Flex Ltd. (NASDAQ:FLEX) is Lyrical Asset Management LP's 8th Largest Position

Key Points

• Lyrical Asset Management LP reduced its stake in Flex Ltd. by 1.5% in Q1, holding 8,605,069 shares, which now makes up 4.4% of their holdings.
• Flex Ltd. reported earnings per share (EPS) of $0.72 for the last quarter, surpassing the consensus estimate of $0.63, with a revenue of $6.58 billion compared to expectations of $6.27 billion.
• The company's stock has a current market cap of $18.90 billion and has seen a 12-month high of $53.97 and a low of $25.11.

Lyrical Asset Management LP cut its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 1.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,605,069 shares of the technology company's stock after selling 128,543 shares during the period. Flex makes up 4.4% of Lyrical Asset Management LP's holdings, making the stock its 8th biggest holding. Lyrical Asset Management LP owned 2.25% of Flex worth $284,656,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of FLEX. Dimensional Fund Advisors LP increased its position in shares of Flex by 12.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,513,078 shares of the technology company's stock valued at $326,833,000 after acquiring an additional 916,085 shares during the last quarter. Invesco Ltd. increased its position in shares of Flex by 55.0% during the first quarter. Invesco Ltd. now owns 8,363,106 shares of the technology company's stock valued at $276,652,000 after acquiring an additional 2,968,285 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Flex by 3,794.6% during the first quarter. Pacer Advisors Inc. now owns 2,900,133 shares of the technology company's stock valued at $95,936,000 after acquiring an additional 2,825,667 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Flex by 22.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,681,792 shares of the technology company's stock valued at $102,954,000 after acquiring an additional 497,307 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Flex by 89.1% during the fourth quarter. Northern Trust Corp now owns 2,499,749 shares of the technology company's stock valued at $95,965,000 after acquiring an additional 1,177,923 shares during the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Stock Down 0.9%

Shares of FLEX stock traded down $0.44 during trading on Friday, reaching $49.00. The company's stock had a trading volume of 4,663,018 shares, compared to its average volume of 4,225,455. 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 has a market capitalization of $18.39 billion, a price-to-earnings ratio of 21.49, a P/E/G ratio of 1.67 and a beta of 1.05. The stock's 50-day moving average price is $49.51 and its 200 day moving average price is $41.51. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $53.97.

Flex (NASDAQ:FLEX - Get Free Report) last posted its quarterly 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. Flex had a net margin of 3.42% and a return on equity of 20.25%. The company had revenue of $6.58 billion during the quarter, compared to analysts' expectations of $6.27 billion. During the same quarter in the previous year, the business posted $0.51 EPS. The firm's revenue was up 4.1% on a year-over-year basis. On average, research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current year.

Insider Activity

In other Flex news, COO Kwang Hooi Tan sold 37,533 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total transaction of $1,609,039.71. Following the completion of the transaction, the chief operating officer owned 269,151 shares in the company, valued at $11,538,503.37. The trade was a 12.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael P. Hartung sold 35,393 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $42.87, for a total transaction of $1,517,297.91. Following the transaction, the insider owned 293,195 shares of the company's stock, valued at $12,569,269.65. This trade represents a 10.77% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 659,186 shares of company stock worth $28,621,302. Insiders own 0.57% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FLEX shares. The Goldman Sachs Group reiterated a "buy" rating on shares of Flex in a research report on Friday, July 11th. Barclays lifted 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 lifted 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 Wednesday, July 2nd. Bank of America lifted their price objective on shares of Flex from $50.00 to $58.00 and gave the company a "buy" rating in a report on Thursday, July 10th. Finally, Stifel Nicolaus lifted their price objective on shares of Flex from $45.00 to $52.00 and gave the company a "buy" rating in a report on Friday, July 25th. One analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Flex presently has a consensus rating of "Buy" and an average target price of $53.71.

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.