Flexsteel Industries (FLXS) Rating Lowered to Strong Sell at BidaskClub

Flexsteel Industries (NASDAQ:FLXS) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a note issued to investors on Wednesday.

Shares of Flexsteel Industries (FLXS) traded down $1.76 on Wednesday, reaching $43.08. The company’s stock had a trading volume of 29,195 shares, compared to its average volume of 21,685. Flexsteel Industries has a fifty-two week low of $42.74 and a fifty-two week high of $57.79. The firm has a market cap of $366.69, a PE ratio of 13.67 and a beta of 2.04.

In other Flexsteel Industries news, Director Jeffrey T. Bertsch sold 1,510 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $50.00, for a total value of $75,500.00. Following the completion of the transaction, the director now owns 195,659 shares of the company’s stock, valued at approximately $9,782,950. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 6.00% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of FLXS. Bank of New York Mellon Corp grew its position in shares of Flexsteel Industries by 4.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 71,395 shares of the company’s stock valued at $3,864,000 after buying an additional 2,780 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Flexsteel Industries by 30.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 15,600 shares of the company’s stock valued at $845,000 after buying an additional 3,600 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Flexsteel Industries by 6.3% in the 2nd quarter. Vanguard Group Inc. now owns 297,889 shares of the company’s stock valued at $16,119,000 after buying an additional 17,537 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Flexsteel Industries in the 3rd quarter valued at about $459,000. Finally, IndexIQ Advisors LLC grew its position in shares of Flexsteel Industries by 83.1% in the 3rd quarter. IndexIQ Advisors LLC now owns 17,198 shares of the company’s stock valued at $872,000 after buying an additional 7,805 shares during the last quarter. 65.72% of the stock is owned by institutional investors and hedge funds.

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Flexsteel Industries Company Profile

Flexsteel Industries, Inc is a manufacturer, importer, marketer and distributor of residential and commercial upholstered and wood furniture products in the United States. The Company offers its products for contract under categories, such as hospitality, healthcare, senior living, government and commercial office.

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