Bank of New York Mellon Corp Increases Stock Position in Flex Ltd. (NASDAQ:FLEX)

Bank of New York Mellon Corp grew its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 3.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,034,018 shares of the technology company's stock after purchasing an additional 76,541 shares during the quarter. Bank of New York Mellon Corp owned about 0.53% of Flex worth $67,285,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of FLEX. Norges Bank acquired a new stake in shares of Flex during the 4th quarter worth approximately $229,484,000. Invesco Ltd. increased its holdings in shares of Flex by 42.9% during the 4th quarter. Invesco Ltd. now owns 5,394,821 shares of the technology company's stock worth $207,107,000 after buying an additional 1,620,812 shares during the last quarter. Neuberger Berman Group LLC increased its holdings in shares of Flex by 13,790.0% during the 4th quarter. Neuberger Berman Group LLC now owns 1,238,019 shares of the technology company's stock worth $47,528,000 after buying an additional 1,229,106 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Flex by 89.1% during the 4th quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company's stock worth $95,965,000 after buying an additional 1,177,923 shares during the last quarter. Finally, LMR Partners LLP acquired a new stake in shares of Flex during the 4th quarter worth approximately $36,470,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Flex

In other news, CEO Revathi Advaithi sold 37,465 shares of Flex stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $1,686,299.65. Following the completion of the sale, the chief executive officer directly owned 1,363,312 shares of the company's stock, valued at approximately $61,362,673.12. The trade was a 2.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David Scott Offer sold 6,887 shares of Flex stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $45.01, for a total transaction of $309,983.87. Following the sale, the executive vice president directly owned 148,643 shares of the company's stock, valued at approximately $6,690,421.43. This trade represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,135,941 shares of company stock worth $47,582,965. 0.57% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Bank of America raised their price target on shares of Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Thursday. Wall Street Zen downgraded shares of Flex from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. JPMorgan Chase & Co. dropped their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. KeyCorp lifted their target price on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, July 2nd. Finally, Barclays lifted their target price on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, May 8th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, Flex has a consensus rating of "Buy" and an average price target of $49.43.

Flex Stock Up 0.5%

FLEX stock traded up $0.26 during midday trading on Friday, hitting $52.19. The company's stock had a trading volume of 2,898,766 shares, compared to its average volume of 4,041,953. The company has a quick ratio of 0.79, a current ratio of 1.30 and a debt-to-equity ratio of 0.50. Flex Ltd. has a 52-week low of $25.11 and a 52-week high of $52.54. The firm has a market capitalization of $19.50 billion, a P/E ratio of 24.62, a PEG ratio of 1.93 and a beta of 1.07. The firm has a 50-day simple moving average of $44.58 and a 200-day simple moving average of $39.76.

Flex (NASDAQ:FLEX - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The technology company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. Flex had a net margin of 3.25% and a return on equity of 19.01%. The company had revenue of $6.40 billion during the quarter, compared to analysts' expectations of $6.22 billion. During the same quarter last year, the company posted $0.57 EPS. The firm's revenue was up 3.7% compared to the same quarter last year. As a group, equities analysts forecast that Flex Ltd. will post 2.33 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.