Bank of New York Mellon Corp Purchases 10,894 Shares of Flex Ltd. (NASDAQ:FLEX)

Bank of New York Mellon Corp raised its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 2.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 461,366 shares of the technology company’s stock after buying an additional 10,894 shares during the quarter. Bank of New York Mellon Corp owned about 0.10% of Flex worth $10,616,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Atticus Wealth Management LLC purchased a new position in Flex during the first quarter valued at $27,000. Motco purchased a new position in shares of Flex in the fourth quarter worth $27,000. Dark Forest Capital Management LP purchased a new position in shares of Flex in the fourth quarter worth $36,000. Belpointe Asset Management LLC purchased a new position in shares of Flex in the fourth quarter worth $36,000. Finally, James Investment Research Inc. purchased a new position in shares of Flex in the first quarter worth $60,000. Hedge funds and other institutional investors own 95.26% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on FLEX. StockNews.com began coverage on Flex in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Bank of America boosted their price target on Flex from $28.00 to $31.00 in a research note on Sunday, July 9th. Finally, Credit Suisse Group restated an “outperform” rating and issued a $34.00 price target on shares of Flex in a research note on Monday, July 24th.

Flex Stock Down 0.3 %

Flex stock opened at $27.51 on Friday. The stock has a market cap of $12.20 billion, a PE ratio of 15.99, a price-to-earnings-growth ratio of 1.14 and a beta of 1.44. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.75 and a current ratio of 1.46. Flex Ltd. has a one year low of $16.11 and a one year high of $28.90. The stock has a fifty day moving average of $27.21 and a 200 day moving average of $24.51.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, July 26th. The technology company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. The company had revenue of $7.34 billion during the quarter, compared to analysts’ expectations of $7.24 billion. Flex had a return on equity of 17.98% and a net margin of 2.60%. As a group, sell-side analysts predict that Flex Ltd. will post 2.09 EPS for the current year.

Insider Buying and Selling at Flex

In other Flex news, CEO Revathi Advaithi sold 56,501 shares of the business’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $26.10, for a total transaction of $1,474,676.10. Following the completion of the sale, the chief executive officer now owns 1,368,258 shares of the company’s stock, valued at $35,711,533.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Flex news, CEO Revathi Advaithi sold 56,501 shares of the business’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $26.10, for a total transaction of $1,474,676.10. Following the completion of the sale, the chief executive officer now owns 1,368,258 shares of the company’s stock, valued at $35,711,533.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael P. Hartung sold 8,623 shares of the business’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $26.10, for a total value of $225,060.30. Following the sale, the insider now directly owns 94,241 shares of the company’s stock, valued at approximately $2,459,690.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 696,461 shares of company stock valued at $18,614,441. Company insiders own 0.56% of the company’s stock.

Flex Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.