Ethic Inc. Cuts Holdings in Flex Ltd. $FLEX

Ethic Inc. cut its stake in Flex Ltd. (NASDAQ:FLEX) by 10.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,384 shares of the technology company’s stock after selling 2,364 shares during the quarter. Ethic Inc.’s holdings in Flex were worth $967,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. BayBridge Capital Group LLC raised its position in Flex by 2.1% in the second quarter. BayBridge Capital Group LLC now owns 11,400 shares of the technology company’s stock valued at $569,000 after purchasing an additional 235 shares during the period. Pinnacle Bancorp Inc. raised its position in Flex by 39.4% in the second quarter. Pinnacle Bancorp Inc. now owns 864 shares of the technology company’s stock valued at $43,000 after purchasing an additional 244 shares during the period. Farther Finance Advisors LLC raised its position in Flex by 1.8% in the second quarter. Farther Finance Advisors LLC now owns 15,206 shares of the technology company’s stock valued at $759,000 after purchasing an additional 266 shares during the period. Uncommon Cents Investing LLC raised its position in Flex by 4.1% in the second quarter. Uncommon Cents Investing LLC now owns 6,850 shares of the technology company’s stock valued at $342,000 after purchasing an additional 270 shares during the period. Finally, Dynasty Wealth Management LLC raised its position in Flex by 0.7% in the first quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock valued at $1,232,000 after purchasing an additional 276 shares during the period. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Stock Up 0.6%

NASDAQ:FLEX opened at $64.28 on Monday. The company has a market capitalization of $24.13 billion, a price-to-earnings ratio of 28.19, a price-to-earnings-growth ratio of 2.09 and a beta of 1.15. Flex Ltd. has a one year low of $25.11 and a one year high of $65.59. The stock has a 50-day simple moving average of $57.07 and a 200 day simple moving average of $48.57. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.09. The business had revenue of $6.58 billion during the quarter, compared to the consensus estimate of $6.27 billion. Flex had a return on equity of 20.25% and a net margin of 3.42%.The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the firm earned $0.51 earnings per share. Sell-side analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Transactions at Flex

In related news, Director William D. Watkins sold 10,000 shares of Flex stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $51.79, for a total value of $517,900.00. Following the completion of the transaction, the director directly owned 111,355 shares in the company, valued at approximately $5,767,075.45. This trade represents a 8.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael P. Hartung sold 45,000 shares of Flex stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $57.14, for a total value of $2,571,300.00. Following the completion of the transaction, the insider owned 256,198 shares of the company’s stock, valued at $14,639,153.72. This trade represents a 14.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 77,520 shares of company stock valued at $4,295,542 over the last ninety days. 0.57% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on FLEX. Bank of America raised their price objective on Flex from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on Flex from $44.00 to $60.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. KGI Securities downgraded Flex from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. KeyCorp raised their target price on Flex from $60.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Finally, The Goldman Sachs Group set a $66.00 target price on Flex in a research note on Monday, September 29th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Flex currently has an average rating of “Moderate Buy” and a consensus price target of $59.71.

Flex Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.