Flextronics International Ltd. (FLEX) Sees Large Volume Increase
Shares of Flextronics International Ltd. (NASDAQ:FLEX) saw unusually-strong trading volume on Wednesday . Approximately 3,483,916 shares traded hands during mid-day trading, an increase of 8% from the previous session’s volume of 3,212,462 shares.The stock last traded at $12.87 and had previously closed at $12.79.
A number of equities analysts have commented on FLEX shares. B. Riley restated a “buy” rating and issued a $14.50 target price on shares of Flextronics International in a research note on Friday, April 29th. Citigroup Inc. upped their target price on shares of Flextronics International from $12.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, April 29th. Zacks Investment Research downgraded shares of Flextronics International from a “hold” rating to a “sell” rating in a research note on Tuesday, May 3rd. Bank of America Corp. restated a “buy” rating and issued a $15.00 target price on shares of Flextronics International in a research note on Thursday, May 12th. Finally, Raymond James Financial Inc. reiterated a “strong-buy” rating and set a $14.00 price objective on shares of Flextronics International in a research note on Friday, May 13th. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Flextronics International presently has an average rating of “Buy” and a consensus price target of $13.73.
The stock has a market capitalization of $7.07 billion and a P/E ratio of 16.3925. The company’s 50 day moving average price is $12.76 and its 200-day moving average price is $12.12.
Flextronics International (NASDAQ:FLEX) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.27 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.27. The business earned $5.88 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Equities analysts forecast that Flextronics International Ltd. will post $1.19 EPS for the current fiscal year.
In other Flextronics International news, CFO Christopher Collier sold 14,020 shares of the stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $11.79, for a total value of $165,295.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Watkins sold 8,000 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $12.35, for a total transaction of $98,800.00. The disclosure for this sale can be found here.
A number of hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. increased its stake in shares of Flextronics International by 113.1% in the fourth quarter. Advisors Asset Management Inc. now owns 92,796 shares of the company’s stock valued at $1,040,000 after buying an additional 49,253 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Flextronics International during the fourth quarter valued at about $1,356,000. Airain ltd increased its stake in shares of Flextronics International by 633.5% in the fourth quarter. Airain ltd now owns 234,201 shares of the company’s stock valued at $2,625,000 after buying an additional 202,273 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Flextronics International by 68.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,394,354 shares of the company’s stock valued at $60,472,000 after buying an additional 2,186,887 shares during the period.
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