Flex Ltd. (NASDAQ:FLEX) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its position in shares of Flex Ltd. (NASDAQ:FLEX) by 210.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,957,477 shares of the technology company’s stock after acquiring an additional 1,327,298 shares during the period. Bank of New York Mellon Corp owned about 0.50% of Flex worth $75,148,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. purchased a new stake in shares of Flex during the 3rd quarter worth approximately $29,000. Huntington National Bank lifted its position in shares of Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock worth $34,000 after buying an additional 479 shares during the last quarter. R Squared Ltd purchased a new stake in shares of Flex during the 4th quarter worth approximately $35,000. First Horizon Advisors Inc. lifted its position in shares of Flex by 23.6% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after buying an additional 305 shares during the last quarter. Finally, UMB Bank n.a. purchased a new stake in shares of Flex during the 4th quarter worth approximately $64,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Flex Stock Performance

Shares of FLEX opened at $36.07 on Tuesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The stock has a market capitalization of $13.82 billion, a P/E ratio of 14.54, a P/E/G ratio of 2.43 and a beta of 1.10. The company’s fifty day moving average is $41.03 and its two-hundred day moving average is $37.12. Flex Ltd. has a 1 year low of $25.27 and a 1 year high of $45.10.

Flex (NASDAQ:FLEX) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. On average, sell-side analysts predict that Flex Ltd. will post 2.33 earnings per share for the current year.

Insider Buying and Selling at Flex

In other news, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the transaction, the insider now directly owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the transaction, the director now directly owns 202,850 shares in the company, valued at approximately $8,773,262.50. This trade represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on FLEX shares. Stifel Nicolaus started coverage on shares of Flex in a research report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target for the company. Barclays upped their price target on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $44.33.

Flex Company 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.