Earnest Partners LLC decreased its position in shares of Flextronics International Ltd. (NASDAQ:FLEX) by 2.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,249,208 shares of the technology company’s stock after selling 48,523 shares during the period. Earnest Partners LLC owned 0.43% of Flextronics International worth $37,269,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board boosted its position in Flextronics International by 156.4% during the second quarter. Canada Pension Plan Investment Board now owns 55,901 shares of the technology company’s stock valued at $912,000 after purchasing an additional 34,102 shares during the last quarter. Korea Investment CORP lifted its position in shares of Flextronics International by 145.7% in the third quarter. Korea Investment CORP now owns 257,300 shares of the technology company’s stock worth $4,263,000 after buying an additional 152,600 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of Flextronics International by 15.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 150,148 shares of the technology company’s stock worth $2,523,000 after buying an additional 20,376 shares during the last quarter. Investment House LLC lifted its position in shares of Flextronics International by 14.1% in the third quarter. Investment House LLC now owns 269,400 shares of the technology company’s stock worth $4,464,000 after buying an additional 33,375 shares during the last quarter. Finally, First Quadrant L P CA acquired a new stake in shares of Flextronics International in the third quarter worth about $579,000. 95.40% of the stock is owned by hedge funds and other institutional investors.
In other news, Director William D. Watkins sold 9,000 shares of Flextronics International stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $17.73, for a total value of $159,570.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David Scott Offer sold 45,000 shares of Flextronics International stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $17.71, for a total value of $796,950.00. The disclosure for this sale can be found here. Insiders own 0.83% of the company’s stock.
Flextronics International Ltd. (FLEX) opened at $17.84 on Monday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.23 and a quick ratio of 0.70. The company has a market capitalization of $9,427.94, a PE ratio of 15.51, a PEG ratio of 0.98 and a beta of 0.81. Flextronics International Ltd. has a 12 month low of $14.22 and a 12 month high of $19.11.
Flextronics International (NASDAQ:FLEX) last posted its quarterly earnings data on Thursday, October 26th. The technology company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. The business had revenue of $6.27 billion for the quarter, compared to analyst estimates of $6.09 billion. Flextronics International had a return on equity of 22.71% and a net margin of 2.25%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 earnings per share. research analysts predict that Flextronics International Ltd. will post 1.09 EPS for the current fiscal year.
Flextronics International declared that its Board of Directors has initiated a stock repurchase plan on Friday, August 18th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase up to 65% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
A number of analysts have weighed in on FLEX shares. ValuEngine raised Flextronics International from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $19.00 price target on shares of Flextronics International in a research report on Friday, September 1st. Zacks Investment Research raised Flextronics International from a “sell” rating to a “hold” rating in a research report on Tuesday, September 26th. Stifel Nicolaus boosted their price target on Flextronics International from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, October 27th. Finally, Citigroup boosted their price target on Flextronics International from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, October 27th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $19.53.
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About Flextronics International
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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