Public Employees Retirement System of Ohio Buys Shares of 124,136 Flex Ltd. $FLEX

Public Employees Retirement System of Ohio bought a new position in Flex Ltd. (NASDAQ:FLEX) during the 2nd quarter, HoldingsChannel reports. The firm bought 124,136 shares of the technology company’s stock, valued at approximately $20,119,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Ancora Advisors LLC bought a new stake in shares of Flex in the 2nd quarter valued at $1,979,000. C M Bidwell & Associates Ltd. acquired a new position in Flex in the second quarter valued at about $224,000. Monetta Financial Services Inc. acquired a new position in Flex in the second quarter valued at about $1,053,000. Great Lakes Advisors LLC bought a new stake in shares of Flex in the second quarter worth about $323,000. Finally, Foster & Motley Inc. acquired a new stake in shares of Flex during the second quarter worth about $727,000. 94.30% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, COO Kwang Hooi Tan sold 8,981 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.19, for a total value of $1,303,951.39. Following the completion of the sale, the chief operating officer owned 248,546 shares of the company’s stock, valued at approximately $36,086,393.74. This represents a 3.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Daniel Wendler sold 1,311 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.20, for a total transaction of $190,357.20. Following the transaction, the chief accounting officer owned 37,932 shares in the company, valued at approximately $5,507,726.40. The trade was a 3.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 459,938 shares of company stock valued at $67,020,113 in the last quarter. 0.62% of the stock is currently owned by corporate insiders.

Flex Stock Performance

Shares of FLEX stock opened at $110.50 on Friday. Flex Ltd. has a 12 month low of $51.76 and a 12 month high of $166.86. The company’s fifty day simple moving average is $127.37 and its 200-day simple moving average is $107.28. The firm has a market cap of $40.82 billion, a PE ratio of 42.66, a P/E/G ratio of 0.56 and a beta of 1.67. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95.

Flex (NASDAQ:FLEX) last released its earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share for the quarter. Flex had a net margin of 3.32% and a return on equity of 23.15%. The business had revenue of $7.93 billion during the quarter. Equities research analysts expect that Flex Ltd. will post 4.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FLEX has been the subject of several research analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flex in a research report on Friday, July 17th. Freedom Capital upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Zacks Research cut shares of Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Barclays dropped their price objective on shares of Flex from $203.00 to $144.00 and set an “overweight” rating on the stock in a report on Thursday, July 30th. Finally, Raymond James Financial set a $170.00 price objective on shares of Flex and gave the company an “outperform” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $114.20.

About Flex

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.