Flextronics International Ltd. (FLEX) Cut to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Flextronics International Ltd. (NASDAQ:FLEX) from a buy rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “Flex's diverse end-market and expanding partner base is positive. The company has evolved into an end-to-end solutions provider, which expands its total addressable market (TAM) significantly. Its increasing focus on fast growing end-markets like converged enterprise and cloud are key catalysts going forward. However, the company’s business model has shifted toward a higher mix of businesses that possess longer product life cycles and higher operating margins, which has negatively impacted top-line growth. Nevertheless, it has benefited operating margin, which bodes well for the stock. Meanwhile, estimates have been stable lately ahead of the company's Q1 earnings release. The company has a mixed record of earnings surprises in the recent quarters. Notably, Flex has underperformed the broader Zacks industry on a year-to-date basis.”
FLEX has been the topic of several other reports. Citigroup Inc. set a $18.00 target price on shares of Flextronics International and gave the stock a buy rating in a research note on Monday, March 20th. Deutsche Bank AG reissued a hold rating and set a $16.00 target price (up from $15.00) on shares of Flextronics International in a research note on Saturday, April 29th. ValuEngine raised shares of Flextronics International from a hold rating to a buy rating in a research note on Friday, June 2nd. Craig Hallum raised shares of Flextronics International from a hold rating to a buy rating in a research note on Friday, May 12th. Finally, Royal Bank Of Canada reissued a buy rating and set a $22.00 target price on shares of Flextronics International in a research note on Tuesday, March 28th. One analyst has rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $17.13.
Shares of Flextronics International (NASDAQ FLEX) traded up 0.06% during trading on Wednesday, hitting $16.82. 1,168,116 shares of the stock were exchanged. The stock has a market cap of $8.91 billion, a P/E ratio of 28.51 and a beta of 0.80. Flextronics International has a 52 week low of $12.12 and a 52 week high of $17.76. The firm’s 50 day moving average price is $16.84 and its 200-day moving average price is $16.00.
Flextronics International (NASDAQ:FLEX) last issued its earnings results on Thursday, April 27th. The technology company reported $0.29 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.29. The business had revenue of $5.86 billion for the quarter, compared to analyst estimates of $5.68 billion. Flextronics International had a net margin of 1.34% and a return on equity of 21.19%. Flextronics International’s revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.29 earnings per share. On average, analysts predict that Flextronics International will post $1.20 EPS for the current year.
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In other news, CFO Christopher Collier sold 17,875 shares of the stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $16.75, for a total value of $299,406.25. Following the completion of the sale, the chief financial officer now owns 700,531 shares in the company, valued at $11,733,894.25. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William D. Watkins sold 30,000 shares of the stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $15.11, for a total transaction of $453,300.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,132,359 shares of company stock valued at $18,530,992. 0.83% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the stock. Toronto Dominion Bank increased its stake in shares of Flextronics International by 26.1% in the first quarter. Toronto Dominion Bank now owns 5,969 shares of the technology company’s stock valued at $100,000 after buying an additional 1,234 shares in the last quarter. Keybank National Association OH bought a new stake in Flextronics International during the first quarter worth about $199,000. Cambridge Investment Research Advisors Inc. increased its stake in Flextronics International by 4.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 12,087 shares of the technology company’s stock worth $203,000 after buying an additional 516 shares during the period. FNY Partners Fund LP bought a new stake in Flextronics International during the first quarter worth about $214,000. Finally, Ronald Blue & Co. LLC increased its stake in Flextronics International by 8.8% in the first quarter. Ronald Blue & Co. LLC now owns 13,062 shares of the technology company’s stock worth $219,000 after buying an additional 1,059 shares during the period. Institutional investors own 90.50% of the company’s stock.
Flextronics International Company Profile
Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC).
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