Vestcor Inc Raises Holdings in Flex Ltd. (NASDAQ:FLEX)

Vestcor Inc raised its position in Flex Ltd. (NASDAQ:FLEX) by 32.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 28,986 shares of the technology company’s stock after purchasing an additional 7,174 shares during the period. Vestcor Inc’s holdings in Flex were worth $1,113,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. First Horizon Advisors Inc. lifted its stake in shares of Flex by 23.6% in the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after buying an additional 305 shares in the last quarter. Sage Rhino Capital LLC raised its holdings in Flex by 1.1% in the 4th quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company’s stock valued at $1,358,000 after acquiring an additional 374 shares during the last quarter. Arizona State Retirement System lifted its stake in Flex by 0.4% in the 4th quarter. Arizona State Retirement System now owns 115,236 shares of the technology company’s stock worth $4,424,000 after purchasing an additional 403 shares in the last quarter. Raymond James Trust N.A. boosted its holdings in shares of Flex by 2.0% during the 3rd quarter. Raymond James Trust N.A. now owns 20,720 shares of the technology company’s stock worth $693,000 after purchasing an additional 413 shares during the last quarter. Finally, Huntington National Bank grew its position in shares of Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after purchasing an additional 479 shares in the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

FLEX has been the topic of a number of recent research reports. Barclays boosted their price objective on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Finally, Stifel Nicolaus assumed coverage on shares of Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Flex presently has a consensus rating of “Buy” and a consensus target price of $44.33.

Flex Stock Up 2.6 %

Shares of NASDAQ:FLEX opened at $34.49 on Friday. The business has a 50-day moving average price of $40.19 and a 200 day moving average price of $37.24. Flex Ltd. has a 12-month low of $25.27 and a 12-month high of $45.10. 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 capitalization of $13.21 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 2.43 and a beta of 1.07.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. Sell-side analysts expect that Flex Ltd. will post 2.33 EPS for the current year.

Insider Transactions at Flex

In other news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the sale, the insider now owns 233,526 shares of the company’s stock, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lay Koon Tan sold 50,000 shares of Flex 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 completion of the transaction, 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 disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

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.