Short Interest in Flextronics International Ltd. (FLEX) Declines By 10.0%
Flextronics International Ltd. (NASDAQ:FLEX) saw a significant decrease in short interest during the month of November. As of November 30th, there was short interest totalling 14,354,128 shares, a decrease of 10.0% from the November 15th total of 15,945,305 shares. Approximately 2.7% of the shares of the company are sold short. Based on an average daily volume of 2,800,708 shares, the days-to-cover ratio is currently 5.1 days.
Shares of Flextronics International (NASDAQ FLEX) opened at $17.87 on Thursday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.70 and a current ratio of 1.23. Flextronics International has a 12 month low of $14.22 and a 12 month high of $19.11. The firm has a market capitalization of $9,549.48, a price-to-earnings ratio of 15.71, a price-to-earnings-growth ratio of 0.99 and a beta of 0.81.
Flextronics International (NASDAQ:FLEX) last released its earnings results on Thursday, October 26th. The technology company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.01. Flextronics International had a return on equity of 22.71% and a net margin of 2.25%. The firm had revenue of $6.27 billion during the quarter, compared to analysts’ expectations of $6.09 billion. During the same period in the prior year, the company earned $0.28 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. equities analysts anticipate that Flextronics International will post 1.09 EPS for the current fiscal year.
Flextronics International announced that its board has authorized a stock repurchase program on Friday, August 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to repurchase up to 65% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of equities research analysts recently issued reports on FLEX shares. BidaskClub downgraded Flextronics International from a “buy” rating to a “hold” rating in a research report on Saturday, December 2nd. Citigroup increased their price target on Flextronics International from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, October 27th. UBS increased their price target on Flextronics International from $18.00 to $19.75 and gave the stock a “buy” rating in a research report on Friday, October 27th. Royal Bank of Canada reissued a “buy” rating and set a $19.00 price target on shares of Flextronics International in a research report on Friday, September 1st. Finally, Argus increased their price target on Flextronics International from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, November 1st. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $19.53.
In other news, Director William D. Watkins sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $17.73, for a total value of $159,570.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP David Scott Offer sold 45,000 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $17.71, for a total value of $796,950.00. The disclosure for this sale can be found here. 0.83% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. South Street Advisors LLC lifted its stake in Flextronics International by 13.4% during the third quarter. South Street Advisors LLC now owns 227,840 shares of the technology company’s stock worth $3,775,000 after purchasing an additional 26,900 shares during the last quarter. Cornerstone Capital Management Holdings LLC. lifted its stake in Flextronics International by 5.6% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 152,663 shares of the technology company’s stock worth $2,529,000 after purchasing an additional 8,100 shares during the last quarter. Woodmont Investment Counsel LLC bought a new stake in Flextronics International during the third quarter worth $244,000. Zeke Capital Advisors LLC lifted its stake in Flextronics International by 320.5% during the third quarter. Zeke Capital Advisors LLC now owns 50,517 shares of the technology company’s stock worth $837,000 after purchasing an additional 38,503 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC lifted its stake in Flextronics International by 9.2% during the third quarter. Thompson Siegel & Walmsley LLC now owns 4,996,536 shares of the technology company’s stock worth $82,792,000 after purchasing an additional 421,171 shares during the last quarter. Hedge funds and other institutional investors own 95.40% of the company’s stock.
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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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