Bank of New York Mellon Corp reduced its stake in Flex Ltd. (NASDAQ:FLEX – Free Report) by 2.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 449,059 shares of the technology company’s stock after selling 12,307 shares during the period. Bank of New York Mellon Corp owned approximately 0.10% of Flex worth $12,412,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of FLEX. FMR LLC raised its holdings in Flex by 49.2% in the 1st quarter. FMR LLC now owns 32,727,697 shares of the technology company’s stock valued at $753,064,000 after buying an additional 10,793,420 shares during the period. Invesco Ltd. boosted its holdings in Flex by 119.3% in the first quarter. Invesco Ltd. now owns 10,551,440 shares of the technology company’s stock valued at $195,729,000 after purchasing an additional 5,741,044 shares in the last quarter. Norges Bank acquired a new stake in shares of Flex in the fourth quarter valued at approximately $103,178,000. LSV Asset Management boosted its holdings in shares of Flex by 281.7% in the first quarter. LSV Asset Management now owns 4,334,130 shares of the technology company’s stock valued at $99,728,000 after acquiring an additional 3,198,600 shares during the period. Finally, Millennium Management LLC lifted its holdings in shares of Flex by 156.8% during the fourth quarter. Millennium Management LLC now owns 5,047,486 shares of the technology company’s stock worth $108,319,000 after purchasing an additional 3,081,799 shares during the period. 95.26% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on the company. StockNews.com started coverage on Flex in a report on Thursday, October 5th. They set a “hold” rating for the company. Credit Suisse Group restated an “outperform” rating and issued a $34.00 price target on shares of Flex in a research report on Monday, July 24th. Finally, Barclays initiated coverage on Flex in a research report on Thursday, September 7th. They issued an “overweight” rating and a $35.00 price target for the company.
Flex Stock Up 0.0 %
FLEX opened at $26.81 on Thursday. The business’s fifty day simple moving average is $25.87 and its 200 day simple moving average is $26.00. The company has a quick ratio of 0.82, a current ratio of 1.53 and a debt-to-equity ratio of 0.54. Flex Ltd. has a 52 week low of $19.15 and a 52 week high of $28.90. The firm has a market cap of $11.66 billion, a P/E ratio of 15.53, a PEG ratio of 0.96 and a beta of 1.30.
Flex (NASDAQ:FLEX – Get Free Report) last issued its quarterly earnings results on Wednesday, October 25th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.09. Flex had a return on equity of 16.86% and a net margin of 2.62%. The firm had revenue of $7.47 billion for the quarter, compared to analyst estimates of $7.52 billion. As a group, equities research analysts anticipate that Flex Ltd. will post 2.19 EPS for the current fiscal year.
In other news, EVP David Scott Offer sold 150,000 shares of Flex stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $25.82, for a total value of $3,873,000.00. Following the transaction, the executive vice president now directly owns 237,094 shares of the company’s stock, valued at approximately $6,121,767.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP David Scott Offer sold 150,000 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $25.82, for a total transaction of $3,873,000.00. Following the sale, the executive vice president now directly owns 237,094 shares in the company, valued at approximately $6,121,767.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Erin Mcsweeney sold 9,500 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $25.64, for a total value of $243,580.00. Following the sale, the director now owns 27,227 shares in the company, valued at $698,100.28. The disclosure for this sale can be found here. Insiders have sold 213,017 shares of company stock valued at $5,493,037 in the last three months. Corporate insiders own 0.56% of the company’s stock.
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.
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