Marietta Investment Partners LLC Decreases Holdings in Flex Ltd. (NASDAQ:FLEX)

Key Points

• Marietta Investment Partners LLC lowered its position in Flex Ltd. by 2.4%, retaining 216,362 shares, which constitutes about 1.7% of its portfolio.
• Numerous institutional investors have increased their stakes in Flex, with Pacer Advisors raising its holding by 3,794.6% during the first quarter.
• Flex Ltd. reported earnings of $0.72 per share in its recent quarterly announcement, surpassing analysts' expectations of $0.63 and showing a 4.1% year-over-year revenue growth.

Marietta Investment Partners LLC trimmed its position in Flex Ltd. (NASDAQ:FLEX - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 216,362 shares of the technology company's stock after selling 5,244 shares during the period. Flex accounts for 1.7% of Marietta Investment Partners LLC's investment portfolio, making the stock its 16th biggest position. Marietta Investment Partners LLC owned about 0.06% of Flex worth $7,157,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. purchased a new position in Flex in the 1st quarter worth $26,000. Olde Wealth Management LLC purchased a new position in Flex in the 1st quarter worth $26,000. CX Institutional purchased a new position in shares of Flex in the first quarter valued at about $29,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Flex in the 4th quarter worth approximately $35,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Flex by 112.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock worth $38,000 after buying an additional 509 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on FLEX. Barclays boosted 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. Wall Street Zen upgraded Flex from a "buy" rating to a "strong-buy" rating in a research note on Saturday. The Goldman Sachs Group reissued a "buy" rating on shares of Flex in a research note on Friday, July 11th. Bank of America upped their price target on shares of Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a research note on Thursday, July 10th. Finally, Stifel Nicolaus raised their price objective on shares of Flex from $45.00 to $52.00 and gave the company a "buy" rating in a research note on Friday. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $53.71.

Flex Price Performance

Shares of NASDAQ FLEX traded up $0.50 during midday trading on Monday, reaching $50.49. The stock had a trading volume of 3,292,784 shares, compared to its average volume of 3,931,665. The stock has a 50-day moving average of $47.06 and a 200-day moving average of $40.63. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 1.36. The company has a market capitalization of $18.87 billion, a price-to-earnings ratio of 19.30, a price-to-earnings-growth ratio of 1.84 and a beta of 1.07. Flex Ltd. has a 12-month low of $25.11 and a 12-month high of $53.97.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The technology company reported $0.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $6.27 billion. During the same period in the previous year, the firm posted $0.51 EPS. Flex's revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, research analysts anticipate that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Activity

In other Flex news, insider Michael P. Hartung sold 35,393 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total value of $1,517,297.91. Following the completion of the sale, the insider directly owned 293,195 shares of the company's stock, valued at $12,569,269.65. The trade was a 10.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Revathi Advaithi sold 181,028 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $42.91, for a total transaction of $7,767,911.48. Following the completion of the sale, the chief executive officer directly owned 1,463,695 shares of the company's stock, valued at approximately $62,807,152.45. This trade represents a 11.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,135,941 shares of company stock valued at $47,582,965. 0.57% of the stock is currently owned by company insiders.

Flex Company 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.