Flextronics International (FLEX) to Buyback $500.00 million in Stock

Flextronics International (NASDAQ:FLEX) announced that its Board of Directors has approved a share repurchase program, which allows the company to repurchase $500.00 million in shares on Friday, August 18th, EventVestor reports. This repurchase authorization allows the technology company to buy up to 65% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

A number of analysts recently commented on FLEX shares. Deutsche Bank AG reaffirmed a “hold” rating and issued a $16.00 price target (up previously from $15.00) on shares of Flextronics International in a research note on Saturday, April 29th. Zacks Investment Research lowered Flextronics International from a “hold” rating to a “sell” rating in a research note on Tuesday, May 2nd. Craig Hallum raised Flextronics International from a “hold” rating to a “buy” rating in a research note on Friday, May 12th. Bank of America Corporation reaffirmed a “buy” rating and issued a $19.50 price target (up previously from $17.50) on shares of Flextronics International in a research note on Wednesday, May 17th. Finally, ValuEngine raised Flextronics International from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $17.75.

Flextronics International (FLEX) opened at 15.52 on Friday. The firm has a 50-day moving average price of $16.33 and a 200-day moving average price of $16.39. Flextronics International has a 12-month low of $12.41 and a 12-month high of $17.76. The company has a market cap of $8.26 billion, a P/E ratio of 24.67 and a beta of 0.79.

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, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.02. Flextronics International had a return on equity of 20.46% and a net margin of 1.41%. The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the prior year, the business earned $0.27 EPS. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities research analysts forecast that Flextronics International will post $1.09 earnings per share for the current fiscal year.

In other Flextronics International news, CFO Christopher Collier sold 17,875 shares of the company’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $16.75, for a total value of $299,406.25. Following the completion of the sale, the chief financial officer now directly owns 700,531 shares in the company, valued at approximately $11,733,894.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lay Koon Tan sold 2,728 shares of the company’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 completion of the sale, the director now owns 114,394 shares of the company’s stock, valued at $1,822,296.42. The disclosure for this sale can be found here. Insiders sold a total of 1,136,337 shares of company stock valued at $18,628,274 over the last quarter. Company insiders own 0.83% of the company’s stock.

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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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