Merewether Investment Management LP Has $46.60 Million Position in Flex Ltd. (NASDAQ:FLEX)

Merewether Investment Management LP lessened its stake in shares of Flex Ltd. (NASDAQ:FLEX - Free Report) by 43.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,393,900 shares of the technology company's stock after selling 1,075,000 shares during the quarter. Flex comprises about 2.1% of Merewether Investment Management LP's investment portfolio, making the stock its 18th biggest holding. Merewether Investment Management LP owned 0.36% of Flex worth $46,598,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Janus Henderson Group PLC grew its position in Flex by 1.3% in the third quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company's stock worth $898,389,000 after buying an additional 344,773 shares during the last quarter. HighTower Advisors LLC grew its position in Flex by 9.6% in the third quarter. HighTower Advisors LLC now owns 121,037 shares of the technology company's stock worth $4,045,000 after buying an additional 10,560 shares during the last quarter. Concentric Capital Strategies LP grew its position in Flex by 153.1% in the third quarter. Concentric Capital Strategies LP now owns 462,044 shares of the technology company's stock worth $15,446,000 after buying an additional 279,516 shares during the last quarter. Simcoe Capital Management LLC acquired a new position in Flex in the third quarter worth approximately $22,075,000. Finally, Timber Creek Capital Management LLC grew its position in Flex by 18.8% in the third quarter. Timber Creek Capital Management LLC now owns 149,128 shares of the technology company's stock worth $4,985,000 after buying an additional 23,610 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company's stock.

Insider Activity at Flex

In other news, insider Kwang Hooi Tan sold 8,028 shares of the business's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $35.39, for a total transaction of $284,110.92. Following the transaction, the insider now owns 240,018 shares in the company, valued at approximately $8,494,237.02. The trade was a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles K. Stevens III sold 13,157 shares of the business's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $38.69, for a total transaction of $509,044.33. Following the transaction, the director now owns 55,713 shares in the company, valued at approximately $2,155,535.97. The trade was a 19.10 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by company insiders.

Flex Stock Up 2.1 %

Shares of FLEX stock traded up $0.82 on Wednesday, hitting $39.49. The company's stock had a trading volume of 4,675,661 shares, compared to its average volume of 4,396,652. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.43 and a quick ratio of 0.85. Flex Ltd. has a fifty-two week low of $21.84 and a fifty-two week high of $42.47. The firm's fifty day moving average price is $36.19 and its 200-day moving average price is $32.82. The stock has a market capitalization of $15.31 billion, a price-to-earnings ratio of 17.11, a P/E/G ratio of 2.49 and a beta of 1.10.

Analyst Upgrades and Downgrades

FLEX has been the subject of a number of recent analyst reports. Craig Hallum raised their price objective on shares of Flex from $39.00 to $45.00 and gave the stock a "buy" rating in a research note on Thursday, October 31st. The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a research note on Thursday, October 17th. StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a research note on Tuesday, October 29th. Barclays raised their price objective on shares of Flex from $39.00 to $43.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. Finally, KeyCorp initiated coverage on shares of Flex in a research note on Tuesday, October 22nd. They set an "overweight" rating and a $41.00 target price for the company. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $40.83.

Flex Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.