Earnest Partners LLC trimmed its holdings in Flex Ltd (NASDAQ:FLEX) by 9.5% in the fourth quarter, HoldingsChannel reports. The firm owned 2,034,667 shares of the technology company’s stock after selling 214,541 shares during the quarter. Earnest Partners LLC’s holdings in Flex were worth $36,604,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. First Personal Financial Services boosted its holdings in Flex by 227.4% in the fourth quarter. First Personal Financial Services now owns 8,974 shares of the technology company’s stock valued at $161,000 after purchasing an additional 6,233 shares in the last quarter. CIBC World Markets Inc. acquired a new position in Flex in the fourth quarter valued at approximately $196,000. Quantitative Systematic Strategies LLC acquired a new stake in shares of Flex in the fourth quarter valued at approximately $236,000. Capital Fund Management S.A. acquired a new stake in shares of Flex in the fourth quarter valued at approximately $240,000. Finally, Woodmont Investment Counsel LLC acquired a new stake in shares of Flex in the third quarter valued at approximately $244,000. 97.61% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Willy C. Shih sold 13,597 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $17.91, for a total transaction of $243,522.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.83% of the stock is owned by corporate insiders.
Shares of Flex Ltd (FLEX) opened at $18.80 on Wednesday. Flex Ltd has a 52 week low of $14.70 and a 52 week high of $19.71. The company has a current ratio of 1.22, a quick ratio of 0.72 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $9,983.43, a P/E ratio of 18.99, a PEG ratio of 1.04 and a beta of 0.78.
Flex (NASDAQ:FLEX) last released its quarterly earnings results on Thursday, January 25th. The technology company reported $0.31 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. Flex had a return on equity of 20.44% and a net margin of 2.15%. The business had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.50 billion. During the same quarter in the prior year, the business earned $0.34 earnings per share. The company’s quarterly revenue was up 10.4% compared to the same quarter last year. research analysts forecast that Flex Ltd will post 1.08 EPS for the current fiscal year.
Several equities research analysts have recently weighed in on FLEX shares. BidaskClub downgraded Flex from a “hold” rating to a “sell” rating in a report on Friday, January 26th. Stifel Nicolaus increased their price objective on Flex from $20.00 to $22.00 and gave the company a “buy” rating in a report on Friday, January 26th. Bank of America increased their price objective on Flex from $20.00 to $22.00 and gave the company a “buy” rating in a report on Friday, January 26th. ValuEngine raised Flex from a “hold” rating to a “buy” rating in a report on Tuesday, January 30th. Finally, Needham & Company LLC increased their price objective on Flex from $19.00 to $21.00 and gave the company a “buy” rating in a report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. Flex has an average rating of “Buy” and a consensus target price of $20.56.
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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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