Retirement Systems of Alabama Trims Stake in Flex Ltd. $FLEX

Retirement Systems of Alabama lessened its stake in Flex Ltd. (NASDAQ:FLEX) by 3.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 453,790 shares of the technology company’s stock after selling 14,448 shares during the quarter. Retirement Systems of Alabama’s holdings in Flex were worth $26,306,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in FLEX. MTM Investment Management LLC acquired a new position in shares of Flex in the 2nd quarter valued at $26,000. Concord Wealth Partners purchased a new position in Flex in the second quarter valued at $28,000. CNB Bank acquired a new position in shares of Flex in the second quarter worth about $30,000. Harbour Investments Inc. boosted its stake in shares of Flex by 74.7% during the 2nd quarter. Harbour Investments Inc. now owns 704 shares of the technology company’s stock worth $35,000 after acquiring an additional 301 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Flex by 404.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 706 shares of the technology company’s stock valued at $35,000 after acquiring an additional 566 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Flex

In other news, Director William D. Watkins sold 20,000 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $54.52, for a total value of $1,090,400.00. Following the completion of the sale, the director directly owned 98,073 shares in the company, valued at $5,346,939.96. This represents a 16.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Kevin Krumm sold 21,406 shares of the business’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $61.23, for a total transaction of $1,310,689.38. Following the transaction, the chief financial officer owned 143,803 shares in the company, valued at $8,805,057.69. The trade was a 12.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 116,406 shares of company stock valued at $7,093,439. 0.57% of the stock is owned by company insiders.

Flex Stock Down 1.5%

Shares of FLEX opened at $63.78 on Monday. The stock has a 50 day moving average price of $62.44 and a 200 day moving average price of $58.46. Flex Ltd. has a one year low of $25.11 and a one year high of $72.22. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33. The stock has a market capitalization of $23.59 billion, a price-to-earnings ratio of 28.22, a PEG ratio of 1.69 and a beta of 1.24.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Bank of America upped their price target on Flex from $58.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. KeyCorp upped their target price on Flex from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Jefferies Financial Group reiterated a “hold” rating and set a $23.00 target price on shares of Flex in a research report on Wednesday, November 12th. JPMorgan Chase & Co. boosted their price target on shares of Flex from $60.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Finally, Raymond James Financial raised shares of Flex from a “market perform” rating to an “outperform” rating and set a $75.00 price objective on the stock in a report on Wednesday, January 14th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Flex currently has a consensus rating of “Moderate Buy” and an average target price of $66.11.

Flex Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.