The Dixie Group, Inc. (NASDAQ:DXYN) Lifted to Buy at Zacks Investment Research

The Dixie Group, Inc. (NASDAQ:DXYN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, July 18th. The brokerage presently has a $5.00 price target on the textile maker’s stock. Zacks Investment Research‘s price target points to a potential upside of 20.48% from the company’s current price.

According to Zacks, “Dixie Group Inc. is a leading carpet and rug manufacturer and supplier to higher-end residential and commercial customers serviced by Masland Carpets and Fabrica International, to consumers through major retailers under the Bretlin, Globaltex and Alliance Mills brands and to the factory-built housing and recreational vehicle markets through Carriage Carpets. Dixie’s Candlewick Yarns serves specialty carpet yarn customers.(PR) “

The Dixie Group (DXYN) traded down 2.35% during midday trading on Tuesday, hitting $4.15. The company had a trading volume of 13,271 shares. The firm’s market capitalization is $65.18 million. The Dixie Group has a 52 week low of $3.20 and a 52 week high of $5.56. The firm’s 50 day moving average is $4.37 and its 200-day moving average is $3.93.

The Dixie Group (NASDAQ:DXYN) last announced its earnings results on Thursday, August 3rd. The textile maker reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.03. The Dixie Group had a negative net margin of 0.41% and a negative return on equity of 1.62%. The company had revenue of $107.20 million during the quarter, compared to analyst estimates of $107.60 million. During the same period in the previous year, the business earned $0.12 earnings per share. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, equities research analysts expect that The Dixie Group will post $0.18 EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in DXYN. Russell Investments Group Ltd. bought a new position in shares of The Dixie Group during the fourth quarter valued at about $493,000. Prescott Group Capital Management L.L.C. raised its position in shares of The Dixie Group by 51.0% in the first quarter. Prescott Group Capital Management L.L.C. now owns 192,420 shares of the textile maker’s stock valued at $693,000 after buying an additional 65,000 shares during the period. Wells Fargo & Company MN raised its position in shares of The Dixie Group by 4.4% in the first quarter. Wells Fargo & Company MN now owns 1,622,949 shares of the textile maker’s stock valued at $5,842,000 after buying an additional 68,139 shares during the period. Boston Partners raised its position in shares of The Dixie Group by 78.8% in the first quarter. Boston Partners now owns 505,800 shares of the textile maker’s stock valued at $1,821,000 after buying an additional 222,900 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of The Dixie Group by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,091,102 shares of the textile maker’s stock valued at $3,928,000 after buying an additional 12,572 shares during the period. Institutional investors own 62.49% of the company’s stock.

About The Dixie Group

The Dixie Group, Inc is engaged in marketing, manufacturing and selling of carpet and rugs. The Company offers its products to various residential and commercial customers through its various sales forces and brands. The Company operates through the carpet and rug manufacturing segment. The Company also provides carpet and yarn related services to other manufacturers.

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