Flextronics International Ltd. (FLEX) Receives Consensus Recommendation of “Buy” from Analysts
Flextronics International Ltd. (NASDAQ:FLEX) has received a consensus recommendation of “Buy” from the thirteen ratings firms that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $17.69.
Several research firms recently commented on FLEX. Royal Bank Of Canada restated a “buy” rating and set a $19.00 price target on shares of Flextronics International in a report on Friday, September 1st. ValuEngine upgraded shares of Flextronics International from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Needham & Company LLC upped their price objective on shares of Flextronics International from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Tuesday, July 18th. Zacks Investment Research upgraded shares of Flextronics International from a “sell” rating to a “hold” rating in a research report on Tuesday, September 26th. Finally, Macquarie assumed coverage on shares of Flextronics International in a research report on Thursday, June 22nd. They issued a “neutral” rating for the company.
Flextronics International (NASDAQ:FLEX) traded up 1.4896% during midday trading on Wednesday, reaching $17.0401. The company’s stock had a trading volume of 1,425,000 shares. Flextronics International has a 12 month low of $13.34 and a 12 month high of $17.76. The stock’s 50-day moving average price is $16.33 and its 200-day moving average price is $16.41. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of 27.0908 and a beta of 0.83.
Flextronics International (NASDAQ:FLEX) last issued its earnings results on Thursday, July 27th. The technology company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate 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 prior year, the company earned $0.27 EPS. Analysts predict that Flextronics International will post $1.09 EPS for the current year.
Flextronics International announced that its Board of Directors has authorized a share repurchase program on Friday, August 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 65% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, CEO Michael M. Mcnamara sold 171,618 shares of the firm’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $16.33, for a total value of $2,802,521.94. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider David P. Bennett sold 6,250 shares of the firm’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $17.02, for a total value of $106,375.00. Following the completion of the transaction, the insider now directly owns 54,299 shares in the company, valued at $924,168.98. The disclosure for this sale can be found here. Insiders sold 205,596 shares of company stock valued at $3,353,104 in the last ninety days. Insiders own 0.83% of the company’s stock.
A number of institutional investors have recently made changes to their positions in FLEX. Raymond James Trust N.A. grew its holdings in Flextronics International by 2.3% during the second quarter. Raymond James Trust N.A. now owns 13,483 shares of the technology company’s stock valued at $220,000 after purchasing an additional 309 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Flextronics International by 4.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 12,087 shares of the technology company’s stock valued at $203,000 after purchasing an additional 516 shares during the period. Logan Capital Management Inc. raised its position in shares of Flextronics International by 1.1% in the first quarter. Logan Capital Management Inc. now owns 56,524 shares of the technology company’s stock valued at $950,000 after purchasing an additional 600 shares during the period. Creative Planning raised its position in shares of Flextronics International by 0.5% in the second quarter. Creative Planning now owns 144,326 shares of the technology company’s stock valued at $2,354,000 after purchasing an additional 746 shares during the period. Finally, IFP Advisors Inc raised its position in shares of Flextronics International by 3.5% in the second quarter. IFP Advisors Inc now owns 24,625 shares of the technology company’s stock valued at $402,000 after purchasing an additional 832 shares during the period. 94.85% of the stock is owned by hedge funds and other institutional investors.
Flextronics International Company Profile
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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