Oppenheimer Asset Management Inc. increased its position in shares of Flex Ltd (NASDAQ:FLEX) by 8.3% during the 2nd quarter, Holdings Channel reports. The firm owned 55,377 shares of the technology company’s stock after purchasing an additional 4,245 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Flex were worth $781,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its holdings in Flex by 30.9% during the second quarter. Janus Henderson Group PLC now owns 44,757,280 shares of the technology company’s stock worth $631,547,000 after purchasing an additional 10,577,317 shares during the last quarter. BlackRock Inc. boosted its holdings in Flex by 27.8% during the first quarter. BlackRock Inc. now owns 22,242,447 shares of the technology company’s stock worth $363,220,000 after purchasing an additional 4,844,002 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Flex by 6.2% during the second quarter. Victory Capital Management Inc. now owns 13,328,332 shares of the technology company’s stock worth $188,062,000 after purchasing an additional 774,875 shares during the last quarter. Sound Shore Management Inc. CT boosted its holdings in Flex by 7.4% during the second quarter. Sound Shore Management Inc. CT now owns 10,696,781 shares of the technology company’s stock worth $150,932,000 after purchasing an additional 732,919 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Flex by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 6,660,335 shares of the technology company’s stock worth $93,971,000 after purchasing an additional 100,955 shares during the last quarter. Institutional investors and hedge funds own 91.45% of the company’s stock.
In other news, insider Paul Humphries sold 9,964 shares of the business’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $13.82, for a total value of $137,702.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Christopher Collier sold 49,217 shares of the business’s stock in a transaction that occurred on Thursday, June 21st. The shares were sold at an average price of $14.50, for a total transaction of $713,646.50. Following the completion of the sale, the chief financial officer now directly owns 821,355 shares in the company, valued at approximately $11,909,647.50. The disclosure for this sale can be found here. In the last three months, insiders sold 619,916 shares of company stock worth $8,915,939. Insiders own 0.88% of the company’s stock.
Shares of FLEX stock opened at $13.23 on Friday. The stock has a market capitalization of $7.25 billion, a price-to-earnings ratio of 16.54, a P/E/G ratio of 0.66 and a beta of 0.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.73 and a current ratio of 1.24. Flex Ltd has a 52 week low of $12.93 and a 52 week high of $19.71.
Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Thursday, July 26th. The technology company reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. Flex had a net margin of 1.62% and a return on equity of 14.02%. The company had revenue of $6.42 billion for the quarter, compared to analyst estimates of $6.50 billion. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. research analysts predict that Flex Ltd will post 1.02 earnings per share for the current year.
Flex announced that its board has initiated a stock repurchase plan on Tuesday, August 21st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 6.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
Several research analysts recently weighed in on the stock. Zacks Investment Research cut shares of Flex from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. BidaskClub raised shares of Flex from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 23rd. Finally, Standpoint Research raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Monday, June 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $19.61.
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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