The Manufacturers Life Insurance Company Grows Holdings in Flex Ltd. (NASDAQ:FLEX)

The Manufacturers Life Insurance Company boosted its position in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 889.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 244,142 shares of the technology company's stock after buying an additional 219,473 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of Flex worth $9,375,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Evergreen Capital Management LLC lifted its holdings in shares of Flex by 1.0% in the fourth quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company's stock worth $925,000 after acquiring an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of Flex by 2.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company's stock valued at $488,000 after acquiring an additional 266 shares during the last quarter. Sage Rhino Capital LLC grew its position in Flex by 1.1% during the 4th quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company's stock worth $1,358,000 after acquiring an additional 374 shares during the last quarter. Arizona State Retirement System raised its position in Flex by 0.4% in the fourth quarter. Arizona State Retirement System now owns 115,236 shares of the technology company's stock valued at $4,424,000 after purchasing an additional 403 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in Flex by 11.2% in the 4th quarter. Quadrant Capital Group LLC now owns 4,432 shares of the technology company's stock valued at $170,000 after buying an additional 447 shares during the last quarter. 94.30% of the stock is owned by institutional investors.

Analyst Ratings Changes

FLEX has been the subject of a number of recent research reports. StockNews.com upgraded Flex from a "hold" rating to a "buy" rating in a report on Friday, February 14th. Barclays increased their target price on shares of Flex from $49.00 to $50.00 and gave the company an "overweight" rating in a research report on Thursday. The Goldman Sachs Group dropped their price target on shares of Flex from $53.00 to $41.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Stifel Nicolaus started coverage on shares of Flex in a research report on Tuesday, February 11th. They set a "buy" rating and a $52.00 price objective for the company. Finally, JPMorgan Chase & Co. dropped their target price on shares of Flex from $52.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, Flex presently has a consensus rating of "Buy" and an average target price of $45.33.

Insider Buying and Selling at Flex

In related news, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the transaction, the director now directly owns 202,850 shares in the company, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Revathi Advaithi sold 120,280 shares of the business's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $38.09, for a total transaction of $4,581,465.20. Following the sale, the chief executive officer now owns 1,112,193 shares of the company's stock, valued at $42,363,431.37. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 257,373 shares of company stock valued at $9,916,763. Company insiders own 0.82% of the company's stock.

Flex Stock Down 0.1 %

Shares of Flex stock traded down $0.04 during trading on Friday, reaching $38.48. 3,687,297 shares of the company traded hands, compared to its average volume of 3,910,715. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The firm has a market capitalization of $14.74 billion, a PE ratio of 15.52, a P/E/G ratio of 2.43 and a beta of 0.96. The company has a 50 day moving average price of $33.55 and a 200-day moving average price of $37.47. 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 announced its quarterly earnings data 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 analyst estimates of $6.22 billion. Flex had a net margin of 3.95% and a return on equity of 17.93%. The business's quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 earnings per share. As a group, equities research analysts expect that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

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.