Flexsteel Industries (NASDAQ:FLXS) Stock Rating Raised to Strong-Buy at Zacks Research

Flexsteel Industries (NASDAQ:FLXS) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Zacks reports.

FLXS has been the subject of several other research reports. Weiss Ratings restated a “buy (b-)” rating on shares of Flexsteel Industries in a report on Friday, July 17th. Freedom Broker lowered shares of Flexsteel Industries from a “buy” rating to a “hold” rating and lifted their price target for the company from $72.00 to $80.00 in a research note on Tuesday, August 18th. Finally, Freedom Capital cut shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Flexsteel Industries has a consensus rating of “Moderate Buy” and an average target price of $80.00.

Flexsteel Industries Stock Performance

Shares of Flexsteel Industries stock opened at $88.82 on Thursday. The firm has a market cap of $476.08 million, a PE ratio of 14.30, a P/E/G ratio of 1.36 and a beta of 0.51. The business’s 50 day simple moving average is $80.27 and its 200 day simple moving average is $65.71. Flexsteel Industries has a 52-week low of $34.00 and a 52-week high of $90.64.

Flexsteel Industries (NASDAQ:FLXS) last released its quarterly earnings results on Monday, August 17th. The company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.24. The firm had revenue of $115.37 million during the quarter, compared to the consensus estimate of $109.51 million. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%. As a group, equities research analysts predict that Flexsteel Industries will post 5.29 EPS for the current year.

Insider Activity

In related news, insider Michael McClaflin sold 2,500 shares of the firm’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $79.57, for a total value of $198,925.00. Following the completion of the sale, the insider directly owned 36,026 shares in the company, valued at approximately $2,866,588.82. This trade represents a 6.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Stacy Kammes sold 2,750 shares of Flexsteel Industries stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $82.66, for a total value of $227,315.00. Following the transaction, the vice president owned 33,306 shares of the company’s stock, valued at $2,753,073.96. The trade was a 7.63% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 28,914 shares of company stock worth $2,350,392. Insiders own 11.20% of the company’s stock.

Institutional Trading of Flexsteel Industries

Several institutional investors and hedge funds have recently bought and sold shares of the business. Engineers Gate Manager LP acquired a new position in shares of Flexsteel Industries during the 2nd quarter worth approximately $259,000. IFP Advisors Inc raised its stake in Flexsteel Industries by 52.5% in the 2nd quarter. IFP Advisors Inc now owns 3,052 shares of the company’s stock valued at $227,000 after acquiring an additional 1,051 shares during the period. Empowered Funds LLC acquired a new stake in Flexsteel Industries during the 2nd quarter valued at $2,459,000. Public Employees Retirement System of Ohio acquired a new stake in Flexsteel Industries during the 2nd quarter valued at $483,000. Finally, Punch & Associates Investment Management Inc. bought a new position in Flexsteel Industries during the second quarter worth $6,817,000. Institutional investors own 36.27% of the company’s stock.

About Flexsteel Industries

Flexsteel Industries, Inc is a furniture manufacturer and distributor headquartered in Dubuque, Iowa. Founded in 1893, the company develops and sells residential furniture under the Flexsteel brand, with a focus on upholstered seating and furnishings for living rooms, family rooms, bedrooms, dining areas and home offices.

Its product portfolio includes sofas, sectionals, recliners, chairs, mattresses, beds, dressers, dining tables, dining chairs and occasional furniture. Flexsteel is known for its Blue Steel Spring seating technology, which is incorporated into many of its upholstered furniture products.