Janus Henderson Group PLC grew its holdings in shares of Flex Ltd (NASDAQ:FLEX) by 30.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,757,280 shares of the technology company’s stock after purchasing an additional 10,577,317 shares during the period. Janus Henderson Group PLC owned approximately 8.40% of Flex worth $631,547,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the company. Fiduciary Trust Co. purchased a new position in Flex in the 1st quarter worth $163,000. Tower Bridge Advisors purchased a new position in Flex in the 1st quarter worth $169,000. MANA Advisors LLC purchased a new position in Flex in the 1st quarter worth $183,000. Campbell & CO Investment Adviser LLC purchased a new position in Flex in the 2nd quarter worth $161,000. Finally, Jane Street Group LLC purchased a new position in Flex in the 1st quarter worth $229,000. Hedge funds and other institutional investors own 91.45% of the company’s stock.
In other news, CFO Christopher Collier sold 49,217 shares of the firm’s stock in a transaction dated Thursday, June 21st. The stock was sold at an average price of $14.50, for a total transaction of $713,646.50. Following the sale, the chief financial officer now directly owns 821,355 shares in the company, valued at approximately $11,909,647.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO David P. Bennett sold 10,576 shares of the firm’s stock in a transaction dated Thursday, June 21st. The shares were sold at an average price of $14.50, for a total value of $153,352.00. Following the sale, the chief accounting officer now owns 62,798 shares in the company, valued at $910,571. The disclosure for this sale can be found here. Insiders have sold a total of 619,916 shares of company stock worth $8,915,939 over the last ninety days. 0.88% of the stock is owned by insiders.
Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Thursday, July 26th. The technology company reported $0.24 earnings per share for the quarter, hitting the consensus estimate of $0.24. The company had revenue of $6.42 billion for the quarter, compared to the consensus estimate of $6.50 billion. Flex had a return on equity of 14.02% and a net margin of 1.62%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm earned $0.24 EPS. analysts expect that Flex Ltd will post 1.02 EPS for the current year.
Flex announced that its board has approved a share buyback plan on Tuesday, August 21st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 6.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
A number of equities analysts recently issued reports on the company. TheStreet lowered Flex from a “b-” rating to a “c+” rating in a research note on Monday, May 7th. BidaskClub lowered Flex from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 1st. Zacks Investment Research upgraded Flex from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. Standpoint Research raised Flex from a “hold” rating to a “buy” rating in a research report on Monday, June 18th. Finally, Citigroup cut their price target on Flex from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, April 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $19.61.
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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