Rithm Capital Corp. Makes New $1.41 Million Investment in Flex Ltd. $FLEX

Rithm Capital Corp. purchased a new stake in Flex Ltd. (NASDAQ:FLEX) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 21,500 shares of the technology company’s stock, valued at approximately $1,407,000. Flex comprises approximately 2.1% of Rithm Capital Corp.’s investment portfolio, making the stock its 8th largest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. USA Financial Formulas bought a new position in Flex in the fourth quarter valued at about $28,000. Parkside Financial Bank & Trust lifted its holdings in shares of Flex by 57.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after acquiring an additional 166 shares during the last quarter. Frazier Financial Advisors LLC acquired a new stake in shares of Flex in the 4th quarter valued at approximately $28,000. Gables Capital Management Inc. bought a new stake in shares of Flex during the 4th quarter valued at approximately $42,000. Finally, Caitong International Asset Management Co. Ltd increased its position in Flex by 6,318.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock worth $43,000 after purchasing an additional 695 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors.

Insider Activity

In other Flex news, insider Michael P. Hartung sold 22,627 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $144.48, for a total transaction of $3,269,148.96. Following the completion of the sale, the insider directly owned 253,199 shares in the company, valued at approximately $36,582,191.52. This trade represents a 8.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Revathi Advaithi sold 197,879 shares of Flex stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $144.32, for a total value of $28,557,897.28. Following the completion of the transaction, the chief executive officer directly owned 623,466 shares of the company’s stock, valued at approximately $89,978,613.12. This trade represents a 24.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 769,195 shares of company stock worth $110,116,823 over the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. KeyCorp boosted their target price on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. boosted their price objective on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Freedom Capital upgraded Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Robert W. Baird set a $165.00 price target on Flex in a report on Thursday, May 7th. Finally, Zacks Research downgraded shares of Flex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $115.70.

Flex Stock Performance

NASDAQ:FLEX opened at $116.07 on Tuesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.36. Flex Ltd. has a fifty-two week low of $47.83 and a fifty-two week high of $166.86. The company has a 50 day simple moving average of $141.10 and a two-hundred day simple moving average of $98.60. The company has a market capitalization of $42.53 billion, a PE ratio of 49.82, a P/E/G ratio of 0.62 and a beta of 1.64.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a net margin of 3.15% and a return on equity of 22.12%. The firm had revenue of $7.48 billion for the quarter. Research analysts anticipate that Flex Ltd. will post 4.18 earnings per share for the current year.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.