Private Bank & Trust Co. Reduces Stake in Flextronics International Ltd. (FLEX)
Private Bank & Trust Co. cut its position in Flextronics International Ltd. (NASDAQ:FLEX) by 1.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,587 shares of the technology company’s stock after selling 190 shares during the period. Private Bank & Trust Co.’s holdings in Flextronics International were worth $189,000 as of its most recent filing with the SEC.
Other hedge funds have also bought and sold shares of the company. Investment House LLC increased its stake in Flextronics International by 4.7% in the second quarter. Investment House LLC now owns 236,025 shares of the technology company’s stock worth $3,850,000 after buying an additional 10,550 shares during the period. Aperio Group LLC increased its stake in Flextronics International by 34.7% in the second quarter. Aperio Group LLC now owns 83,807 shares of the technology company’s stock worth $1,367,000 after buying an additional 21,596 shares during the period. Mn Services Vermogensbeheer B.V. increased its stake in Flextronics International by 504.3% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 87,019 shares of the technology company’s stock worth $1,419,000 after buying an additional 72,618 shares during the period. Creative Planning increased its stake in Flextronics International by 0.5% in the second quarter. Creative Planning now owns 144,326 shares of the technology company’s stock worth $2,354,000 after buying an additional 746 shares during the period. Finally, Achmea Investment Management B.V. acquired a new stake in Flextronics International during the first quarter worth $2,513,000. Hedge funds and other institutional investors own 90.56% of the company’s stock.
Shares of Flextronics International Ltd. (NASDAQ FLEX) traded up 0.23% during trading on Tuesday, reaching $17.12. 2,199,983 shares of the company’s stock were exchanged. Flextronics International Ltd. has a 12-month low of $12.12 and a 12-month high of $17.76. The stock has a market cap of $9.07 billion, a P/E ratio of 29.02 and a beta of 0.80. The company has a 50 day moving average of $16.75 and a 200 day moving average of $16.25.
Flextronics International (NASDAQ:FLEX) last announced its quarterly earnings results on Thursday, April 27th. The technology company reported $0.29 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.29. Flextronics International had a net margin of 1.34% and a return on equity of 21.19%. The business had revenue of $5.86 billion during the quarter, compared to analysts’ expectations of $5.68 billion. During the same period last year, the business earned $0.29 earnings per share. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. Equities research analysts anticipate that Flextronics International Ltd. will post $1.21 EPS for the current year.
A number of research firms have recently weighed in on FLEX. Needham & Company LLC boosted their target price on shares of Flextronics International from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, July 18th. ValuEngine downgraded shares of Flextronics International from a “buy” rating to a “hold” rating in a report on Friday, July 14th. Zacks Investment Research downgraded shares of Flextronics International from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Macquarie began coverage on shares of Flextronics International in a report on Thursday, June 22nd. They issued a “neutral” rating on the stock. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $21.00 target price on shares of Flextronics International in a report on Friday, June 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $17.29.
In other Flextronics International news, CFO Christopher Collier sold 17,875 shares of Flextronics International stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $16.75, for a total transaction of $299,406.25. Following the completion of the sale, the chief financial officer now directly owns 700,531 shares in the company, valued at $11,733,894.25. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael M. Mcnamara sold 285,288 shares of Flextronics International stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $16.22, for a total transaction of $4,627,371.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,132,359 shares of company stock valued at $18,530,992. Company insiders own 0.83% of the company’s stock.
About Flextronics International
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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