TCW Group Inc. Decreases Stock Holdings in Flex Ltd. (NASDAQ:FLEX)

TCW Group Inc. trimmed its position in shares of Flex Ltd. (NASDAQ:FLEX) by 5.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,706,352 shares of the technology company’s stock after selling 104,806 shares during the quarter. TCW Group Inc. owned about 0.44% of Flex worth $65,507,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. State of Alaska Department of Revenue purchased a new stake in shares of Flex during the fourth quarter valued at about $1,697,000. One Wealth Advisors LLC purchased a new stake in shares of Flex during the fourth quarter valued at about $368,000. JPMorgan Chase & Co. lifted its position in shares of Flex by 5.2% during the third quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock valued at $202,152,000 after buying an additional 296,505 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of Flex by 113.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 486,348 shares of the technology company’s stock valued at $16,259,000 after acquiring an additional 257,975 shares in the last quarter. Finally, KBC Group NV increased its holdings in shares of Flex by 872.7% during the fourth quarter. KBC Group NV now owns 104,132 shares of the technology company’s stock valued at $3,998,000 after acquiring an additional 93,426 shares in the last quarter. 94.30% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Flex

In other news, Director Lay Koon Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the sale, the director now owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael P. Hartung sold 64,807 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the sale, the insider now directly owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

FLEX has been the topic of several recent analyst reports. StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a report 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 report on Thursday, January 30th. Stifel Nicolaus initiated coverage on shares of Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective on the stock. Finally, Craig Hallum upped their price objective on shares of Flex from $39.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Six 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, Flex has an average rating of “Buy” and a consensus target price of $44.33.

Flex Price Performance

Shares of NASDAQ:FLEX opened at $40.35 on Friday. Flex Ltd. has a twelve month low of $25.27 and a twelve month high of $45.10. The company’s 50 day moving average is $41.01 and its 200 day moving average is $36.72. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The company has a market cap of $15.46 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 2.43 and a beta of 1.10.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, topping 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%. On average, sell-side analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

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.