Standard Life Aberdeen plc grew its position in Flex Ltd (NASDAQ:FLEX) by 22.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 154,472 shares of the technology company’s stock after purchasing an additional 28,474 shares during the period. Standard Life Aberdeen plc’s holdings in Flex were worth $2,181,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of FLEX. Thompson Siegel & Walmsley LLC lifted its position in shares of Flex by 66.0% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 6,147,245 shares of the technology company’s stock worth $86,737,000 after buying an additional 2,444,209 shares in the last quarter. Private Advisor Group LLC bought a new position in shares of Flex during the 2nd quarter worth approximately $435,000. Tower Bridge Advisors lifted its position in shares of Flex by 74.8% during the 2nd quarter. Tower Bridge Advisors now owns 18,095 shares of the technology company’s stock worth $255,000 after buying an additional 7,745 shares in the last quarter. Swiss National Bank lifted its position in shares of Flex by 2.9% during the 2nd quarter. Swiss National Bank now owns 1,748,479 shares of the technology company’s stock worth $24,671,000 after buying an additional 48,900 shares in the last quarter. Finally, Lateef Investment Management L.P. lifted its position in shares of Flex by 39.3% during the 2nd quarter. Lateef Investment Management L.P. now owns 2,469,376 shares of the technology company’s stock worth $34,843,000 after buying an additional 696,954 shares in the last quarter. Institutional investors own 91.46% of the company’s stock.
In other news, CAO David P. Bennett sold 10,576 shares of the company’s stock in a transaction dated Thursday, June 21st. The shares were sold at an average price of $14.50, for a total transaction of $153,352.00. Following the completion of the transaction, the chief accounting officer now directly owns 62,798 shares of the company’s stock, valued at $910,571. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Douglas Britt sold 41,218 shares of the stock in a transaction dated Thursday, June 21st. The stock was sold at an average price of $14.49, for a total transaction of $597,248.82. Following the completion of the transaction, the insider now directly owns 281,688 shares of the company’s stock, valued at $4,081,659.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 619,916 shares of company stock valued at $8,915,939. Insiders own 0.88% of the company’s stock.
A number of equities research analysts recently commented on FLEX shares. Standpoint Research raised shares of Flex from a “hold” rating to a “buy” rating in a report on Monday, June 18th. Zacks Investment Research raised shares of Flex from a “sell” rating to a “hold” rating in a report on Tuesday, July 31st. Finally, BidaskClub cut shares of Flex from a “sell” rating to a “strong sell” rating in a report on Friday, August 31st. 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. Flex presently has an average rating of “Buy” and an average target price of $19.61.
Shares of FLEX traded down $0.04 during mid-day trading on Friday, reaching $12.90. 13,455,027 shares of the stock traded hands, compared to its average volume of 3,534,501. Flex Ltd has a 1 year low of $12.78 and a 1 year high of $19.71. The firm has a market capitalization of $7.03 billion, a P/E ratio of 16.91, a price-to-earnings-growth ratio of 0.64 and a beta of 0.86. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.24 and a quick ratio of 0.73.
Flex (NASDAQ:FLEX) last announced its earnings results on Thursday, July 26th. The technology company reported $0.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.24. The company had revenue of $6.42 billion during the quarter, compared to analyst estimates of $6.50 billion. Flex had a net margin of 1.62% and a return on equity of 14.02%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.24 earnings per share. analysts expect that Flex Ltd will post 1.02 earnings per share for the current year.
Flex declared that its board has initiated a share buyback program on Tuesday, August 21st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 6.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
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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