Quantitative Investment Management LLC raised its stake in shares of Flex Ltd (NASDAQ:FLEX) by 264.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 355,300 shares of the technology company’s stock after buying an additional 257,700 shares during the quarter. Quantitative Investment Management LLC’s holdings in Flex were worth $6,391,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. First Personal Financial Services raised its stake in Flex by 227.4% during the fourth quarter. First Personal Financial Services now owns 8,974 shares of the technology company’s stock valued at $161,000 after buying an additional 6,233 shares during the last quarter. CIBC World Markets Inc. purchased a new position in Flex during the fourth quarter valued at $196,000. Quantitative Systematic Strategies LLC purchased a new position in Flex during the fourth quarter valued at $236,000. Capital Fund Management S.A. purchased a new position in Flex during the fourth quarter valued at $240,000. Finally, Woodmont Investment Counsel LLC purchased a new position in Flex during the third quarter valued at $244,000. Institutional investors and hedge funds own 97.61% of the company’s stock.
In other news, Director Willy C. Shih sold 13,597 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $17.91, for a total value of $243,522.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.83% of the stock is owned by insiders.
Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Thursday, January 25th. The technology company reported $0.31 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. Flex had a return on equity of 20.44% and a net margin of 2.15%. The firm had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.50 billion. During the same quarter in the previous year, the business earned $0.34 earnings per share. The company’s revenue was up 10.4% on a year-over-year basis. research analysts expect that Flex Ltd will post 1.08 EPS for the current fiscal year.
A number of research analysts have issued reports on FLEX shares. BidaskClub cut Flex from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Stifel Nicolaus lifted their price objective on Flex from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, January 26th. UBS Group reiterated a “buy” rating and set a $21.50 price objective on shares of Flex in a research note on Tuesday, December 19th. ValuEngine upgraded Flex from a “hold” rating to a “buy” rating in a research note on Tuesday, January 30th. Finally, Bank of America lifted their price objective on Flex from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, January 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. Flex has a consensus rating of “Buy” and an average target price of $20.56.
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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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