Flex Ltd (FLEX) Shares Sold by LSV Asset Management
LSV Asset Management reduced its stake in shares of Flex Ltd (NASDAQ:FLEX) by 30.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,368,300 shares of the technology company’s stock after selling 2,836,523 shares during the quarter. LSV Asset Management’s holdings in Flex were worth $89,856,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Contour Asset Management LLC bought a new position in Flex in the first quarter valued at approximately $91,302,000. BlackRock Inc. boosted its stake in Flex by 27.8% in the first quarter. BlackRock Inc. now owns 22,242,447 shares of the technology company’s stock valued at $363,220,000 after acquiring an additional 4,844,002 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Flex by 412.0% in the first quarter. Wells Fargo & Company MN now owns 4,506,828 shares of the technology company’s stock valued at $73,596,000 after acquiring an additional 3,626,538 shares during the last quarter. Lateef Investment Management L.P. bought a new position in Flex in the first quarter valued at approximately $28,944,000. Finally, Canada Pension Plan Investment Board boosted its stake in Flex by 2,570.5% in the second quarter. Canada Pension Plan Investment Board now owns 1,492,826 shares of the technology company’s stock valued at $21,064,000 after acquiring an additional 1,436,925 shares during the last quarter. 90.99% of the stock is currently owned by institutional investors and hedge funds.
FLEX has been the topic of a number of recent research reports. Raymond James cut shares of Flex from a “strong-buy” rating to a “market perform” rating and reduced their price objective for the company from $22.00 to $19.00 in a research note on Friday, April 27th. Stifel Nicolaus reduced their price objective on shares of Flex from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, April 27th. ValuEngine cut shares of Flex from a “buy” rating to a “hold” rating in a research note on Friday, April 27th. Citigroup reduced their price objective on shares of Flex from $20.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, April 30th. Finally, TheStreet cut shares of Flex from a “b-” rating to a “c+” rating in a research note on Monday, May 7th. One investment 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 stock currently has a consensus rating of “Buy” and a consensus price target of $19.61.
Shares of NASDAQ FLEX opened at $13.57 on Friday. The firm has a market cap of $7.31 billion, a PE ratio of 16.96, a PEG ratio of 0.67 and a beta of 0.82. Flex Ltd has a twelve month low of $12.93 and a twelve month high of $19.71. 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 (NASDAQ:FLEX) last announced its quarterly earnings results on Thursday, July 26th. The technology company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. The company had revenue of $6.42 billion for the quarter, compared to analysts’ expectations of $6.50 billion. Flex had a net margin of 1.62% and a return on equity of 14.02%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.24 earnings per share. equities analysts anticipate that Flex Ltd will post 1.02 earnings per share for the current fiscal year.
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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