Lingohr & Partner Asset Management GmbH reduced its holdings in shares of Flex Ltd (NASDAQ:FLEX) by 15.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 84,400 shares of the technology company’s stock after selling 15,200 shares during the period. Lingohr & Partner Asset Management GmbH’s holdings in Flex were worth $1,107,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Campbell & CO Investment Adviser LLC acquired a new position in Flex during the second quarter valued at approximately $161,000. Bank of Montreal Can boosted its holdings in shares of Flex by 116.5% in the third quarter. Bank of Montreal Can now owns 12,696 shares of the technology company’s stock valued at $167,000 after buying an additional 6,831 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Flex by 109.5% in the second quarter. Tower Research Capital LLC TRC now owns 15,817 shares of the technology company’s stock valued at $223,000 after buying an additional 8,267 shares during the period. Jane Street Group LLC acquired a new position in shares of Flex in the first quarter valued at approximately $229,000. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Flex by 63.9% in the second quarter. Envestnet Asset Management Inc. now owns 16,773 shares of the technology company’s stock valued at $237,000 after buying an additional 6,539 shares during the period. 91.89% of the stock is owned by hedge funds and other institutional investors.
NASDAQ FLEX traded down $0.35 on Friday, hitting $8.22. 14,836,079 shares of the stock were exchanged, compared to its average volume of 11,993,838. The firm has a market capitalization of $4.59 billion, a P/E ratio of 10.28, a price-to-earnings-growth ratio of 1.01 and a beta of 1.52. Flex Ltd has a 52 week low of $6.74 and a 52 week high of $19.71. The company has a current ratio of 1.23, a quick ratio of 0.73 and a debt-to-equity ratio of 1.07.
Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Thursday, October 25th. The technology company reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The company had revenue of $6.71 billion for the quarter, compared to analyst estimates of $6.81 billion. Flex had a net margin of 1.15% and a return on equity of 9.83%. On average, research analysts anticipate that Flex Ltd will post 0.82 EPS for the current fiscal year.
Flex declared that its board has approved a stock buyback 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 repurchase up to 6.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
In related news, EVP David Scott Offer acquired 27,027 shares of the company’s stock in a transaction dated Tuesday, October 30th. The shares were bought at an average cost of $7.48 per share, with a total value of $202,161.96. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is owned by corporate insiders.
Several research analysts have recently weighed in on the stock. BidaskClub upgraded shares of Flex from a “strong sell” rating to a “sell” rating in a report on Friday, November 2nd. ValuEngine upgraded shares of Flex from a “sell” rating to a “hold” rating in a report on Friday, November 2nd. Argus cut shares of Flex from a “buy” rating to a “hold” rating in a report on Tuesday, October 30th. Macquarie set a $9.00 target price on shares of Flex and gave the stock a “hold” rating in a report on Monday, October 29th. Finally, Goldman Sachs Group cut shares of Flex from a “buy” rating to a “neutral” rating in a report on Friday, October 26th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $17.94.
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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.
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