Advisors Asset Management Inc. lowered its holdings in shares of Flex Ltd (NASDAQ:FLEX) by 58.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,083 shares of the technology company’s stock after selling 29,134 shares during the period. Advisors Asset Management Inc.’s holdings in Flex were worth $297,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC acquired a new stake in Flex during the second quarter worth approximately $161,000. Jane Street Group LLC acquired a new stake in Flex during the first quarter worth approximately $229,000. Tower Research Capital LLC TRC grew its stake in Flex by 109.5% during the second quarter. Tower Research Capital LLC TRC now owns 15,817 shares of the technology company’s stock worth $223,000 after purchasing an additional 8,267 shares during the period. Envestnet Asset Management Inc. grew its stake in Flex by 63.9% during the second quarter. Envestnet Asset Management Inc. now owns 16,773 shares of the technology company’s stock worth $237,000 after purchasing an additional 6,539 shares during the period. Finally, Sensato Investors LLC acquired a new stake in Flex during the second quarter worth approximately $241,000. 91.89% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently commented on FLEX shares. Goldman Sachs Group cut Flex from a “buy” rating to a “neutral” rating in a research note on Friday, October 26th. Macquarie set a $9.00 target price on Flex and gave the stock a “hold” rating in a research note on Monday, October 29th. Argus cut Flex from a “buy” rating to a “hold” rating in a research note on Tuesday, October 30th. Needham & Company LLC cut Flex from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. Finally, ValuEngine cut Flex from a “hold” rating to a “sell” rating in a research note on Saturday, October 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Flex presently has an average rating of “Hold” and a consensus target price of $17.94.
Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Thursday, October 25th. The technology company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. The business had revenue of $6.71 billion for the quarter, compared to analyst estimates of $6.81 billion. Flex had a return on equity of 9.83% and a net margin of 1.15%. Equities research analysts anticipate that Flex Ltd will post 0.82 earnings per share for the current year.
Flex declared that its Board of Directors has initiated a stock repurchase program on Tuesday, August 21st that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to buy up to 6.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
In other news, EVP David Scott Offer purchased 27,027 shares of the business’s stock in a transaction on Tuesday, October 30th. The shares were acquired at an average price of $7.48 per share, for a total transaction of $202,161.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.88% of the stock is currently owned by corporate insiders.
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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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