Flextronics International Ltd. (FLEX) Receives Consensus Recommendation of “Buy” from Analysts
Flextronics International Ltd. (NASDAQ:FLEX) has been given an average recommendation of “Buy” by the thirteen analysts that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $17.69.
Several equities analysts have commented on FLEX shares. Craig Hallum upgraded shares of Flextronics International from a “hold” rating to a “buy” rating in a research note on Friday, May 12th. Royal Bank Of Canada reiterated a “buy” rating and issued a $19.00 price target on shares of Flextronics International in a research note on Friday, September 1st. Zacks Investment Research lowered shares of Flextronics International from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Macquarie started coverage on shares of Flextronics International in a research note on Thursday, June 22nd. They issued a “neutral” rating on the stock. Finally, BidaskClub lowered shares of Flextronics International from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 3rd.
In other news, CFO Christopher Collier sold 15,739 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $15.93, for a total transaction of $250,722.27. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Willy C. Shih sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $16.03, for a total transaction of $400,750.00. Following the transaction, the director now owns 206,895 shares in the company, valued at $3,316,526.85. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 972,124 shares of company stock worth $15,872,864. Insiders own 0.83% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Oak Associates Ltd. OH lifted its holdings in shares of Flextronics International by 8.5% during the second quarter. Oak Associates Ltd. OH now owns 556,305 shares of the technology company’s stock worth $9,073,000 after purchasing an additional 43,680 shares during the period. Cornerstone Capital Management Holdings LLC. lifted its holdings in shares of Flextronics International by 9.8% during the second quarter. Cornerstone Capital Management Holdings LLC. now owns 144,563 shares of the technology company’s stock worth $2,357,000 after purchasing an additional 12,900 shares during the period. South Street Advisors LLC acquired a new stake in shares of Flextronics International during the second quarter worth $3,277,000. Captrust Financial Advisors acquired a new stake in shares of Flextronics International during the second quarter worth $171,000. Finally, Raymond James Trust N.A. lifted its holdings in shares of Flextronics International by 2.3% during the second quarter. Raymond James Trust N.A. now owns 13,483 shares of the technology company’s stock worth $220,000 after purchasing an additional 309 shares during the period. 94.98% of the stock is owned by hedge funds and other institutional investors.
Shares of Flextronics International (FLEX) traded up 0.62% on Friday, hitting $16.29. 1,983,547 shares of the stock were exchanged. The stock has a market cap of $8.67 billion, a PE ratio of 25.90 and a beta of 0.79. Flextronics International has a 52-week low of $12.41 and a 52-week high of $17.76. The company’s 50 day moving average is $16.13 and its 200-day moving average is $16.41.
Flextronics International (NASDAQ:FLEX) last released its earnings results on Thursday, July 27th. The technology company reported $0.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.02. Flextronics International had a net margin of 1.41% and a return on equity of 20.46%. The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same period in the prior year, the firm earned $0.27 earnings per share. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. Analysts predict that Flextronics International will post $1.09 EPS for the current fiscal year.
Flextronics International declared that its Board of Directors has initiated a share repurchase program on Friday, August 18th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 65% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
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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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