Flexsteel Industries (FLXS) Cut to “Strong Sell” at BidaskClub

BidaskClub lowered shares of Flexsteel Industries (NASDAQ:FLXS) from a sell rating to a strong sell rating in a research report sent to investors on Saturday morning.

FLXS opened at $32.86 on Friday. Flexsteel Industries has a twelve month low of $32.64 and a twelve month high of $53.00. The company has a market cap of $258.21 million, a PE ratio of 14.51 and a beta of 1.79.

Flexsteel Industries (NASDAQ:FLXS) last released its quarterly earnings data on Thursday, August 23rd. The company reported $0.28 earnings per share for the quarter. Flexsteel Industries had a net margin of 4.15% and a return on equity of 7.48%. The firm had revenue of $113.09 million during the quarter.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 8th. Stockholders of record on Friday, September 21st will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, September 20th. This represents a $0.88 annualized dividend and a dividend yield of 2.68%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Thomson Horstmann & Bryant Inc. raised its holdings in shares of Flexsteel Industries by 2.6% during the first quarter. Thomson Horstmann & Bryant Inc. now owns 195,675 shares of the company’s stock valued at $7,744,000 after purchasing an additional 5,002 shares during the last quarter. North Star Investment Management Corp. grew its position in Flexsteel Industries by 3.6% during the second quarter. North Star Investment Management Corp. now owns 85,971 shares of the company’s stock valued at $3,430,000 after buying an additional 3,000 shares during the period. Victory Capital Management Inc. bought a new stake in Flexsteel Industries during the first quarter valued at approximately $667,000. First Republic Investment Management Inc. bought a new stake in Flexsteel Industries during the first quarter valued at approximately $784,000. Finally, Ladenburg Thalmann Financial Services Inc. grew its position in Flexsteel Industries by 28.0% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,397 shares of the company’s stock valued at $253,000 after buying an additional 1,400 shares during the period. 63.88% of the stock is owned by hedge funds and other institutional investors.

Flexsteel Industries Company Profile

Flexsteel Industries, Inc, together with its subsidiaries, manufactures, imports, and markets residential and contract upholstered and wood furniture products in the United States. It offers sofas, loveseats, chairs, reclining and rocker-reclining chairs, swivel rockers, sofa beds, convertible bedding units, occasional tables, desks, dining tables and chairs, and bedroom furniture for use in home, office, hotel, healthcare, and other commercial applications.

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