Simcoe Capital Management LLC Acquires 598,348 Shares of Flex Ltd. (NASDAQ:FLEX)

Simcoe Capital Management LLC increased its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 90.6% in the fourth quarter, Holdings Channel reports. The firm owned 1,258,683 shares of the technology company’s stock after buying an additional 598,348 shares during the period. Flex comprises 7.1% of Simcoe Capital Management LLC’s investment portfolio, making the stock its 7th largest holding. Simcoe Capital Management LLC’s holdings in Flex were worth $48,321,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. R Squared Ltd purchased a new stake in shares of Flex in the 4th quarter valued at $35,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Flex during the fourth quarter worth about $35,000. SBI Securities Co. Ltd. acquired a new stake in shares of Flex during the fourth quarter worth about $38,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Flex by 112.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company’s stock valued at $38,000 after purchasing an additional 509 shares during the period. Finally, Huntington National Bank grew its holdings in shares of Flex by 46.7% in the fourth quarter. Huntington National Bank now owns 1,502 shares of the technology company’s stock valued at $58,000 after purchasing an additional 478 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on FLEX shares. Barclays raised their price target on shares of Flex from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Thursday, May 8th. StockNews.com cut Flex from a “buy” rating to a “hold” rating in a research note on Monday. JPMorgan Chase & Co. lowered their price objective on Flex from $52.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. The Goldman Sachs Group reduced their price objective on shares of Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Finally, KeyCorp raised their price target on Flex from $35.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $45.33.

Flex Stock Down 0.3%

FLEX opened at $41.95 on Friday. The stock has a market capitalization of $16.07 billion, a P/E ratio of 16.92, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. Flex Ltd. has a one year low of $25.11 and a one year high of $45.10. The business’s 50-day simple moving average is $34.12 and its 200-day simple moving average is $37.65. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41.

Flex (NASDAQ:FLEX) last announced its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The business had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.22 billion. During the same period last year, the firm posted $0.57 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. Analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Insider Transactions at Flex

In related news, CAO Daniel Wendler sold 4,502 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $41.99, for a total value of $189,038.98. Following the completion of the sale, the chief accounting officer now owns 38,676 shares in the company, valued at $1,624,005.24. This trade represents a 10.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David Scott Offer sold 87,093 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total value of $3,172,797.99. Following the transaction, the executive vice president now owns 71,001 shares in the company, valued at $2,586,566.43. The trade was a 55.09% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 475,255 shares of company stock worth $19,002,628. Company insiders own 0.82% of the company’s stock.

About Flex

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.