BG Investment Services LLC Makes New Investment in Flex Ltd. $FLEX

Key Points

• BG Investment Services LLC acquired 133,579 Flex shares worth approximately $14.7 million, making Flex its 10th-largest holding and representing 2.2% of its portfolio.
• Institutional ownership remains high at 94.3%, with several major investors—including KBC Group, Sei Investments and HSBC—substantially increasing their positions.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $126.33, despite several recent target-price cuts; Flex reported $1.00 quarterly EPS on $7.93 billion in revenue.

BG Investment Services LLC acquired a new position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 133,579 shares of the technology company's stock, valued at approximately $14,692,000. Flex comprises approximately 2.2% of BG Investment Services LLC's investment portfolio, making the stock its 10th largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. KBC Group NV raised its stake in Flex by 541.5% in the first quarter. KBC Group NV now owns 1,965,811 shares of the technology company's stock valued at $128,682,000 after buying an additional 1,659,384 shares in the last quarter. Sei Investments Co. boosted its position in shares of Flex by 52.2% during the 1st quarter. Sei Investments Co. now owns 2,230,622 shares of the technology company's stock worth $146,016,000 after acquiring an additional 764,558 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Flex by 446.0% during the 1st quarter. Hsbc Holdings PLC now owns 290,062 shares of the technology company's stock worth $18,905,000 after acquiring an additional 236,941 shares in the last quarter. Amundi increased its holdings in shares of Flex by 15.5% in the 1st quarter. Amundi now owns 1,494,418 shares of the technology company's stock valued at $97,825,000 after acquiring an additional 200,553 shares during the last quarter. Finally, SEB Asset Management AB purchased a new position in shares of Flex in the 1st quarter valued at about $11,411,000. Institutional investors and hedge funds own 94.30% of the company's stock.

Insider Transactions at Flex

In other Flex news, insider Michael P. Hartung sold 2,755 shares of the firm's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $120.64, for a total transaction of $332,363.20. Following the transaction, the insider directly owned 243,175 shares of the company's stock, valued at approximately $29,336,632. This trade represents a 1.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.62% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. cut their target price on Flex from $175.00 to $160.00 and set an "overweight" rating on the stock in a research report on Thursday, July 30th. Raymond James Financial set a $170.00 price target on Flex and gave the company an "outperform" rating in a report on Wednesday, July 29th. Robert W. Baird dropped their price target on shares of Flex from $142.00 to $135.00 in a research note on Monday, October 19th. Freedom Capital upgraded shares of Flex from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 16th. Finally, Weiss Ratings cut shares of Flex from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $126.33.

Flex Stock Down 0.2%

Shares of NASDAQ FLEX opened at $76.55 on Friday. The stock has a market cap of $28.28 billion, a PE ratio of 29.56, a price-to-earnings-growth ratio of 0.39 and a beta of 1.67. The company has a quick ratio of 0.89, a current ratio of 1.38 and a debt-to-equity ratio of 0.95. Flex Ltd. has a 52-week low of $53.07 and a 52-week high of $166.86. The business has a 50-day moving average price of $108.70 and a 200 day moving average price of $119.28.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings results on Friday, June 26th. The technology company reported $1.00 earnings per share (EPS) for the quarter. The firm had revenue of $7.93 billion for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. Equities research analysts forecast that Flex Ltd. will post 4.27 earnings per share for the current year.

Flex Company Profile

Flex Ltd. NASDAQ: FLEX is a global manufacturing and supply chain solutions provider. The company helps original equipment manufacturers design, engineer, manufacture, distribute and service products across their lifecycles.

Flex serves customers in industries including automotive, communications, consumer electronics, health care, industrial, lifestyle and cloud infrastructure. Its capabilities include product design and engineering, printed circuit board assembly, systems integration, supply chain management, logistics, and aftermarket services.

The company was founded in 1969 as Flextronics and later adopted the name Flex.

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