Flexsteel Industries (NASDAQ:FLXS) Stock Price Passes Below 200-Day Moving Average of $31.59

Flexsteel Industries, Inc. (NASDAQ:FLXS)’s share price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $31.59 and traded as low as $30.43. Flexsteel Industries shares last traded at $31.06, with a volume of 646,437 shares trading hands.

Wall Street Analyst Weigh In

Separately, StockNews.com cut Flexsteel Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, June 4th.

Flexsteel Industries Stock Performance

The stock has a 50-day simple moving average of $34.81 and a 200-day simple moving average of $31.69. The stock has a market cap of $160.15 million, a P/E ratio of 10.53, a PEG ratio of 1.24 and a beta of 0.50. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.79 and a quick ratio of 0.99.

Flexsteel Industries (NASDAQ:FLXS) last posted its quarterly earnings data on Monday, April 29th. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.11. The company had revenue of $107.22 million for the quarter, compared to analyst estimates of $102.11 million. Flexsteel Industries had a return on equity of 6.54% and a net margin of 3.87%. Research analysts forecast that Flexsteel Industries, Inc. will post 2.09 earnings per share for the current year.

Flexsteel Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 8th. Shareholders of record on Wednesday, June 26th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.93%. The ex-dividend date is Wednesday, June 26th. Flexsteel Industries’s dividend payout ratio (DPR) is presently 20.34%.

Hedge Funds Weigh In On Flexsteel Industries

Several institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC bought a new stake in shares of Flexsteel Industries during the first quarter valued at approximately $435,000. Heron Bay Capital Management bought a new stake in shares of Flexsteel Industries during the first quarter valued at approximately $298,000. Weitzel Financial Services Inc. bought a new stake in shares of Flexsteel Industries during the first quarter valued at approximately $264,000. Hillsdale Investment Management Inc. bought a new stake in Flexsteel Industries during the first quarter worth $195,000. Finally, Victory Capital Management Inc. bought a new stake in Flexsteel Industries during the fourth quarter worth $92,000. 36.27% of the stock is owned by institutional investors and hedge funds.

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.