Bank of New York Mellon Corp Has $17.69 Million Stock Position in Flex Ltd. (NASDAQ:FLEX)

Bank of New York Mellon Corp increased its position in shares of Flex Ltd. (NASDAQ:FLEX) by 15.7% in the second quarter, HoldingsChannel reports. The firm owned 599,946 shares of the technology company’s stock after purchasing an additional 81,335 shares during the period. Bank of New York Mellon Corp’s holdings in Flex were worth $17,692,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Richardson Financial Services Inc. acquired a new stake in Flex in the 4th quarter valued at about $34,000. CWM LLC increased its position in Flex by 92.5% in the 4th quarter. CWM LLC now owns 1,609 shares of the technology company’s stock valued at $49,000 after acquiring an additional 773 shares in the last quarter. J.Safra Asset Management Corp increased its position in Flex by 623.6% in the 2nd quarter. J.Safra Asset Management Corp now owns 2,945 shares of the technology company’s stock valued at $87,000 after acquiring an additional 2,538 shares in the last quarter. Blue Trust Inc. increased its position in Flex by 37.4% in the 2nd quarter. Blue Trust Inc. now owns 4,299 shares of the technology company’s stock valued at $123,000 after acquiring an additional 1,170 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. increased its position in Flex by 52.0% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 4,502 shares of the technology company’s stock valued at $137,000 after acquiring an additional 1,540 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Activity

In other news, EVP David Scott Offer sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $32.95, for a total value of $329,500.00. Following the completion of the transaction, the executive vice president now owns 158,094 shares in the company, valued at $5,209,197.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP David Scott Offer sold 10,000 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $32.95, for a total transaction of $329,500.00. Following the completion of the transaction, the executive vice president now owns 158,094 shares in the company, valued at $5,209,197.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Daniel Wendler sold 1,275 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $31.30, for a total transaction of $39,907.50. Following the transaction, the chief accounting officer now owns 32,510 shares of the company’s stock, valued at approximately $1,017,563. The disclosure for this sale can be found here. Insiders sold 399,773 shares of company stock worth $12,864,541 over the last quarter. 0.82% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FLEX has been the subject of several research reports. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on shares of Flex from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Stifel Nicolaus lifted their price target on shares of Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Barclays lifted their price target on shares of Flex from $34.00 to $39.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Craig Hallum upgraded shares of Flex from a “hold” rating to a “buy” rating and lifted their price target for the stock from $27.00 to $39.00 in a research report on Thursday, July 25th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $38.40.

Flex Stock Down 4.4 %

Shares of NASDAQ FLEX opened at $29.05 on Friday. The stock has a market cap of $11.59 billion, a P/E ratio of 12.67, a P/E/G ratio of 1.88 and a beta of 1.09. The firm has a 50 day moving average price of $30.59 and a 200 day moving average price of $29.90. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.75 and a current ratio of 1.40. Flex Ltd. has a 52-week low of $21.84 and a 52-week high of $34.12.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.09. The firm had revenue of $6.31 billion during the quarter, compared to analysts’ expectations of $5.89 billion. Flex had a net margin of 3.54% and a return on equity of 16.23%. Analysts expect that Flex Ltd. will post 2.09 EPS for the current year.

Flex Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.