LMR Partners LLP Invests $36.47 Million in Flex Ltd. (NASDAQ:FLEX)

LMR Partners LLP acquired a new stake in Flex Ltd. (NASDAQ:FLEX) in the 4th quarter, Holdings Channel reports. The firm acquired 950,000 shares of the technology company’s stock, valued at approximately $36,470,000.

A number of other institutional investors also recently modified their holdings of the stock. United Services Automobile Association acquired a new position in shares of Flex during the fourth quarter valued at about $982,000. Brandywine Global Investment Management LLC increased its position in Flex by 219.2% in the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company’s stock valued at $5,119,000 after buying an additional 91,571 shares in the last quarter. Mutual of America Capital Management LLC acquired a new position in Flex during the 4th quarter worth approximately $7,864,000. Raymond James Financial Inc. bought a new position in Flex in the fourth quarter worth approximately $32,293,000. Finally, American Century Companies Inc. grew its stake in Flex by 19.7% in the fourth quarter. American Century Companies Inc. now owns 693,846 shares of the technology company’s stock valued at $26,637,000 after acquiring an additional 114,350 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FLEX shares. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. JPMorgan Chase & Co. lowered their price objective on shares of Flex from $52.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. KeyCorp lifted their price objective on shares of Flex from $35.00 to $44.00 and gave the company an “overweight” rating in a report on Friday. Barclays upped their target price on shares of Flex from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Stifel Nicolaus assumed coverage on Flex in a research note on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target for the company. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $45.33.

Flex Stock Performance

NASDAQ FLEX opened at $38.48 on Monday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The company has a fifty day moving average price of $33.55 and a 200-day moving average price of $37.51. Flex Ltd. has a 1 year low of $25.11 and a 1 year high of $45.10. The firm has a market cap of $14.74 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.04. Flex had a net margin of 3.95% and a return on equity of 17.93%. The business had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.22 billion. During the same period in the prior year, the firm posted $0.57 EPS. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. As a group, equities research analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Activity at Flex

In other Flex news, EVP David Scott Offer sold 87,093 shares of the business’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total value of $3,172,797.99. Following the transaction, the executive vice president now owns 71,001 shares of the company’s stock, valued at approximately $2,586,566.43. The trade was a 55.09% 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, CEO Revathi Advaithi sold 120,280 shares of the firm’s stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total value of $4,581,465.20. Following the sale, the chief executive officer now directly owns 1,112,193 shares of the company’s stock, valued at approximately $42,363,431.37. This represents a 9.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.

Flex Company 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.