Flextronics International Ltd. (FLEX) Position Maintained by Los Angeles Capital Management & Equity Research Inc.
Los Angeles Capital Management & Equity Research Inc. maintained its position in shares of Flextronics International Ltd. (NASDAQ:FLEX) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 63,130 shares of the technology company’s stock at the close of the 2nd quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Flextronics International were worth $1,030,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of FLEX. BlackRock Inc. lifted its position in shares of Flextronics International by 899.5% in the 1st quarter. BlackRock Inc. now owns 24,233,981 shares of the technology company’s stock worth $407,131,000 after purchasing an additional 21,809,363 shares during the period. Wellington Management Group LLP lifted its position in shares of Flextronics International by 48.0% in the 1st quarter. Wellington Management Group LLP now owns 14,453,585 shares of the technology company’s stock worth $242,819,000 after purchasing an additional 4,688,140 shares during the period. UBS Asset Management Americas Inc. lifted its position in shares of Flextronics International by 108.3% in the 1st quarter. UBS Asset Management Americas Inc. now owns 3,174,961 shares of the technology company’s stock worth $53,339,000 after purchasing an additional 1,650,552 shares during the period. United Services Automobile Association lifted its position in shares of Flextronics International by 4,891.5% in the 1st quarter. United Services Automobile Association now owns 1,000,091 shares of the technology company’s stock worth $16,802,000 after purchasing an additional 980,055 shares during the period. Finally, Mackenzie Financial Corp purchased a new stake in shares of Flextronics International in the 1st quarter worth about $7,326,000. 94.85% of the stock is owned by hedge funds and other institutional investors.
Flextronics International Ltd. (NASDAQ FLEX) opened at 16.87 on Wednesday. The company’s 50-day moving average is $16.13 and its 200-day moving average is $16.41. Flextronics International Ltd. has a 12 month low of $13.16 and a 12 month high of $17.76. The stock has a market capitalization of $8.98 billion, a PE ratio of 26.82 and a beta of 0.79.
Flextronics International (NASDAQ:FLEX) last released its quarterly earnings data on Thursday, July 27th. The technology company reported $0.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.02. Flextronics International had a net margin of 1.41% and a return on equity of 20.46%. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.91 billion. During the same period in the prior year, the firm earned $0.27 earnings per share. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. Equities research analysts forecast that Flextronics International Ltd. will post $1.09 EPS for the current year.
Flextronics International announced that its board has approved a stock buyback plan on Friday, August 18th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to purchase up to 65% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
Several equities research analysts have recently commented on the stock. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $19.00 target price on shares of Flextronics International in a research report on Friday, September 1st. ValuEngine raised shares of Flextronics International from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. BidaskClub cut shares of Flextronics International from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 3rd. Zacks Investment Research cut shares of Flextronics International from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Needham & Company LLC raised their target price on shares of Flextronics International from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $17.55.
In other Flextronics International news, CEO Michael M. Mcnamara sold 285,288 shares of the 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David P. Bennett sold 6,250 shares of the stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $16.75, for a total transaction of $104,687.50. Following the sale, the insider now directly owns 45,251 shares of the company’s stock, valued at $757,954.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 778,619 shares of company stock valued at $12,676,488. 0.83% of the stock is owned by insiders.
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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