Flexsteel Industries (NASDAQ:FLXS) Shares Pass Above 200 Day Moving Average – Here’s What Happened

Flexsteel Industries, Inc. (NASDAQ:FLXS) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $47.43 and traded as high as $58.90. Flexsteel Industries shares last traded at $58.15, with a volume of 30,092 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wall Street Zen cut Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 25th. Zacks Research upgraded Flexsteel Industries from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 26th. Finally, Weiss Ratings upgraded shares of Flexsteel Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat, Flexsteel Industries currently has a consensus rating of “Strong Buy”.

Flexsteel Industries Price Performance

The firm has a market capitalization of $311.68 million, a price-to-earnings ratio of 10.53, a P/E/G ratio of 1.01 and a beta of 0.58. The firm’s 50-day simple moving average is $52.84 and its 200 day simple moving average is $47.43.

Flexsteel Industries (NASDAQ:FLXS) last posted its earnings results on Monday, April 20th. The company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.39. The firm had revenue of $115.13 million for the quarter, compared to analysts’ expectations of $118.32 million. Flexsteel Industries had a net margin of 6.79% and a return on equity of 16.10%. As a group, research analysts predict that Flexsteel Industries, Inc. will post 4.78 earnings per share for the current year.

Institutional Trading of Flexsteel Industries

A number of institutional investors have recently bought and sold shares of the company. Deutsche Bank AG boosted its position in Flexsteel Industries by 11.1% during the fourth 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 last quarter. Barclays PLC raised its holdings in shares of Flexsteel Industries by 6.4% during the fourth quarter. Barclays PLC now owns 5,527 shares of the company’s stock valued at $218,000 after purchasing an additional 333 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Flexsteel Industries by 24.7% during the third quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company’s stock valued at $92,000 after purchasing an additional 395 shares during the period. First Trust Advisors LP raised its holdings in shares of Flexsteel Industries by 4.1% during the second quarter. First Trust Advisors LP now owns 11,745 shares of the company’s stock valued at $423,000 after purchasing an additional 467 shares during the period. Finally, Public Employees Retirement System of Ohio raised its holdings in shares of Flexsteel Industries by 16.4% during the first quarter. Public Employees Retirement System of Ohio now owns 3,729 shares of the company’s stock valued at $168,000 after purchasing an additional 526 shares during the period. Institutional investors own 36.27% of the company’s stock.

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.