Flex Ltd (FLEX) Position Raised by Franklin Resources Inc.
Franklin Resources Inc. raised its stake in Flex Ltd (NASDAQ:FLEX) by 1.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,743,696 shares of the technology company’s stock after acquiring an additional 62,284 shares during the quarter. Franklin Resources Inc. owned about 0.71% of Flex worth $49,117,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Canada Pension Plan Investment Board increased its position in Flex by 2,570.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,492,826 shares of the technology company’s stock valued at $21,064,000 after acquiring an additional 1,436,925 shares in the last quarter. Clearline Capital LP acquired a new stake in Flex in the 2nd quarter valued at about $4,738,000. Maplelane Capital LLC increased its position in Flex by 29.0% in the 2nd quarter. Maplelane Capital LLC now owns 1,032,259 shares of the technology company’s stock valued at $14,565,000 after acquiring an additional 232,258 shares in the last quarter. Signition LP acquired a new stake in Flex in the 3rd quarter valued at about $219,000. Finally, AT Bancorp acquired a new stake in Flex in the 2nd quarter valued at about $556,000. Hedge funds and other institutional investors own 92.78% of the company’s stock.
Several research firms have weighed in on FLEX. BidaskClub upgraded shares of Flex from a “strong sell” rating to a “sell” rating in a research report on Friday, November 2nd. ValuEngine upgraded shares of Flex from a “sell” rating to a “hold” rating in a research report on Friday, November 2nd. Argus cut shares of Flex from a “buy” rating to a “hold” rating in a research report on Tuesday, October 30th. Macquarie set a $9.00 price objective on shares of Flex and gave the company a “hold” rating in a research report on Monday, October 29th. Finally, Goldman Sachs Group cut shares of Flex from a “buy” rating to a “neutral” rating in a research report on Friday, October 26th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $17.94.
Flex (NASDAQ:FLEX) last issued its earnings results on Thursday, October 25th. The technology company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.01. The company had revenue of $6.71 billion for the quarter, compared to analyst estimates of $6.81 billion. Flex had a net margin of 1.15% and a return on equity of 9.83%. Analysts expect that Flex Ltd will post 0.82 EPS for the current year.
Flex declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, August 21st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 6.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In other Flex news, EVP David Scott Offer bought 27,027 shares of Flex stock in a transaction dated Tuesday, October 30th. The shares were bought at an average price of $7.48 per share, with a total value of $202,161.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Marc A. Onetto bought 11,500 shares of Flex stock in a transaction dated Tuesday, December 4th. The stock was acquired at an average cost of $8.49 per share, for a total transaction of $97,635.00. The disclosure for this purchase can be found here. 0.88% of the stock is currently owned by company insiders.
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Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.
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