M&T Bank Corp Raises Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

M&T Bank Corp grew its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 43.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,676 shares of the technology company's stock after buying an additional 6,611 shares during the period. M&T Bank Corp's holdings in Flex were worth $717,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FLEX. Brighton Jones LLC purchased a new position in shares of Flex during the 4th quarter valued at about $260,000. Jones Financial Companies Lllp lifted its holdings in Flex by 133.4% in the 4th quarter. Jones Financial Companies Lllp now owns 2,322 shares of the technology company's stock worth $89,000 after purchasing an additional 1,327 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in Flex in the 4th quarter worth approximately $5,552,000. PNC Financial Services Group Inc. lifted its holdings in Flex by 20.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 20,370 shares of the technology company's stock worth $782,000 after purchasing an additional 3,455 shares in the last quarter. Finally, HighTower Advisors LLC lifted its holdings in Flex by 23.5% in the 4th quarter. HighTower Advisors LLC now owns 149,462 shares of the technology company's stock worth $5,738,000 after purchasing an additional 28,425 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP David Scott Offer sold 87,093 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the transaction, the executive vice president owned 71,001 shares in the company, valued at $2,586,566.43. The trade was a 55.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Kwang Hooi Tan sold 37,533 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $42.87, for a total value of $1,609,039.71. Following the transaction, the chief operating officer owned 269,151 shares of the company's stock, valued at approximately $11,538,503.37. The trade was a 12.24% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,135,941 shares of company stock worth $47,582,965. 0.57% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Barclays boosted their price target on Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. Wall Street Zen cut Flex from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. KeyCorp lifted their price objective on Flex from $50.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. reduced their price objective on Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, Bank of America lifted their price objective on Flex from $50.00 to $58.00 and gave the stock a "buy" rating in a research note on Thursday, July 10th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, Flex presently has an average rating of "Buy" and an average target price of $49.43.

Flex Trading Up 0.6%

Shares of NASDAQ FLEX traded up $0.29 during trading hours on Wednesday, hitting $51.85. 3,178,277 shares of the company traded hands, compared to its average volume of 4,048,831. The stock has a market capitalization of $19.38 billion, a price-to-earnings ratio of 24.46, a price-to-earnings-growth ratio of 1.91 and a beta of 1.07. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 0.50. The company's 50 day moving average price is $45.46 and its 200 day moving average price is $40.02. Flex Ltd. has a 12 month low of $25.11 and a 12 month high of $52.62.

Flex (NASDAQ:FLEX - Get Free Report) last released its earnings results on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.04. The firm had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.22 billion. Flex had a return on equity of 19.01% and a net margin of 3.25%. The company's revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. On average, equities research analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

About Flex

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.