Corbyn Investment Management Inc. MD Invests $2.32 Million in Flex Ltd. (NASDAQ:FLEX)

Corbyn Investment Management Inc. MD bought a new position in Flex Ltd. (NASDAQ:FLEX) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 76,100 shares of the technology company’s stock, valued at approximately $2,318,000.

Several other large investors have also made changes to their positions in the company. Cornerstone Planning Group LLC acquired a new position in Flex during the 3rd quarter valued at about $30,000. CWM LLC lifted its position in Flex by 92.5% during the 4th quarter. CWM LLC now owns 1,609 shares of the technology company’s stock valued at $49,000 after purchasing an additional 773 shares during the period. Fifth Third Bancorp lifted its position in Flex by 276.6% during the 4th quarter. Fifth Third Bancorp now owns 1,981 shares of the technology company’s stock valued at $60,000 after purchasing an additional 1,455 shares during the period. Bruce G. Allen Investments LLC acquired a new stake in shares of Flex in the 4th quarter valued at approximately $75,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Flex in the 4th quarter valued at approximately $77,000. Institutional investors own 94.30% of the company’s stock.

Insider Buying and Selling

In related news, CAO Daniel Wendler sold 1,860 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total transaction of $53,735.40. Following the completion of the transaction, the chief accounting officer now directly owns 28,730 shares of the company’s stock, valued at $830,009.70. The sale was disclosed in a filing with the SEC, which is available through this link. In other Flex news, EVP David Scott Offer sold 75,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $27.52, for a total transaction of $2,064,000.00. Following the transaction, the executive vice president now directly owns 162,094 shares in the company, valued at approximately $4,460,826.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Daniel Wendler sold 1,860 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $28.89, for a total value of $53,735.40. Following the transaction, the chief accounting officer now owns 28,730 shares in the company, valued at $830,009.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 141,943 shares of company stock worth $4,055,311. 0.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Flex from $32.00 to $34.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. StockNews.com started coverage on shares of Flex in a report on Wednesday, March 6th. They set a “hold” rating on the stock. Finally, The Goldman Sachs Group raised their target price on shares of Flex from $29.00 to $37.00 and gave the stock a “buy” rating in a report on Monday, March 4th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Flex presently has an average rating of “Moderate Buy” and a consensus price target of $34.20.

Flex Trading Up 1.1 %

Shares of FLEX traded up $0.33 during mid-day trading on Friday, hitting $29.03. 1,314,813 shares of the company’s stock traded hands, compared to its average volume of 4,812,555. The firm has a market capitalization of $12.23 billion, a P/E ratio of 17.08, a PEG ratio of 1.78 and a beta of 1.19. The business’s 50-day moving average price is $28.44 and its 200-day moving average price is $26.77. Flex Ltd. has a 1 year low of $19.44 and a 1 year high of $30.93. The company has a quick ratio of 0.86, a current ratio of 1.59 and a debt-to-equity ratio of 0.53.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.10. The firm had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.73 billion. Flex had a return on equity of 16.24% and a net margin of 2.56%. As a group, sell-side analysts forecast that Flex Ltd. will post 2.16 EPS for the current fiscal year.

About Flex

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.