Corsair Capital Management L.P. reduced its stake in shares of Flex Ltd (NASDAQ:FLEX) by 1.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,158,296 shares of the technology company’s stock after selling 15,591 shares during the period. Flex makes up 3.5% of Corsair Capital Management L.P.’s holdings, making the stock its 10th biggest holding. Corsair Capital Management L.P.’s holdings in Flex were worth $15,197,000 as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. Jefferies Group LLC acquired a new position in Flex during the 3rd quarter valued at approximately $1,992,000. Bailard Inc. boosted its position in Flex by 13.1% during the 3rd quarter. Bailard Inc. now owns 217,142 shares of the technology company’s stock valued at $2,849,000 after purchasing an additional 25,175 shares during the period. Renaissance Technologies LLC boosted its position in Flex by 6,346.1% during the 3rd quarter. Renaissance Technologies LLC now owns 1,669,354 shares of the technology company’s stock worth $21,902,000 after acquiring an additional 1,643,457 shares during the period. S&T Bank PA boosted its position in Flex by 8.8% during the 3rd quarter. S&T Bank PA now owns 659,065 shares of the technology company’s stock worth $8,647,000 after acquiring an additional 53,523 shares during the period. Finally, Primecap Management Co. CA boosted its position in Flex by 13.4% during the 3rd quarter. Primecap Management Co. CA now owns 65,011,618 shares of the technology company’s stock worth $852,952,000 after acquiring an additional 7,670,189 shares during the period. Institutional investors and hedge funds own 92.78% of the company’s stock.
In other news, EVP David Scott Offer acquired 27,027 shares of the company’s stock in a transaction dated Tuesday, October 30th. The shares were bought at an average price of $7.48 per share, with a total value of $202,161.96. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Marc A. Onetto acquired 11,500 shares of the company’s stock in a transaction dated Tuesday, December 4th. The stock was purchased at an average cost of $8.49 per share, for a total transaction of $97,635.00. The disclosure for this purchase can be found here. 0.88% of the stock is currently owned by insiders.
Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Thursday, October 25th. The technology company reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.01. Flex had a return on equity of 9.83% and a net margin of 1.15%. The company had revenue of $6.71 billion for the quarter, compared to the consensus estimate of $6.81 billion. Equities analysts expect that Flex Ltd will post 0.82 EPS for the current year.
Flex announced that its board has approved a share buyback program on Tuesday, August 21st that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 6.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
A number of research analysts have issued reports on the company. BidaskClub upgraded Flex from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 23rd. ValuEngine lowered Flex from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 27th. Needham & Company LLC lowered Flex from a “buy” rating to a “hold” rating in a research report on Friday, October 26th. Argus lowered Flex from a “buy” rating to a “hold” rating in a research report on Tuesday, October 30th. Finally, Macquarie set a $9.00 price target on Flex and gave the stock a “hold” rating in a research report on Monday, October 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $17.94.
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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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