Lateef Investment Management L.P. lifted its position in Flex Ltd (NASDAQ:FLEX) by 39.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,469,376 shares of the technology company’s stock after acquiring an additional 696,954 shares during the period. Flex makes up about 4.7% of Lateef Investment Management L.P.’s investment portfolio, making the stock its 9th largest position. Lateef Investment Management L.P.’s holdings in Flex were worth $34,843,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in FLEX. Wells Fargo & Company MN raised its stake in Flex by 412.0% during the first quarter. Wells Fargo & Company MN now owns 4,506,828 shares of the technology company’s stock worth $73,596,000 after purchasing an additional 3,626,538 shares during the period. Tower Bridge Advisors purchased a new position in Flex during the first quarter worth approximately $169,000. Daiwa Securities Group Inc. raised its stake in Flex by 3.2% during the first quarter. Daiwa Securities Group Inc. now owns 951,486 shares of the technology company’s stock worth $15,537,000 after purchasing an additional 29,913 shares during the period. West Branch Capital LLC purchased a new position in Flex during the first quarter worth approximately $260,000. Finally, Frontier Capital Management Co. LLC raised its stake in Flex by 0.9% during the first quarter. Frontier Capital Management Co. LLC now owns 3,914,678 shares of the technology company’s stock worth $63,927,000 after purchasing an additional 34,185 shares during the period. 92.44% of the stock is owned by institutional investors and hedge funds.
FLEX has been the topic of a number of research reports. Zacks Investment Research downgraded shares of Flex from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. BidaskClub downgraded shares of Flex from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 1st. Citigroup cut their target price on shares of Flex from $20.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, April 30th. TheStreet downgraded shares of Flex from a “b-” rating to a “c+” rating in a research note on Monday, May 7th. Finally, Stifel Nicolaus cut their target price on shares of Flex from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, April 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. Flex presently has a consensus rating of “Buy” and a consensus price target of $19.61.
Flex stock opened at $13.63 on Tuesday. Flex Ltd has a 12-month low of $12.93 and a 12-month high of $19.71. The firm has a market cap of $7.23 billion, a P/E ratio of 17.04, a PEG ratio of 0.66 and a beta of 0.82. The company has a current ratio of 1.24, a quick ratio of 0.73 and a debt-to-equity ratio of 0.93.
Flex (NASDAQ:FLEX) last released its quarterly earnings results on Thursday, July 26th. The technology company reported $0.24 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.24. Flex had a net margin of 1.62% and a return on equity of 14.02%. The firm had revenue of $6.42 billion for the quarter, compared to the consensus estimate of $6.50 billion. During the same quarter in the previous year, the firm posted $0.24 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. equities analysts expect that Flex Ltd will post 1.02 EPS for the current fiscal year.
In related news, CEO Michael M. Mcnamara sold 239,288 shares of Flex stock in a transaction on Thursday, June 21st. The shares were sold at an average price of $14.50, for a total transaction of $3,469,676.00. Following the sale, the chief executive officer now owns 3,421,864 shares of the company’s stock, valued at approximately $49,617,028. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul Humphries sold 9,964 shares of Flex stock in a transaction on Monday, July 2nd. The stock was sold at an average price of $13.82, for a total transaction of $137,702.48. The disclosure for this sale can be found here. Insiders have sold a total of 619,916 shares of company stock worth $8,915,939 in the last ninety days. 0.88% of the stock is currently owned by insiders.
Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.
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