Flextronics International Ltd. (NASDAQ:FLEX) Short Interest Update
Flextronics International Ltd. (NASDAQ:FLEX) was the recipient of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 9,327,231 shares, a decrease of 19.3% from the July 14th total of 11,555,594 shares. Currently, 1.8% of the company’s shares are short sold. Based on an average daily trading volume, of 4,322,835 shares, the days-to-cover ratio is presently 2.2 days.
In related news, insider David P. Bennett sold 6,250 shares of the 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 transaction, the insider now directly owns 54,299 shares in the company, valued at $924,168.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO David P. Bennett sold 5,656 shares of the stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $16.61, for a total value of $93,946.16. Following the transaction, the chief accounting officer now owns 62,974 shares in the company, valued at $1,045,998.14. The disclosure for this sale can be found here. Insiders have sold 1,133,609 shares of company stock worth $18,584,817 over the last quarter. 0.83% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Toronto Dominion Bank boosted its stake in Flextronics International by 26.1% in the first quarter. Toronto Dominion Bank now owns 5,969 shares of the technology company’s stock worth $100,000 after buying an additional 1,234 shares during the last quarter. Captrust Financial Advisors purchased a new stake in Flextronics International during the second quarter worth about $171,000. Keybank National Association OH purchased a new stake in Flextronics International during the first quarter worth about $199,000. Cambridge Investment Research Advisors Inc. boosted its stake in Flextronics International by 4.5% in 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. Finally, Airain ltd purchased a new stake in Flextronics International during the second quarter worth about $203,000. 90.64% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on the company. ValuEngine upgraded Flextronics International from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Bank of America Corporation restated a “buy” rating and issued a $19.50 price objective (up from $17.50) on shares of Flextronics International in a report on Wednesday, May 17th. Craig Hallum upgraded Flextronics International from a “hold” rating to a “buy” rating in a report on Friday, May 12th. Needham & Company LLC raised their price objective on Flextronics International from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, July 18th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $21.00 price objective on shares of Flextronics International in a report on Friday, June 16th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $17.75.
Shares of Flextronics International (FLEX) opened at 15.69 on Friday. The stock has a 50 day moving average price of $16.46 and a 200-day moving average price of $16.38. The firm has a market cap of $8.35 billion, a price-to-earnings ratio of 24.94 and a beta of 0.79. Flextronics International has a 1-year low of $12.41 and a 1-year high of $17.76.
Flextronics International (NASDAQ:FLEX) last released its quarterly earnings data on Thursday, July 27th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.91 billion. Flextronics International had a return on equity of 20.46% and a net margin of 1.41%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.27 earnings per share. On average, equities research analysts expect that Flextronics International will post $1.09 earnings per share for the current fiscal year.
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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