Flex Ltd. $FLEX Position Trimmed by Board of the Pension Protection Fund

Board of the Pension Protection Fund decreased its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 32.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,900 shares of the technology company’s stock after selling 15,600 shares during the quarter. Flex comprises 1.8% of Board of the Pension Protection Fund’s holdings, making the stock its 2nd biggest position. Board of the Pension Protection Fund’s holdings in Flex were worth $1,849,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Boston Partners raised its stake in Flex by 3.5% in the 2nd quarter. Boston Partners now owns 20,620,717 shares of the technology company’s stock worth $1,029,769,000 after acquiring an additional 687,835 shares during the last quarter. State Street Corp raised its stake in shares of Flex by 38.0% in the second quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after purchasing an additional 3,377,669 shares during the last quarter. Invesco Ltd. raised its stake in shares of Flex by 6.1% in the second quarter. Invesco Ltd. now owns 8,871,601 shares of the technology company’s stock worth $442,870,000 after purchasing an additional 508,495 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Flex by 52.1% during the second quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock worth $358,500,000 after purchasing an additional 2,459,511 shares during the period. Finally, Norges Bank purchased a new stake in Flex in the second quarter valued at approximately $291,362,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Wall Street Zen cut shares of Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 9th. Jefferies Financial Group restated a “hold” rating and set a $23.00 target price on shares of Flex in a research report on Wednesday, November 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Flex in a research report on Monday. JPMorgan Chase & Co. boosted their price objective on Flex from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Finally, The Goldman Sachs Group upped their target price on Flex from $67.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $65.88.

Insider Buying and Selling

In other Flex news, Director William D. Watkins sold 20,000 shares of the company’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $54.52, for a total transaction of $1,090,400.00. Following the completion of the transaction, the director directly owned 98,073 shares in the company, valued at approximately $5,346,939.96. This represents a 16.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael E. Hurlston sold 10,000 shares of Flex stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $58.00, for a total transaction of $580,000.00. Following the completion of the sale, the director owned 58,561 shares in the company, valued at approximately $3,396,538. This trade represents a 14.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 107,500 shares of company stock worth $6,593,750 in the last 90 days. 0.57% of the stock is owned by insiders.

Flex Price Performance

Shares of Flex stock opened at $64.24 on Friday. The firm has a market cap of $23.76 billion, a PE ratio of 28.42, a P/E/G ratio of 1.67 and a beta of 1.26. Flex Ltd. has a twelve month low of $25.11 and a twelve month high of $72.22. The company has a quick ratio of 0.83, a current ratio of 1.33 and a debt-to-equity ratio of 0.60. The business has a 50-day moving average price of $62.20 and a 200 day moving average price of $55.47.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.