Flexsteel Industries (NASDAQ:FLXS) Announces Earnings Results, Beats Estimates By $0.39 EPS

Flexsteel Industries (NASDAQ:FLXS) posted its quarterly 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 $115.13 million for the quarter, compared to analyst estimates of $118.32 million. Flexsteel Industries had a net margin of 6.79% and a return on equity of 16.39%.

Flexsteel Industries Price Performance

NASDAQ:FLXS opened at $50.04 on Wednesday. The firm has a market capitalization of $267.71 million, a price-to-earnings ratio of 9.07, a PEG ratio of 0.98 and a beta of 0.52. The company’s 50-day moving average is $48.70 and its two-hundred day moving average is $43.05. Flexsteel Industries has a 1-year low of $29.38 and a 1-year high of $59.95.

Flexsteel Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 30th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.6%. The ex-dividend date was Monday, March 30th. Flexsteel Industries’s payout ratio is presently 21.80%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on FLXS shares. Zacks Research lowered shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. Weiss Ratings upgraded shares of Flexsteel Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. Finally, Wall Street Zen upgraded shares of Flexsteel Industries from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Flexsteel Industries has an average rating of “Moderate Buy”.

Institutional Investors Weigh In On Flexsteel Industries

Institutional investors and hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc raised its stake in shares of Flexsteel Industries by 2,200.0% in 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 raised its stake in shares of Flexsteel Industries by 149.6% in 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. raised its stake in shares of Flexsteel Industries by 24.7% in 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 raised its stake in shares of Flexsteel Industries by 5,214.0% in 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 raised its stake in shares of Flexsteel Industries by 11.1% in 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 owned by hedge funds and other 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.