Merewether Investment Management LP Acquires 241,087 Shares of Flex Ltd. (NASDAQ:FLEX)

Merewether Investment Management LP raised its holdings in Flex Ltd. (NASDAQ:FLEX - Free Report) by 17.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 1,634,987 shares of the technology company's stock after acquiring an additional 241,087 shares during the quarter. Flex makes up about 2.5% of Merewether Investment Management LP's portfolio, making the stock its 13th largest holding. Merewether Investment Management LP owned about 0.43% of Flex worth $62,767,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. R Squared Ltd bought a new stake in shares of Flex in the 4th quarter valued at $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Flex in the 4th quarter valued at $35,000. SBI Securities Co. Ltd. bought a new stake in shares of Flex in the 4th quarter valued at $38,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Flex by 112.9% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 960 shares of the technology company's stock worth $38,000 after acquiring an additional 509 shares in the last quarter. Finally, Huntington National Bank boosted its stake in Flex by 46.7% during the fourth quarter. Huntington National Bank now owns 1,502 shares of the technology company's stock worth $58,000 after acquiring an additional 478 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Revathi Advaithi sold 120,280 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total value of $4,581,465.20. Following the completion of the sale, the chief executive officer now owns 1,112,193 shares in the company, valued at $42,363,431.37. This represents a 9.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David Scott Offer sold 87,093 shares of the firm's stock in a transaction dated 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 sale, the executive vice president now owns 71,001 shares of the company's stock, valued at $2,586,566.43. This trade represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 489,255 shares of company stock worth $19,589,788 over the last quarter. Insiders own 0.82% of the company's stock.

Flex Stock Up 0.2%

FLEX traded up $0.07 during trading on Friday, hitting $42.02. 2,712,274 shares of the company's stock were exchanged, compared to its average volume of 3,956,319. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. The business's 50 day moving average is $34.29 and its two-hundred day moving average is $37.72. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $45.10. The stock has a market cap of $16.10 billion, a P/E ratio of 16.94, a PEG ratio of 2.43 and a beta of 0.96.

Flex (NASDAQ:FLEX - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The technology company reported $0.73 earnings per share for the quarter, topping 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 net margin of 3.95% and a return on equity of 17.93%. The business's revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.57 earnings per share. As a group, equities analysts expect that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on FLEX shares. StockNews.com lowered shares of Flex from a "buy" rating to a "hold" rating in a research note on Monday, May 12th. Barclays increased their target price on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Stifel Nicolaus started coverage on shares of Flex in a research note on Tuesday, February 11th. They set a "buy" rating and a $52.00 target price on the stock. KeyCorp increased their target price on shares of Flex from $35.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. cut their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $45.33.

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.