Flextronics International Ltd. (FLEX) Sees Strong Trading Volume
Shares of Flextronics International Ltd. (NASDAQ:FLEX) saw unusually-strong trading volume on Tuesday . Approximately 2,824,524 shares were traded during trading, a decline of 10% from the previous session’s volume of 3,130,013 shares.The stock last traded at $13.27 and had previously closed at $13.09.
Several equities analysts have recently weighed in on FLEX shares. Raymond James Financial Inc. restated a “strong-buy” rating and set a $14.00 price target on shares of Flextronics International in a report on Monday, July 11th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $14.00 price objective (up from $13.00) on shares of Flextronics International in a research report on Monday, May 23rd. Zacks Investment Research cut Flextronics International from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Bank of America Corp. reaffirmed a “buy” rating and set a $15.00 price objective on shares of Flextronics International in a research report on Thursday, May 12th. Finally, Argus reaffirmed a “buy” rating and set a $16.00 price objective (up from $15.00) on shares of Flextronics International in a research report on Tuesday, July 26th. Three research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Flextronics International currently has a consensus rating of “Buy” and a consensus price target of $13.73.
The company has a 50-day moving average of $12.83 and a 200-day moving average of $12.22. The company has a market cap of $7.26 billion and a PE ratio of 16.82.
Flextronics International (NASDAQ:FLEX) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.27 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.27. The company earned $5.88 billion during the quarter, compared to the consensus estimate of $5.71 billion. On average, analysts expect that Flextronics International Ltd. will post $1.19 EPS for the current fiscal year.
In related news, CEO Michael M. Mcnamara sold 217,125 shares of the company’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $12.62, for a total transaction of $2,740,117.50. Following the transaction, the chief executive officer now directly owns 3,143,341 shares of the company’s stock, valued at approximately $39,668,963.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lay Koon Tan sold 3,292 shares of the company’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $12.79, for a total value of $42,104.68. Following the transaction, the director now directly owns 117,494 shares in the company, valued at $1,502,748.26. The disclosure for this sale can be found here.
An institutional investor recently bought a new position in Flextronics International stock. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Flextronics International Ltd. (NASDAQ:FLEX) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 121,000 shares of the company’s stock, valued at approximately $1,356,000.
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