Bank of New York Mellon Corp Trims Position in Flex Ltd. $FLEX

Bank of New York Mellon Corp lowered its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 6.0% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,511,337 shares of the technology company’s stock after selling 161,039 shares during the period. Bank of New York Mellon Corp’s holdings in Flex were worth $164,392,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FLEX. USA Financial Formulas acquired a new position in shares of Flex during the fourth quarter worth about $28,000. Parkside Financial Bank & Trust boosted its holdings in Flex by 57.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock valued at $28,000 after purchasing an additional 166 shares in the last quarter. Frazier Financial Advisors LLC acquired a new position in Flex during the 4th quarter worth approximately $28,000. Gables Capital Management Inc. purchased a new position in shares of Flex during the 4th quarter worth approximately $42,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Flex by 6,318.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock valued at $43,000 after buying an additional 695 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Stock Performance

FLEX opened at $119.25 on Friday. Flex Ltd. has a 1-year low of $47.83 and a 1-year high of $166.86. The stock has a market cap of $43.69 billion, a P/E ratio of 51.18, a P/E/G ratio of 0.63 and a beta of 1.64. The stock’s 50 day simple moving average is $143.16 and its 200 day simple moving average is $95.78. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 0.87.

Flex (NASDAQ:FLEX) last posted its earnings results on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. The company had revenue of $7.48 billion for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. As a group, equities analysts anticipate that Flex Ltd. will post 4.18 EPS for the current fiscal year.

Insider Transactions at Flex

In other Flex news, insider Michael P. Hartung sold 22,627 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the transaction, the insider directly owned 253,199 shares in the company, valued at approximately $36,582,191.52. This trade represents a 8.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of Flex stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $153.91, for a total transaction of $5,079,030.00. Following the transaction, the executive vice president owned 73,471 shares of the company’s stock, valued at approximately $11,307,921.61. The trade was a 30.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 769,195 shares of company stock worth $110,116,823. Corporate insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

FLEX has been the topic of a number of analyst reports. Zacks Research downgraded Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Robert W. Baird set a $165.00 target price on Flex in a report on Thursday, May 7th. JPMorgan Chase & Co. boosted their target price on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. The Goldman Sachs Group upped their price target on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, Barclays increased their price target on shares of Flex from $174.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $115.70.

About Flex

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.