Flextronics International CEO Michael M. Mcnamara Sells 77,600 Shares (FLEX)
Flextronics International (NASDAQ:FLEX) CEO Michael M. Mcnamara sold 77,600 shares of the company’s stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $11.23, for a total value of $871,448.00. Following the transaction, the chief executive officer now directly owns 1,573,114 shares of the company’s stock, valued at approximately $17,666,070. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Flextronics International (NASDAQ:FLEX) traded down 1.16% during mid-day trading on Monday, hitting $11.07. The stock had a trading volume of 3,064,935 shares. Flextronics International has a 52 week low of $7.01 and a 52 week high of $11.46. The stock’s 50-day moving average is $10.54 and its 200-day moving average is $9.12. The company has a market cap of $6.481 billion and a P/E ratio of 18.98. Flextronics International also was the target of a large increase in short interest during the month of June. As of June 13th, there was short interest totalling 8,345,138 shares, an increase of 27.7% from the May 30th total of 6,534,037 shares. Based on an average daily volume of 6,128,937 shares, the short-interest ratio is presently 1.4 days. Currently, 1.4% of the company’s shares are short sold.
Flextronics International (NASDAQ:FLEX) last released its earnings data on Wednesday, April 30th. The company reported $0.24 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.20 by $0.04. The company had revenue of $6.72 billion for the quarter, compared to the consensus estimate of $6.10 billion. Analysts expect that Flextronics International will post $1.02 EPS for the current fiscal year.
FLEX has been the subject of a number of recent research reports. Analysts at RBC Capital raised their price target on shares of Flextronics International from $11.00 to $12.00 in a research note on Friday, June 6th. They now have an “outperform” rating on the stock. Separately, analysts at Needham & Company LLC upgraded shares of Flextronics International from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. They now have a $12.00 price target on the stock. Finally, analysts at Stifel Nicolaus downgraded shares of Flextronics International from a “buy” rating to a “hold” rating in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $10.53.
Flextronics International Ltd. (NASDAQ:FLEX) is a global provider of global supply chain solutions, through which the Company designs, build, ship and services a packaged electronic product to original equipment manufacturers (OEMs) in the markets, which include High Reliability Solutions (HRS), which is consists of its medical, automotive, defense and aerospace businesses; High Velocity Solutions (HVS), which includes its mobile devices business, including smart phones, and consumer electronics, including game consoles, high-volume computing business, including notebook personal computing (PC), tablets and printers; Industrial and Emerging Industries (IEI), which is consists of its household appliances, equipment, and industries businesses, and Integrated Network Solutions (INS), which includes its telecommunications infrastructure, data networking, connected home, and server and storage businesses.
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