Flextronics International (FLEX) to Buyback $500.00 million in Shares
Flextronics International (NASDAQ:FLEX) announced that its board has initiated a stock buyback program, which permits the company to repurchase $500.00 million in shares on Friday, August 18th, EventVestor reports. This repurchase authorization permits the technology company to purchase up to 65% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
FLEX has been the subject of several analyst reports. ValuEngine raised shares of Flextronics International from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Bank of America Corporation reissued a “buy” rating and issued a $19.50 target price (up from $17.50) on shares of Flextronics International in a report on Wednesday, May 17th. Craig Hallum raised shares of Flextronics International from a “hold” rating to a “buy” rating in a report on Friday, May 12th. Needham & Company LLC increased their target price on shares of Flextronics International from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, July 18th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $21.00 target price on shares of Flextronics International in a report on Friday, June 16th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $17.75.
Shares of Flextronics International (NASDAQ FLEX) traded down 1.83% during midday trading on Friday, reaching $15.52. 2,908,331 shares of the company’s stock were exchanged. The stock has a market cap of $8.26 billion, a P/E ratio of 24.67 and a beta of 0.79. The company’s 50-day moving average is $16.33 and its 200-day moving average is $16.39. Flextronics International has a one year low of $12.41 and a one year high of $17.76.
Flextronics International (NASDAQ:FLEX) last issued its quarterly earnings data on Thursday, July 27th. The technology company reported $0.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.91 billion. Flextronics International had a return on equity of 20.46% and a net margin of 1.41%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.27 earnings per share. Equities analysts expect that Flextronics International will post $1.09 earnings per share for the current fiscal year.
In other Flextronics International news, CAO David P. Bennett sold 5,656 shares of the business’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $16.61, for a total transaction of $93,946.16. Following the transaction, the chief accounting officer now owns 62,974 shares in the company, valued at $1,045,998.14. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Lay Koon Tan sold 2,728 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $15.93, for a total value of $43,457.04. Following the transaction, the director now owns 114,394 shares in the company, valued at approximately $1,822,296.42. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,136,337 shares of company stock worth $18,628,274. 0.83% of the stock is currently owned by insiders.
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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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