The Manufacturers Life Insurance Company Invests $264,000 in Flex Ltd. (NASDAQ:FLEX)


Share on StockTwits

The Manufacturers Life Insurance Company purchased a new position in shares of Flex Ltd. (NASDAQ:FLEX) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 14,701 shares of the technology company’s stock, valued at approximately $264,000.

Several other institutional investors also recently made changes to their positions in the company. Truist Financial Corp increased its position in Flex by 5.6% in the 3rd quarter. Truist Financial Corp now owns 31,922 shares of the technology company’s stock valued at $355,000 after acquiring an additional 1,684 shares during the period. Rehmann Capital Advisory Group acquired a new stake in Flex in the 3rd quarter valued at approximately $120,000. Jupiter Wealth Management LLC acquired a new stake in Flex in the 3rd quarter valued at approximately $206,000. Brinker Capital Investments LLC acquired a new stake in Flex in the 3rd quarter valued at approximately $1,580,000. Finally, Sei Investments Co. increased its position in Flex by 14.7% in the 3rd quarter. Sei Investments Co. now owns 1,400,882 shares of the technology company’s stock valued at $15,612,000 after acquiring an additional 179,153 shares during the period. Institutional investors and hedge funds own 96.26% of the company’s stock.

FLEX opened at $18.15 on Wednesday. The firm has a market cap of $9.06 billion, a PE ratio of 28.36, a P/E/G ratio of 2.19 and a beta of 1.64. The company has a quick ratio of 0.96, a current ratio of 1.46 and a debt-to-equity ratio of 1.20. The business has a fifty day simple moving average of $17.87 and a 200-day simple moving average of $16.77. Flex Ltd. has a fifty-two week low of $7.36 and a fifty-two week high of $20.04.

Flex (NASDAQ:FLEX) last released its earnings results on Thursday, January 28th. The technology company reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.12. The company had revenue of $6.70 billion during the quarter, compared to analyst estimates of $6.23 billion. Flex had a return on equity of 11.01% and a net margin of 1.41%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.38 earnings per share. On average, equities research analysts anticipate that Flex Ltd. will post 0.81 EPS for the current fiscal year.

In other news, insider Francois Barbier sold 128,583 shares of the stock in a transaction on Monday, March 8th. The stock was sold at an average price of $16.74, for a total value of $2,152,479.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Revathi Advaithi sold 24,214 shares of the stock in a transaction on Friday, February 12th. The shares were sold at an average price of $19.53, for a total value of $472,899.42. The disclosure for this sale can be found here. Insiders sold 273,868 shares of company stock valued at $4,652,107 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Several research firms recently commented on FLEX. Citigroup raised their target price on Flex from $21.00 to $22.00 in a research report on Friday, January 29th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price target on Flex from $17.00 to $21.00 in a research note on Monday, December 21st. JPMorgan Chase & Co. raised Flex from a “neutral” rating to an “overweight” rating and increased their price target for the company from $21.00 to $22.00 in a research note on Friday, February 26th. Smith Barney Citigroup increased their price target on Flex from $17.00 to $21.00 in a research note on Monday, December 21st. Finally, Craig Hallum increased their price target on Flex from $24.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, February 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $19.31.

Flex Profile

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers in Asia, the Americas, and Europe. It operates through High Reliability Solutions, Industrial and Emerging Industries, Communications & Enterprise Compute, and Consumer Technologies Group segments.

Further Reading: Does the Step Transaction Doctrine Affect a Backdoor Roth IRA?

Want to see what other hedge funds are holding FLEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Flex Ltd. (NASDAQ:FLEX).

Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

Receive News & Ratings for Flex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flex and related companies with MarketBeat.com's FREE daily email newsletter.