Cornerstone Capital Management Holdings LLC. Boosts Holdings in Flextronics International Ltd. (FLEX)
Cornerstone Capital Management Holdings LLC. grew its stake in shares of Flextronics International Ltd. (NASDAQ:FLEX) by 9.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 144,563 shares of the technology company’s stock after buying an additional 12,900 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in Flextronics International were worth $2,357,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of FLEX. FMR LLC grew its stake in shares of Flextronics International by 7.8% during the first quarter. FMR LLC now owns 1,796,240 shares of the technology company’s stock worth $30,177,000 after buying an additional 129,993 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Flextronics International by 106.4% during the first quarter. PNC Financial Services Group Inc. now owns 110,351 shares of the technology company’s stock worth $1,855,000 after buying an additional 56,896 shares during the last quarter. MARSHALL WACE ASIA Ltd bought a new stake in shares of Flextronics International during the first quarter worth $348,000. Marshall Wace North America L.P. bought a new stake in shares of Flextronics International during the first quarter worth $348,000. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of Flextronics International by 4.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 12,087 shares of the technology company’s stock worth $203,000 after buying an additional 516 shares during the last quarter. 94.78% of the stock is currently owned by hedge funds and other institutional investors.
In other Flextronics International news, Director Lay Koon Tan sold 2,728 shares of Flextronics International stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $15.93, for a total value of $43,457.04. Following the completion of the transaction, the director now directly owns 114,394 shares of the company’s stock, valued at $1,822,296.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David P. Bennett sold 6,250 shares of Flextronics International stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $17.02, for a total transaction of $106,375.00. Following the completion of the transaction, the insider now directly owns 54,299 shares of the company’s stock, valued at $924,168.98. The disclosure for this sale can be found here. Insiders sold 33,978 shares of company stock valued at $550,582 over the last ninety days. Corporate insiders own 0.83% of the company’s stock.
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A number of analysts have weighed in on FLEX shares. ValuEngine raised shares of Flextronics International from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Needham & Company LLC boosted their target price on shares of Flextronics International from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Tuesday, July 18th. Zacks Investment Research raised shares of Flextronics International from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Macquarie started coverage on shares of Flextronics International in a research note on Thursday, June 22nd. They set a “neutral” rating on the stock. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $19.00 target price on shares of Flextronics International in a research note on Friday, September 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $17.56.
Shares of Flextronics International Ltd. (FLEX) opened at 17.60 on Wednesday. The firm has a 50-day moving average of $16.69 and a 200-day moving average of $16.45. Flextronics International Ltd. has a 12 month low of $13.34 and a 12 month high of $17.76. The company has a market capitalization of $9.37 billion, a P/E ratio of 27.98 and a beta of 0.83.
Flextronics International (NASDAQ:FLEX) last issued its earnings results on Thursday, July 27th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.91 billion. Flextronics International had a net margin of 1.41% and a return on equity of 20.46%. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.27 earnings per share. On average, equities analysts predict that Flextronics International Ltd. will post $1.09 earnings per share for the current year.
Flextronics International declared that its Board of Directors has initiated a stock repurchase program on Friday, August 18th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to purchase up to 65% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
Flextronics International Company Profile
Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC).
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