Flextronics International Ltd. (FLEX) Expected to Announce Quarterly Sales of $6.50 Billion
Analysts expect that Flextronics International Ltd. (NASDAQ:FLEX) will report $6.50 billion in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Flextronics International’s earnings, with the highest sales estimate coming in at $6.51 billion and the lowest estimate coming in at $6.50 billion. Flextronics International posted sales of $6.12 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 6.2%. The company is scheduled to report its next earnings report on Thursday, January 25th.
On average, analysts expect that Flextronics International will report full-year sales of $6.50 billion for the current financial year, with estimates ranging from $24.45 billion to $25.03 billion. For the next fiscal year, analysts forecast that the firm will report sales of $25.76 billion per share, with estimates ranging from $25.40 billion to $26.18 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Flextronics International.
Flextronics International (NASDAQ:FLEX) last announced its quarterly earnings data on Thursday, October 26th. The technology company reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.01. Flextronics International had a return on equity of 23.05% and a net margin of 2.25%. The firm had revenue of $6.27 billion for the quarter, compared to analysts’ expectations of $6.09 billion. During the same period last year, the business posted $0.28 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis.
A number of research firms have recently issued reports on FLEX. UBS AG boosted their price objective on Flextronics International from $18.00 to $19.75 and gave the company a “buy” rating in a research report on Friday. Royal Bank Of Canada restated a “buy” rating and set a $19.00 price objective on shares of Flextronics International in a research report on Friday, October 13th. Stifel Nicolaus boosted their price objective on Flextronics International from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Friday. Citigroup Inc. boosted their price objective on Flextronics International from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday. Finally, Zacks Investment Research cut Flextronics International from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $18.78.
In other Flextronics International news, Director Lay Koon Tan sold 2,728 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at $1,822,296.42. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Willy C. Shih sold 25,000 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $16.03, for a total value of $400,750.00. Following the completion of the transaction, the director now directly owns 206,895 shares in the company, valued at approximately $3,316,526.85. The disclosure for this sale can be found here. 0.83% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the business. Captrust Financial Advisors acquired a new position in Flextronics International in the second quarter worth $171,000. Cambridge Investment Research Advisors Inc. boosted its stake in 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 worth $203,000 after purchasing an additional 516 shares in the last quarter. Airain ltd acquired a new position in Flextronics International in the second quarter worth $203,000. Raymond James Trust N.A. boosted its stake in Flextronics International by 2.3% in the second quarter. Raymond James Trust N.A. now owns 13,483 shares of the technology company’s stock worth $220,000 after purchasing an additional 309 shares in the last quarter. Finally, Marshall Wace North America L.P. acquired a new position in Flextronics International in the first quarter worth $348,000. 94.50% of the stock is currently owned by institutional investors.
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Shares of Flextronics International (NASDAQ FLEX) traded down 0.73% during trading on Tuesday, reaching $17.74. The company had a trading volume of 531,585 shares. Flextronics International has a 12 month low of $13.34 and a 12 month high of $18.01. The firm has a market capitalization of $9.44 billion, a PE ratio of 28.20 and a beta of 0.83. The stock has a 50 day moving average price of $17.11 and a 200 day moving average price of $16.55.
Flextronics International announced that its Board of Directors has approved a stock buyback plan on Friday, August 18th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 65% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
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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