The Manufacturers Life Insurance Company Has $1.50 Million Position in Flex Ltd. (NASDAQ:FLEX)

The Manufacturers Life Insurance Company cut its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 0.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 50,908 shares of the technology company’s stock after selling 378 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Flex were worth $1,497,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. SG Americas Securities LLC lifted its stake in shares of Flex by 441.6% in the 2nd quarter. SG Americas Securities LLC now owns 47,477 shares of the technology company’s stock valued at $1,400,000 after purchasing an additional 38,711 shares during the period. Hsbc Holdings PLC lifted its stake in shares of Flex by 254.9% in the 2nd quarter. Hsbc Holdings PLC now owns 50,770 shares of the technology company’s stock valued at $1,499,000 after purchasing an additional 36,465 shares during the period. Twin Tree Management LP lifted its stake in shares of Flex by 29,912.0% in the 1st quarter. Twin Tree Management LP now owns 97,239 shares of the technology company’s stock valued at $2,782,000 after purchasing an additional 96,915 shares during the period. Valliance Asset Management Ltd acquired a new position in shares of Flex in the 2nd quarter valued at about $2,654,000. Finally, Capstone Investment Advisors LLC acquired a new position in shares of Flex in the 1st quarter valued at about $783,000. 94.30% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Flex news, EVP David Scott Offer sold 10,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $32.95, for a total transaction of $329,500.00. Following the sale, the executive vice president now owns 158,094 shares in the company, valued at $5,209,197.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Kwang Hooi Tan sold 8,028 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $31.78, for a total transaction of $255,129.84. Following the completion of the sale, the insider now directly owns 175,468 shares in the company, valued at approximately $5,576,373.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP David Scott Offer sold 10,000 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $32.95, for a total transaction of $329,500.00. Following the sale, the executive vice president now owns 158,094 shares of the company’s stock, valued at approximately $5,209,197.30. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,028 shares of company stock worth $904,530 over the last 90 days. Corporate insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

FLEX has been the subject of a number of research analyst reports. Stifel Nicolaus boosted their target price on Flex from $32.00 to $37.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Barclays boosted their target price on Flex from $34.00 to $39.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Craig Hallum raised Flex from a “hold” rating to a “buy” rating and boosted their target price for the company from $27.00 to $39.00 in a research report on Thursday, July 25th. JPMorgan Chase & Co. boosted their target price on Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. Finally, StockNews.com lowered Flex from a “buy” rating to a “hold” rating in a report on Thursday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $38.40.

Flex Stock Performance

FLEX stock opened at $34.03 on Friday. The firm has a market cap of $13.57 billion, a PE ratio of 14.80, a P/E/G ratio of 1.92 and a beta of 1.09. The company has a quick ratio of 0.75, a current ratio of 1.40 and a debt-to-equity ratio of 0.53. The business has a 50 day moving average of $31.36 and a 200-day moving average of $30.49. Flex Ltd. has a 12-month low of $21.84 and a 12-month high of $34.42.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.34 by $0.09. Flex had a return on equity of 16.23% and a net margin of 3.54%. The business had revenue of $6.31 billion for the quarter, compared to the consensus estimate of $5.89 billion. As a group, sell-side analysts expect that Flex Ltd. will post 2.06 earnings per share 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.