Millstone Evans Group LLC Takes Position in Flex Ltd. (NASDAQ:FLEX)

Millstone Evans Group LLC acquired a new stake in Flex Ltd. (NASDAQ:FLEX - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 7,500 shares of the technology company's stock, valued at approximately $288,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of Flex during the 4th quarter worth approximately $3,288,000. Lingohr Asset Management GmbH purchased a new position in Flex during the fourth quarter worth $517,000. Teacher Retirement System of Texas raised its holdings in shares of Flex by 7.5% in the fourth quarter. Teacher Retirement System of Texas now owns 411,520 shares of the technology company's stock worth $15,798,000 after acquiring an additional 28,881 shares during the last quarter. Harvest Fund Management Co. Ltd lifted its position in shares of Flex by 249.7% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 58,099 shares of the technology company's stock valued at $2,230,000 after acquiring an additional 41,487 shares in the last quarter. Finally, Xponance Inc. acquired a new stake in shares of Flex during the fourth quarter valued at $1,076,000. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on FLEX shares. StockNews.com raised shares of Flex from a "hold" rating to a "buy" rating in a research note on Friday, February 14th. Barclays upped their price objective on shares of Flex from $43.00 to $49.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Finally, Stifel Nicolaus assumed coverage on shares of Flex in a research note on Tuesday, February 11th. They issued a "buy" rating and a $52.00 target price for the company. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $44.33.

Remove Ads

Flex Trading Down 1.7 %

Flex stock traded down $0.62 during trading on Tuesday, reaching $36.80. The company had a trading volume of 2,008,397 shares, compared to its average volume of 3,767,239. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The firm has a market capitalization of $14.10 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 2.43 and a beta of 1.07. Flex Ltd. has a 12-month low of $25.27 and a 12-month high of $45.10. The stock's 50 day moving average price is $39.57 and its two-hundred day moving average price is $37.52.

Flex (NASDAQ:FLEX - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. As a group, equities analysts expect that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Flex

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the firm's stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the transaction, the insider now directly owns 233,526 shares of the company's stock, valued at $10,249,456.14. This trade represents a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the company's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the sale, the director now directly owns 202,850 shares of the company's stock, valued at $8,773,262.50. The trade was a 19.77 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.

Flex Company 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.