Teacher Retirement System of Texas Acquires 54,972 Shares of Flex Ltd. $FLEX

Teacher Retirement System of Texas increased its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 35.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 209,748 shares of the technology company’s stock after acquiring an additional 54,972 shares during the quarter. Teacher Retirement System of Texas owned about 0.06% of Flex worth $12,159,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. MTM Investment Management LLC bought a new position in shares of Flex during the 2nd quarter worth about $26,000. Concord Wealth Partners bought a new position in Flex during the second quarter valued at about $28,000. CNB Bank acquired a new position in Flex in the 2nd quarter valued at approximately $30,000. Harbour Investments Inc. lifted its position in shares of Flex by 74.7% in the 2nd quarter. Harbour Investments Inc. now owns 704 shares of the technology company’s stock worth $35,000 after acquiring an additional 301 shares during the period. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Flex by 404.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 706 shares of the technology company’s stock worth $35,000 after purchasing an additional 566 shares in the last quarter. 94.30% of the stock is owned by institutional investors.

Flex Stock Performance

NASDAQ FLEX opened at $63.78 on Friday. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $72.22. The company has a 50 day moving average of $62.44 and a 200-day moving average of $58.41. The company has a current ratio of 1.33, a quick ratio of 0.83 and a debt-to-equity ratio of 0.60. The firm has a market cap of $23.59 billion, a price-to-earnings ratio of 28.22, a PEG ratio of 1.69 and a beta of 1.24.

Wall Street Analyst Weigh In

Several brokerages recently commented on FLEX. Raymond James Financial raised Flex from a “market perform” rating to an “outperform” rating and set a $75.00 target price for the company in a research report on Wednesday, January 14th. Zacks Research lowered shares of Flex from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Wall Street Zen lowered shares of Flex from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 9th. JPMorgan Chase & Co. lifted their price objective on Flex from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Flex in a report on Monday, December 29th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.11.

Insider Activity

In related news, CFO Kevin Krumm sold 21,406 shares of the company’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $61.23, for a total transaction of $1,310,689.38. Following the transaction, the chief financial officer owned 143,803 shares in the company, valued at $8,805,057.69. This represents a 12.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael E. Hurlston sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $58.00, for a total transaction of $580,000.00. Following the completion of the sale, the director owned 58,561 shares of the company’s stock, valued at $3,396,538. The trade was a 14.59% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 128,906 shares of company stock worth $7,904,439. 0.57% of the stock is currently owned by insiders.

Flex Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.