Private Advisor Group LLC bought a new position in shares of Flex Ltd (NASDAQ:FLEX) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 31,215 shares of the technology company’s stock, valued at approximately $435,000.
A number of other large investors also recently added to or reduced their stakes in FLEX. Campbell & CO Investment Adviser LLC purchased a new stake in Flex during the 2nd quarter worth approximately $161,000. Fiduciary Trust Co. purchased a new stake in shares of Flex in the 1st quarter valued at $163,000. MANA Advisors LLC purchased a new stake in shares of Flex in the 1st quarter valued at $183,000. Jane Street Group LLC purchased a new stake in shares of Flex in the 1st quarter valued at $229,000. Finally, Tower Bridge Advisors boosted its holdings in shares of Flex by 74.8% in the 2nd quarter. Tower Bridge Advisors now owns 18,095 shares of the technology company’s stock valued at $255,000 after acquiring an additional 7,745 shares during the last quarter. 91.45% of the stock is currently owned by institutional investors.
FLEX stock opened at $13.23 on Friday. The firm has a market capitalization of $7.25 billion, a PE ratio of 16.54, a price-to-earnings-growth ratio of 0.66 and a beta of 0.86. 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 Ltd has a 12 month low of $12.93 and a 12 month high of $19.71.
Flex (NASDAQ:FLEX) last released its quarterly earnings data on Thursday, July 26th. The technology company reported $0.24 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 business had revenue of $6.42 billion for the quarter, compared to the consensus estimate of $6.50 billion. During the same period in the prior year, the firm earned $0.24 EPS. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. research analysts expect that Flex Ltd will post 1.02 EPS for the current fiscal year.
Flex declared that its board has initiated a stock repurchase plan on Tuesday, August 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 6.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In related news, President Douglas Britt sold 56,784 shares of the business’s stock in a transaction on Tuesday, July 17th. The shares were sold at an average price of $15.00, for a total value of $851,760.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Christopher Collier sold 49,217 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now owns 821,355 shares of the company’s stock, valued at $11,909,647.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 619,916 shares of company stock valued at $8,915,939. Company insiders own 0.88% of the company’s stock.
Several research firms have recently commented on FLEX. BidaskClub downgraded shares of Flex from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 1st. Zacks Investment Research raised shares of Flex from a “sell” rating to a “hold” rating in a report on Tuesday, July 31st. Finally, Standpoint Research raised shares of Flex from a “hold” rating to a “buy” rating in a report on Monday, June 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $19.61.
Flex Company Profile
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.
Further Reading: Fundamental Analysis
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