Flex Ltd (FLEX) Holdings Boosted by AMP Capital Investors Ltd

AMP Capital Investors Ltd raised its holdings in Flex Ltd (NASDAQ:FLEX) by 121.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 417,921 shares of the technology company’s stock after buying an additional 229,191 shares during the quarter. AMP Capital Investors Ltd owned 0.08% of Flex worth $5,896,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of FLEX. Wells Fargo & Company MN grew its stake in shares of Flex by 412.0% during the first quarter. Wells Fargo & Company MN now owns 4,506,828 shares of the technology company’s stock worth $73,596,000 after purchasing an additional 3,626,538 shares in the last quarter. M&T Bank Corp grew its stake in shares of Flex by 17.0% during the first quarter. M&T Bank Corp now owns 50,948 shares of the technology company’s stock worth $832,000 after purchasing an additional 7,406 shares in the last quarter. State of Wisconsin Investment Board grew its stake in shares of Flex by 5.5% during the first quarter. State of Wisconsin Investment Board now owns 563,396 shares of the technology company’s stock worth $9,200,000 after purchasing an additional 29,620 shares in the last quarter. Eaton Vance Management grew its stake in shares of Flex by 9.1% during the first quarter. Eaton Vance Management now owns 116,596 shares of the technology company’s stock worth $1,904,000 after purchasing an additional 9,698 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its stake in shares of Flex by 8.1% during the first quarter. Schwab Charles Investment Management Inc. now owns 204,313 shares of the technology company’s stock worth $3,337,000 after purchasing an additional 15,223 shares in the last quarter. 91.46% of the stock is currently owned by hedge funds and other institutional investors.

In other news, President Douglas Britt sold 8,067 shares of the company’s stock in a transaction dated Wednesday, June 27th. The shares were sold at an average price of $14.28, for a total value of $115,196.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Christopher Collier sold 49,217 shares of the company’s stock in a transaction dated Thursday, June 21st. The shares were sold at an average price of $14.50, for a total transaction of $713,646.50. Following the completion of the sale, the chief financial officer now directly owns 821,355 shares of the company’s stock, valued at $11,909,647.50. The disclosure for this sale can be found here. Insiders sold 619,916 shares of company stock valued at $8,915,939 in the last 90 days. 0.88% of the stock is currently owned by insiders.

NASDAQ FLEX opened at $12.90 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.24 and a quick ratio of 0.73. Flex Ltd has a 1 year low of $12.78 and a 1 year high of $19.71. The firm has a market capitalization of $7.03 billion, a price-to-earnings ratio of 16.13, a P/E/G ratio of 0.64 and a beta of 0.86.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Thursday, July 26th. The technology company reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. Flex had a net margin of 1.62% and a return on equity of 14.02%. The company had revenue of $6.42 billion during the quarter, compared to the consensus estimate of $6.50 billion. During the same quarter in the prior year, the firm posted $0.24 earnings per share. Flex’s revenue for the quarter was up 6.9% on a year-over-year basis. sell-side analysts anticipate that Flex Ltd will post 1.02 EPS for the current fiscal year.

Flex announced that its Board of Directors has approved a share repurchase plan on Tuesday, August 21st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 6.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

A number of equities analysts recently commented on FLEX shares. Zacks Investment Research downgraded shares of Flex from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 11th. BidaskClub downgraded shares of Flex from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 1st. Finally, Standpoint Research upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Monday, June 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $19.61.

Flex Profile

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.

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Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

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