Flex Ltd. $FLEX Stake Trimmed by Board of the Pension Protection Fund

Board of the Pension Protection Fund decreased its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 32.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,900 shares of the technology company’s stock after selling 15,600 shares during the quarter. Flex comprises about 1.8% of Board of the Pension Protection Fund’s portfolio, making the stock its 2nd biggest holding. Board of the Pension Protection Fund’s holdings in Flex were worth $1,849,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Boston Partners grew its stake in Flex by 3.5% during the 2nd quarter. Boston Partners now owns 20,620,717 shares of the technology company’s stock valued at $1,029,769,000 after acquiring an additional 687,835 shares in the last quarter. State Street Corp boosted its holdings in shares of Flex by 38.0% during the 2nd quarter. State Street Corp now owns 12,259,554 shares of the technology company’s stock worth $611,997,000 after purchasing an additional 3,377,669 shares during the last quarter. Invesco Ltd. grew its position in shares of Flex by 6.1% in the second quarter. Invesco Ltd. now owns 8,871,601 shares of the technology company’s stock valued at $442,870,000 after purchasing an additional 508,495 shares in the last quarter. Geode Capital Management LLC lifted its position in Flex by 52.1% during the second quarter. Geode Capital Management LLC now owns 7,180,371 shares of the technology company’s stock worth $358,500,000 after buying an additional 2,459,511 shares in the last quarter. Finally, Norges Bank acquired a new position in Flex during the second quarter worth $291,362,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on FLEX shares. Jefferies Financial Group reaffirmed a “hold” rating and issued a $23.00 target price on shares of Flex in a research note on Wednesday, November 12th. Barclays raised their price objective on shares of Flex from $60.00 to $78.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. KeyCorp boosted their target price on shares of Flex from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Argus set a $85.00 price target on shares of Flex in a report on Friday, October 31st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Flex in a report on Monday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.88.

Insider Transactions at Flex

In other news, CAO Daniel Wendler sold 10,000 shares of Flex stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $71.97, for a total value of $719,700.00. Following the completion of the sale, the chief accounting officer directly owned 27,619 shares of the company’s stock, valued at approximately $1,987,739.43. The trade was a 26.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Kwang Hooi Tan sold 12,500 shares of the stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $64.88, for a total value of $811,000.00. Following the transaction, the chief operating officer directly owned 251,136 shares in the company, valued at approximately $16,293,703.68. The trade was a 4.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 107,500 shares of company stock worth $6,593,750 in the last three months. Company insiders own 0.57% of the company’s stock.

Flex Price Performance

Shares of FLEX opened at $64.24 on Friday. The firm has a 50-day simple moving average of $62.20 and a two-hundred day simple moving average of $55.47. The stock has a market cap of $23.76 billion, a PE ratio of 28.42, a P/E/G ratio of 1.67 and a beta of 1.26. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $72.22. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.33 and a quick ratio of 0.83.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.