Leuthold Group LLC Decreases Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

Leuthold Group LLC cut its holdings in Flex Ltd. (NASDAQ:FLEX) by 0.9% during the second quarter, Holdings Channel reports. The institutional investor owned 232,013 shares of the technology company’s stock after selling 2,068 shares during the period. Leuthold Group LLC’s holdings in Flex were worth $6,842,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. SG Americas Securities LLC lifted its position in shares of Flex by 441.6% during the 2nd quarter. SG Americas Securities LLC now owns 47,477 shares of the technology company’s stock worth $1,400,000 after buying an additional 38,711 shares during the last quarter. Twin Tree Management LP increased its position in shares of Flex by 29,912.0% during the first quarter. Twin Tree Management LP now owns 97,239 shares of the technology company’s stock worth $2,782,000 after purchasing an additional 96,915 shares in the last quarter. Valliance Asset Management Ltd purchased a new stake in shares of Flex in the 2nd quarter valued at about $2,654,000. Capstone Investment Advisors LLC acquired a new stake in shares of Flex in the 1st quarter valued at about $783,000. Finally, Quantbot Technologies LP acquired a new position in Flex during the first quarter worth approximately $633,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Stock Performance

NASDAQ FLEX opened at $31.11 on Thursday. The company has a current ratio of 1.40, a quick ratio of 0.75 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $12.41 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 1.74 and a beta of 1.09. The business’s 50-day moving average price is $30.60 and its 200 day moving average price is $30.02. Flex Ltd. has a twelve month low of $21.84 and a twelve month high of $34.12.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.09. Flex had a net margin of 3.54% and a return on equity of 16.23%. The business had revenue of $6.31 billion for the quarter, compared to analysts’ expectations of $5.89 billion. On average, research analysts predict that Flex Ltd. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

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

Insider Activity

In related news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction on Monday, July 29th. The stock was sold at an average price of $31.78, for a total value of $255,129.84. Following the transaction, the insider now owns 175,468 shares in the company, valued at $5,576,373.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $31.78, for a total transaction of $255,129.84. Following the sale, the insider now owns 175,468 shares in the company, valued at $5,576,373.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David Scott Offer sold 10,000 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was 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 approximately $5,209,197.30. The disclosure for this sale can be found here. Insiders sold 28,028 shares of company stock valued at $904,530 in the last ninety days. Company insiders own 0.82% of the company’s stock.

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.