Illinois Municipal Retirement Fund Sells 6,499 Shares of Flex Ltd. $FLEX

Illinois Municipal Retirement Fund decreased its position in Flex Ltd. (NASDAQ:FLEX) by 9.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 62,117 shares of the technology company’s stock after selling 6,499 shares during the period. Illinois Municipal Retirement Fund’s holdings in Flex were worth $4,066,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Flex by 196.1% during the fourth quarter. Vanguard Group Inc. now owns 38,746,330 shares of the technology company’s stock valued at $2,341,053,000 after acquiring an additional 25,662,586 shares during the last quarter. State Street Corp grew its stake in Flex by 17.8% in the 4th quarter. State Street Corp now owns 14,055,533 shares of the technology company’s stock valued at $849,235,000 after purchasing an additional 2,126,440 shares during the period. Geode Capital Management LLC increased its position in shares of Flex by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 7,605,802 shares of the technology company’s stock valued at $459,829,000 after purchasing an additional 181,266 shares during the last quarter. Norges Bank bought a new stake in shares of Flex during the 4th quarter worth $319,756,000. Finally, Polar Capital Holdings Plc raised its stake in shares of Flex by 141.8% during the 4th quarter. Polar Capital Holdings Plc now owns 3,693,141 shares of the technology company’s stock worth $223,140,000 after purchasing an additional 2,165,780 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Activity at Flex

In related news, COO Kwang Hooi Tan sold 8,981 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.19, for a total value of $1,303,951.39. Following the completion of the transaction, the chief operating officer directly owned 248,546 shares of the company’s stock, valued at approximately $36,086,393.74. This trade represents a 3.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 6,657 shares of Flex stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.23, for a total transaction of $966,796.11. Following the completion of the transaction, the executive vice president owned 91,122 shares of the company’s stock, valued at $13,233,648.06. This represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 769,195 shares of company stock worth $110,116,823 in the last ninety days. Insiders own 0.62% of the company’s stock.

Flex Trading Down 1.5%

Shares of FLEX opened at $119.25 on Friday. Flex Ltd. has a fifty-two week low of $47.83 and a fifty-two week high of $166.86. The business has a 50-day moving average of $143.16 and a 200 day moving average of $95.78. The firm has a market cap of $43.69 billion, a P/E ratio of 51.18, a price-to-earnings-growth ratio of 0.63 and a beta of 1.64. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. The business had revenue of $7.48 billion for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. As a group, research analysts forecast that Flex Ltd. will post 4.18 EPS for the current year.

Analyst Upgrades and Downgrades

FLEX has been the subject of several research reports. JPMorgan Chase & Co. increased their price target on shares of Flex from $75.00 to $84.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Freedom Capital upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a research note on Thursday. Stifel Nicolaus increased their target price on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. The Goldman Sachs Group raised their price target on shares of Flex from $84.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, Zacks Research cut shares of Flex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Flex currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.70.

Flex Profile

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.