Flex Ltd. $FLEX Stock: Deltec Asset Management LLC Grows Holdings

Key Points

• Deltec Asset Management increased its Flex holdings by 40.3% in the third quarter, adding 40,003 shares for a total of 139,284 shares valued at approximately $15.32 million. Institutional investors collectively own 94.3% of Flex’s stock.
• Flex reported quarterly revenue of $7.93 billion and earnings of $1.00 per share, while analysts expect full-year earnings of $4.27 per share.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $126.33, although several firms recently lowered targets or downgraded the stock to “Hold.”

Deltec Asset Management LLC grew its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 40.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 139,284 shares of the technology company's stock after purchasing an additional 40,003 shares during the quarter. Flex makes up about 2.4% of Deltec Asset Management LLC's holdings, making the stock its 11th largest position. Deltec Asset Management LLC's holdings in Flex were worth $15,320,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FLEX. Signaturefd LLC boosted its position in shares of Flex by 1.8% in the 3rd quarter. Signaturefd LLC now owns 11,334 shares of the technology company's stock valued at $1,247,000 after purchasing an additional 197 shares during the period. BG Investment Services LLC purchased a new position in Flex during the 3rd quarter worth approximately $14,692,000. Citizens Financial Group Inc. RI increased its position in Flex by 285.1% during the third quarter. Citizens Financial Group Inc. RI now owns 12,954 shares of the technology company's stock worth $1,425,000 after buying an additional 9,590 shares during the period. Inspire Investing LLC increased its position in Flex by 20.6% during the third quarter. Inspire Investing LLC now owns 22,860 shares of the technology company's stock worth $2,514,000 after buying an additional 3,910 shares during the period. Finally, Brookstone Capital Management increased its position in Flex by 12.2% during the third quarter. Brookstone Capital Management now owns 8,282 shares of the technology company's stock worth $911,000 after buying an additional 899 shares during the period. Institutional investors and hedge funds own 94.30% of the company's stock.

Insider Transactions at Flex

In related news, insider Michael P. Hartung sold 2,755 shares of Flex stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total transaction of $332,363.20. Following the completion of the transaction, the insider directly owned 243,175 shares of the company's stock, valued at approximately $29,336,632. The trade was a 1.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.62% of the company's stock.

Flex Stock Performance

NASDAQ FLEX opened at $76.99 on Tuesday. The business's 50 day moving average is $108.05 and its two-hundred day moving average is $102.29. The stock has a market capitalization of $28.44 billion, a price-to-earnings ratio of 23.92, a PEG ratio of 0.39 and a beta of 1.67. The company has a current ratio of 1.38, a quick ratio of 0.89 and a debt-to-equity ratio of 0.95. Flex Ltd. has a 12-month low of $53.07 and a 12-month high of $166.86.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on FLEX shares. Zacks Research cut Flex from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Raymond James Financial set a $170.00 target price on shares of Flex and gave the stock an "outperform" rating in a research report on Wednesday, July 29th. Barclays cut their target price on shares of Flex from $203.00 to $144.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. Weiss Ratings downgraded shares of Flex from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, September 17th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Flex from $175.00 to $160.00 and set an "overweight" rating for the company in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $126.33.

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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