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

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

Other institutional investors and hedge funds have also modified their holdings of the company. United Services Automobile Association acquired a new stake in Flex during the fourth quarter worth about $982,000. Brandywine Global Investment Management LLC boosted its stake in shares of Flex by 219.2% in the 4th quarter. Brandywine Global Investment Management LLC now owns 133,349 shares of the technology company's stock valued at $5,119,000 after purchasing an additional 91,571 shares in the last quarter. Mutual of America Capital Management LLC acquired a new stake in shares of Flex in the 4th quarter valued at approximately $7,864,000. Raymond James Financial Inc. acquired a new stake in shares of Flex in the 4th quarter valued at approximately $32,293,000. Finally, American Century Companies Inc. boosted its position in Flex by 19.7% during the 4th quarter. American Century Companies Inc. now owns 693,846 shares of the technology company's stock worth $26,637,000 after buying an additional 114,350 shares during the period. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. 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 report on Thursday, April 17th. KeyCorp raised their price target on shares of Flex from $35.00 to $44.00 and gave the stock an "overweight" rating in a report on Friday. StockNews.com lowered shares of Flex from a "buy" rating to a "hold" rating in a report on Monday. Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price target for the company. Finally, Barclays raised their price target on shares of Flex from $49.00 to $50.00 and gave the stock an "overweight" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $45.33.

Insider Buying and Selling at Flex

In related news, CEO Revathi Advaithi sold 120,280 shares of Flex stock in a transaction on 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 sale, the chief executive officer now owns 1,112,193 shares in the company, valued at $42,363,431.37. The trade was a 9.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP David Scott Offer sold 87,093 shares of Flex stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $36.43, for a total transaction of $3,172,797.99. Following the completion of the sale, the executive vice president now owns 71,001 shares in the company, valued at approximately $2,586,566.43. This trade represents a 55.09% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.82% of the company's stock.

Flex Stock Up 6.2%

FLEX stock opened at $40.88 on Tuesday. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The company's 50 day moving average is $33.65 and its 200 day moving average is $37.55. The stock has a market cap of $15.66 billion, a price-to-earnings ratio of 16.48, a price-to-earnings-growth ratio of 2.43 and a beta of 0.96. Flex Ltd. has a 1-year low of $25.11 and a 1-year high of $45.10.

Flex (NASDAQ:FLEX - Get Free Report) last posted 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. Flex had a net margin of 3.95% and a return on equity of 17.93%. The company had revenue of $6.40 billion for the quarter, compared to analysts' expectations of $6.22 billion. During the same period in the prior year, the business earned $0.57 earnings per share. Flex's revenue for the quarter was up 3.7% compared to the same quarter last year. Sell-side analysts predict that Flex Ltd. will post 2.33 EPS 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.

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