Bank of New York Mellon Corp Sells 93,240 Shares of Flex Ltd. $FLEX

Key Points

• Bank of New York Mellon trimmed its Flex stake by 3.4% in the fourth quarter, selling 93,240 shares and leaving it with 2.67 million shares valued at about $161.5 million.
• Flex reported solid quarterly results, posting $0.93 EPS on revenue of $7.48 billion, while analysts now expect full-year EPS of 4.15.
• Sentiment around the stock remains mixed: several analysts have raised price targets sharply, but insiders have also sold shares recently, including EVP David Scott Offer’s 33,000-share sale under a 10b5-1 plan.

Bank of New York Mellon Corp decreased its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 3.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,672,376 shares of the technology company's stock after selling 93,240 shares during the period. Bank of New York Mellon Corp owned approximately 0.72% of Flex worth $161,465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FLEX. Brighton Jones LLC purchased a new position in Flex in the 4th quarter worth $260,000. Goldman Sachs Group Inc. raised its stake in Flex by 19.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,279,137 shares of the technology company's stock worth $42,314,000 after acquiring an additional 211,046 shares during the last quarter. Empowered Funds LLC purchased a new position in Flex in the 1st quarter worth $397,000. EverSource Wealth Advisors LLC raised its stake in shares of Flex by 63.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,646 shares of the technology company's stock valued at $132,000 after buying an additional 1,031 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Flex by 92.4% during the 2nd quarter. First Trust Advisors LP now owns 62,078 shares of the technology company's stock valued at $3,099,000 after buying an additional 29,821 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company's stock.

Flex Price Performance

NASDAQ:FLEX opened at $151.92 on Friday. Flex Ltd. has a 52 week low of $42.60 and a 52 week high of $166.86. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $55.66 billion, a PE ratio of 65.20, a price-to-earnings-growth ratio of 0.80 and a beta of 1.64. The stock's 50-day moving average price is $107.57 and its 200-day moving average price is $78.73.

Flex (NASDAQ:FLEX - Get Free Report) last posted its earnings results on Tuesday, March 31st. The technology company reported $0.93 EPS for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The firm had revenue of $7.48 billion for the quarter. As a group, equities analysts expect that Flex Ltd. will post 4.15 EPS for the current fiscal year.

Insider Activity

In related news, EVP David Scott Offer sold 33,000 shares of Flex stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $153.91, for a total value of $5,079,030.00. Following the sale, the executive vice president directly owned 73,471 shares in the company, valued at approximately $11,307,921.61. The trade was a 30.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kwang Hooi Tan sold 17,500 shares of Flex stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $135.93, for a total value of $2,378,775.00. Following the completion of the sale, the chief operating officer owned 238,543 shares in the company, valued at approximately $32,425,149.99. The trade was a 6.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 362,512 shares of company stock worth $49,538,328. 0.57% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FLEX has been the subject of a number of recent research reports. KeyCorp lifted their price objective on Flex from $75.00 to $180.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Stifel Nicolaus lifted their price objective on Flex from $75.00 to $95.00 and gave the company a "buy" rating in a research note on Monday, April 20th. The Goldman Sachs Group lifted their price objective on Flex from $84.00 to $177.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Wall Street Zen lowered Flex from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 8th. Finally, JPMorgan Chase & Co. lifted their price objective on Flex from $75.00 to $84.00 and gave the company an "overweight" rating in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Flex has a consensus rating of "Moderate Buy" and a consensus price target of $115.70.

Key Flex News

Here are the key news stories impacting Flex this week:

• Positive Sentiment: Flex is highlighted as a potential winner in a strengthening electronics sector, with analysts pointing to infrastructure investment and capacity expansion as tailwinds for the business. Article Title
• Positive Sentiment: Investors are reacting to Flex’s growth strategy, including the planned separation of its Power and Cloud portfolio and an acquisition in electrical power, which could expand its exposure to AI data centers, grid modernization, and electrification. Article Title
• Neutral Sentiment: A Zacks follow-up notes that FLEX has risen since its last earnings report, but questions remain about whether the momentum can continue, making this more of a status update than a clear catalyst. Article Title
• Negative Sentiment: EVP David Scott Offer sold 33,000 shares in a pre-arranged 10b5-1 transaction, trimming his stake by about 31%; while routine, insider selling can still weigh on sentiment. Article Title

Flex Company Profile

Flex NASDAQ: FLEX, formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.

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