Flextronics International Ltd. (FLEX) Downgraded to Hold at Zacks Investment Research
Flextronics International Ltd. (NASDAQ:FLEX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Flextronic International is a leading provider of advanced electronics manufacturing services to OEMs primarily in the telecommunications and networking, consumer electronics and computer industries. The company’s strategy is to provide customers with the ability to outsource, on a global basis, a complete product wherethe company’s take responsibility for engineering, supply chain management, assembly, integration, test and logistics management. The company provides complete product design services, including electrical and mechanical, circuit and layout. “
A number of other equities research analysts also recently commented on FLEX. B. Riley restated a “buy” rating and issued a $14.50 price objective on shares of Flextronics International in a research report on Monday, July 25th. Standpoint Research downgraded shares of Flextronics International from a “buy” rating to a “hold” rating in a research report on Tuesday, May 24th. Argus restated a “buy” rating and issued a $16.00 price objective (up previously from $15.00) on shares of Flextronics International in a research report on Tuesday, July 26th. Raymond James Financial Inc. restated a “strong-buy” rating and issued a $14.00 price objective on shares of Flextronics International in a research report on Tuesday, July 26th. Finally, Goldman Sachs Group Inc. upgraded shares of Flextronics International from a “neutral” rating to a “buy” rating and raised their price objective for the company from $13.00 to $16.00 in a research report on Tuesday. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $14.09.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/flextronics-international-ltd-flex-downgraded-to-hold-at-zacks-investment-research.html
Shares of Flextronics International (NASDAQ:FLEX) traded up 2.44% on Wednesday, reaching $13.45. The company had a trading volume of 5,629,781 shares. The firm has a 50-day moving average price of $12.91 and a 200 day moving average price of $12.45. Flextronics International has a 1-year low of $8.85 and a 1-year high of $13.49. The firm has a market capitalization of $7.35 billion, a price-to-earnings ratio of 17.03 and a beta of 0.97.
Flextronics International (NASDAQ:FLEX) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.27 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.27. The firm earned $5.88 billion during the quarter, compared to the consensus estimate of $5.71 billion. Flextronics International had a net margin of 1.77% and a return on equity of 22.68%. Equities research analysts predict that Flextronics International will post $1.19 earnings per share for the current year.
In other Flextronics International news, Director H Raymond Bingham sold 25,000 shares of Flextronics International stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $13.20, for a total value of $330,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Christopher Collier sold 14,020 shares of Flextronics International stock in a transaction that occurred on Tuesday, June 28th. The stock was sold at an average price of $11.79, for a total transaction of $165,295.80. The disclosure for this sale can be found here. 0.94% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in FLEX. Nomura Asset Management Co. Ltd. boosted its stake in Flextronics International by 0.8% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 100,700 shares of the company’s stock valued at $1,129,000 after buying an additional 800 shares during the last quarter. Norges Bank purchased a new stake in Flextronics International during the fourth quarter valued at approximately $62,157,000. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Flextronics International by 6.8% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 173,102 shares of the company’s stock valued at $2,088,000 after buying an additional 11,068 shares during the last quarter. OLD National Bancorp IN boosted its stake in Flextronics International by 28.7% in the first quarter. OLD National Bancorp IN now owns 46,310 shares of the company’s stock valued at $558,000 after buying an additional 10,318 shares during the last quarter. Finally, Glenmede Trust Co. NA boosted its stake in Flextronics International by 0.6% in the first quarter. Glenmede Trust Co. NA now owns 133,564 shares of the company’s stock valued at $1,610,000 after buying an additional 854 shares during the last quarter. 91.36% of the stock is owned by hedge funds and other institutional investors.
About Flextronics International
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Flextronics International Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flextronics International Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.