Flextronics International Ltd. (NASDAQ:FLEX) posted its quarterly earnings results on Thursday, July 27th. The technology company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.02, Bloomberg Earnings reports. Flextronics International had a net margin of 1.41% and a return on equity of 20.46%. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same period in the previous year, the firm posted $0.27 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Flextronics International updated its Q2 guidance to $0.24 to $0.28 EPS.
Shares of Flextronics International (FLEX) traded up 0.06% on Tuesday, hitting $16.15. 355,756 shares of the stock traded hands. The stock has a market cap of $8.60 billion, a P/E ratio of 25.68 and a beta of 0.79. The stock’s 50 day moving average price is $16.64 and its 200 day moving average price is $16.34. Flextronics International has a 52-week low of $12.34 and a 52-week high of $17.76.
In other news, insider David P. Bennett sold 6,250 shares of Flextronics International stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $17.02, for a total transaction of $106,375.00. Following the completion of the transaction, the insider now owns 54,299 shares of the company’s stock, valued at approximately $924,168.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Willy C. Shih sold 25,000 shares of Flextronics International stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $16.03, for a total value of $400,750.00. Following the sale, the director now owns 206,895 shares of the company’s stock, valued at approximately $3,316,526.85. The disclosure for this sale can be found here. In the last three months, insiders sold 1,133,609 shares of company stock valued at $18,584,817. 0.83% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the company. Toronto Dominion Bank boosted its stake in Flextronics International by 26.1% in the first quarter. Toronto Dominion Bank now owns 5,969 shares of the technology company’s stock worth $100,000 after buying an additional 1,234 shares in the last quarter. Keybank National Association OH bought a new stake in Flextronics International during the first quarter worth approximately $199,000. Cambridge Investment Research Advisors Inc. boosted its stake in Flextronics International by 4.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 12,087 shares of the technology company’s stock worth $203,000 after buying an additional 516 shares in the last quarter. Airain ltd bought a new stake in Flextronics International during the second quarter worth approximately $203,000. Finally, FNY Partners Fund LP bought a new stake in Flextronics International during the first quarter worth approximately $214,000. Hedge funds and other institutional investors own 90.64% of the company’s stock.
A number of research firms have issued reports on FLEX. ValuEngine upgraded shares of Flextronics International from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Zacks Investment Research cut shares of Flextronics International from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Macquarie began coverage on shares of Flextronics International in a research report on Thursday, June 22nd. They set a “neutral” rating on the stock. Needham & Company LLC boosted their price target on shares of Flextronics International from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, July 18th. Finally, Bank of America Corporation reiterated a “buy” rating and set a $19.50 price target (up previously from $17.50) on shares of Flextronics International in a research report on Wednesday, May 17th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $17.75.
Flextronics International Company Profile
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).
Receive News & Ratings for Flextronics International Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flextronics International Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.