average is $42.39 and its 200-day simple moving average is $37.99. The company has a market capitalization of $186.58 million, a P/E ratio of 8.50, a PEG ratio of 0.82 and a beta of 0.55.

Flexsteel Industries (NASDAQ:FLXS) last posted its quarterly earnings results on Monday, October 20th. The company reported $1.31 EPS for the quarter, beating the consensus estimate of $0.78 by $0.53. Flexsteel Industries had a net margin of 5.22% and a return on equity of 16.28%. The business had revenue of $110.44 million during the quarter, compared to analyst estimates of $105.38 million. During the same quarter in the previous year, the business posted $0.74 EPS. On average, sell-side analysts predict that Flexsteel Industries, Inc. will post 3.53 EPS for the current year.

Flexsteel Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 6th. Investors of record on Wednesday, September 24th were paid a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, September 24th. This represents a $0.80 dividend on an annualized basis and a yield of 2.3%. Flexsteel Industries’s payout ratio is 19.46%.

Insider Transactions at Flexsteel Industries

In other Flexsteel Industries news, insider Michael Joseph Mcclaflin sold 2,600 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $46.75, for a total transaction of $121,550.00. Following the sale, the insider owned 33,576 shares of the company’s stock, valued at approximately $1,569,678. This trade represents a 7.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 11.20% of the company’s stock.

Institutional Investors Weigh In On Flexsteel Industries

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Flexsteel Industries by 0.3% in 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. American Century Companies Inc. boosted its holdings in shares of Flexsteel Industries by 1.5% in the 2nd quarter. American Century Companies Inc. now owns 118,084 shares of the company’s stock valued at $4,255,000 after buying an additional 1,716 shares in the last quarter. Bridgeway Capital Management LLC grew its position in shares of Flexsteel Industries by 3.8% in the 2nd quarter. Bridgeway Capital Management LLC now owns 63,106 shares of the company’s stock worth $2,274,000 after buying an additional 2,298 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Flexsteel Industries by 16.2% during the 2nd quarter. Acadian Asset Management LLC now owns 59,971 shares of the company’s stock worth $2,159,000 after acquiring an additional 8,366 shares in the last quarter. Finally, Los Angeles Capital Management LLC raised its stake in shares of Flexsteel Industries by 12.7% during the 2nd quarter. Los Angeles Capital Management LLC now owns 42,939 shares of the company’s stock worth $1,547,000 after acquiring an additional 4,840 shares in the last quarter. 36.27% of the stock is currently owned by hedge funds and other institutional investors.

About Flexsteel Industries

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