Flexsteel Industries (NASDAQ:FLXS) Posts Quarterly Earnings Results, Beats Expectations By $0.39 EPS

Flexsteel Industries (NASDAQ:FLXS) posted its quarterly earnings data on Monday. The company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.39, FiscalAI reports. The company had revenue of $118.25 million during the quarter, compared to the consensus estimate of $107.51 million. Flexsteel Industries had a net margin of 5.22% and a return on equity of 16.28%.

Flexsteel Industries Price Performance

FLXS traded up $1.63 during midday trading on Monday, reaching $41.66. 21,327 shares of the company’s stock traded hands, compared to its average volume of 19,818. Flexsteel Industries has a 52 week low of $29.38 and a 52 week high of $64.14. The firm has a fifty day moving average of $40.53 and a two-hundred day moving average of $40.44. The stock has a market capitalization of $222.46 million, a price-to-earnings ratio of 10.14, a P/E/G ratio of 0.94 and a beta of 0.51.

Flexsteel Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Monday, December 29th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Monday, December 29th. Flexsteel Industries’s payout ratio is currently 19.46%.

Institutional Trading of Flexsteel Industries

Several large investors have recently bought and sold shares of the company. AQR Capital Management LLC purchased a new stake in Flexsteel Industries during the 1st quarter valued at $221,000. Jones Financial Companies Lllp boosted its stake in shares of Flexsteel Industries by 5,214.0% in the first quarter. Jones Financial Companies Lllp now owns 2,657 shares of the company’s stock worth $97,000 after acquiring an additional 2,607 shares during the period. Empowered Funds LLC boosted its holdings in shares of Flexsteel Industries by 7.0% during the 1st quarter. Empowered Funds LLC now owns 24,749 shares of the company’s stock valued at $904,000 after purchasing an additional 1,622 shares during the last quarter. First Trust Advisors LP lifted its position in 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 last quarter. Finally, Qube Research & Technologies Ltd lifted its position in Flexsteel Industries by 7.0% in the second quarter. Qube Research & Technologies Ltd now owns 28,888 shares of the company’s stock worth $1,041,000 after buying an additional 1,881 shares during the last quarter. 36.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Wall Street Zen cut Flexsteel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 18th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Flexsteel Industries in a research note on Monday, December 29th. Finally, Zacks Research upgraded shares of Flexsteel Industries from a “strong sell” rating to a “hold” rating in a research report on Monday, December 15th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Flexsteel Industries currently has a consensus rating of “Hold”.

About Flexsteel Industries

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.