Catalyst Capital Advisors LLC Has $5.38 Million Stock Position in Flex Ltd. $FLEX

Key Points

• Catalyst Capital Advisors LLC reduced its holdings in Flex Ltd. by 4.6%, now owning approximately 107,665 shares valued at $5.38 million as of the second quarter.
• Flex reported $0.72 EPS for the last quarter, exceeding analysts' expectations of $0.63, alongside a revenue of $6.58 billion, surpassing the estimate of $6.27 billion.
• Institutional investors own 94.30% of Flex's stock, indicating strong institutional interest in the company's performance.

Catalyst Capital Advisors LLC lessened its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 4.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 107,665 shares of the technology company's stock after selling 5,150 shares during the period. Catalyst Capital Advisors LLC's holdings in Flex were worth $5,375,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Jump Financial LLC acquired a new position in Flex during the 1st quarter worth approximately $2,882,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Flex by 7,157.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 69,016 shares of the technology company's stock worth $2,290,000 after buying an additional 68,065 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in shares of Flex by 7.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 107,713 shares of the technology company's stock valued at $3,563,000 after acquiring an additional 7,637 shares during the last quarter. DAVENPORT & Co LLC boosted its holdings in shares of Flex by 20.9% during the 1st quarter. DAVENPORT & Co LLC now owns 6,930 shares of the technology company's stock valued at $229,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Benjamin Edwards Inc. bought a new stake in Flex during the 1st quarter worth $258,000. Institutional investors own 94.30% of the company's stock.

Flex Stock Up 4.2%

FLEX opened at $63.89 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.36 and a quick ratio of 0.83. The company's 50-day moving average is $56.76 and its 200 day moving average is $48.06. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $64.52. The firm has a market capitalization of $23.98 billion, a P/E ratio of 28.02, a PEG ratio of 2.00 and a beta of 1.15.

Flex (NASDAQ:FLEX - Get Free Report) last posted its earnings results on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.63 by $0.09. The firm had revenue of $6.58 billion for the quarter, compared to analysts' expectations of $6.27 billion. Flex had a net margin of 3.42% and a return on equity of 20.25%. The company's quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.51 EPS. Research analysts expect that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on FLEX. The Goldman Sachs Group set a $66.00 target price on Flex in a research report on Monday, September 29th. JPMorgan Chase & Co. lifted their target price on shares of Flex from $44.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Barclays upped their price target on shares of Flex from $50.00 to $60.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. KeyCorp boosted their price objective on shares of Flex from $60.00 to $70.00 and gave the stock an "overweight" rating in a research note on Friday, October 10th. Finally, Bank of America lifted their price target on shares of Flex from $58.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $59.71.

Insider Activity at Flex

In other Flex news, insider Michael P. Hartung sold 45,000 shares of Flex stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $57.14, for a total value of $2,571,300.00. Following the sale, the insider owned 256,198 shares of the company's stock, valued at approximately $14,639,153.72. The trade was a 14.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Kwang Hooi Tan sold 12,500 shares of Flex stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $50.25, for a total transaction of $628,125.00. Following the completion of the sale, the chief operating officer directly owned 263,636 shares in the company, valued at approximately $13,247,709. This represents a 4.53% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 90,020 shares of company stock worth $4,923,667. 0.57% of the stock is owned by company insiders.

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.

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