Flexsteel Industries (NASDAQ:FLXS) Share Price Passes Below 200-Day Moving Average – Here’s What Happened

Flexsteel Industries, Inc. (NASDAQ:FLXS)’s share price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $50.62 and traded as low as $38.39. Flexsteel Industries shares last traded at $38.60, with a volume of 10,707 shares traded.

Flexsteel Industries Stock Performance

The business has a fifty day simple moving average of $48.16 and a 200-day simple moving average of $50.61. The firm has a market cap of $207.65 million, a price-to-earnings ratio of 11.01, a PEG ratio of 1.14 and a beta of 0.31.

Flexsteel Industries (NASDAQ:FLXS) last issued its earnings results on Monday, February 3rd. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.21. Flexsteel Industries had a return on equity of 11.25% and a net margin of 4.63%. On average, equities analysts anticipate that Flexsteel Industries, Inc. will post 3.53 earnings per share for the current year.

Flexsteel Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Wednesday, March 26th will be issued a $0.17 dividend. The ex-dividend date is Wednesday, March 26th. This represents a $0.68 dividend on an annualized basis and a yield of 1.73%. Flexsteel Industries’s payout ratio is presently 18.99%.

Hedge Funds Weigh In On Flexsteel Industries

A number of institutional investors and hedge funds have recently bought and sold shares of FLXS. Bank of New York Mellon Corp increased its holdings in Flexsteel Industries by 275.7% in the 4th quarter. Bank of New York Mellon Corp now owns 47,919 shares of the company’s stock worth $2,604,000 after purchasing an additional 35,166 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Flexsteel Industries by 33.2% in the fourth quarter. American Century Companies Inc. now owns 98,202 shares of the company’s stock valued at $5,336,000 after buying an additional 24,492 shares during the period. Renaissance Technologies LLC increased its stake in shares of Flexsteel Industries by 15.8% in the fourth quarter. Renaissance Technologies LLC now owns 161,300 shares of the company’s stock valued at $8,765,000 after buying an additional 22,000 shares during the period. Hillsdale Investment Management Inc. increased its stake in shares of Flexsteel Industries by 792.0% in the fourth quarter. Hillsdale Investment Management Inc. now owns 24,056 shares of the company’s stock valued at $1,307,000 after buying an additional 21,359 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Flexsteel Industries by 93.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 39,160 shares of the company’s stock valued at $2,128,000 after buying an additional 18,903 shares during the period. Institutional investors and hedge funds own 36.27% of the company’s stock.

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.