Leuthold Group LLC Reduces Position in Flex Ltd. (NASDAQ:FLEX)

Leuthold Group LLC decreased its holdings in Flex Ltd. (NASDAQ:FLEX) by 0.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 232,013 shares of the technology company’s stock after selling 2,068 shares during the period. Leuthold Group LLC owned 0.06% of Flex worth $6,842,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Raymond James Trust N.A. lifted its position in shares of Flex by 1.8% during the second quarter. Raymond James Trust N.A. now owns 20,307 shares of the technology company’s stock worth $599,000 after acquiring an additional 360 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Flex by 5.3% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 9,299 shares of the technology company’s stock worth $251,000 after purchasing an additional 471 shares in the last quarter. Resonant Capital Advisors LLC grew its position in Flex by 8.6% during the first quarter. Resonant Capital Advisors LLC now owns 8,627 shares of the technology company’s stock valued at $247,000 after acquiring an additional 683 shares during the last quarter. Atomi Financial Group Inc. grew its holdings in shares of Flex by 10.2% during the 2nd quarter. Atomi Financial Group Inc. now owns 7,984 shares of the technology company’s stock valued at $235,000 after purchasing an additional 739 shares during the last quarter. Finally, Allegheny Financial Group LTD grew its stake in shares of Flex by 4.8% during the second quarter. Allegheny Financial Group LTD now owns 18,415 shares of the technology company’s stock valued at $543,000 after buying an additional 851 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have 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, August 2nd. Stifel Nicolaus upped their price target on Flex from $32.00 to $37.00 and gave the company a “buy” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. boosted their target price on shares of Flex from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. Craig Hallum raised shares of Flex from a “hold” rating to a “buy” rating and upped their price target for the company from $27.00 to $39.00 in a research report on Thursday, July 25th. Finally, Barclays boosted their price target on Flex from $34.00 to $39.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $38.40.

Insider Buying and Selling

In related news, EVP David Scott Offer sold 10,000 shares of Flex stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $31.99, for a total value of $319,900.00. Following the sale, the executive vice president now directly owns 168,094 shares in the company, valued at approximately $5,377,327.06. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP David Scott Offer sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $31.99, for a total transaction of $319,900.00. Following the completion of the sale, the executive vice president now directly owns 168,094 shares in the company, valued at $5,377,327.06. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kwang Hooi Tan sold 8,028 shares of Flex stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $31.78, for a total transaction of $255,129.84. Following the sale, the insider now owns 175,468 shares of the company’s stock, valued at $5,576,373.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,028 shares of company stock valued at $904,530. Corporate insiders own 0.82% of the company’s stock.

Flex Price Performance

Shares of FLEX opened at $31.11 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.75 and a current ratio of 1.40. The stock has a market capitalization of $12.41 billion, a PE ratio of 13.53, a PEG ratio of 1.74 and a beta of 1.09. The company has a 50 day moving average price of $30.60 and a 200-day moving average price of $30.02. Flex Ltd. has a fifty-two week low of $21.84 and a fifty-two week high of $34.12.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.09. The firm had revenue of $6.31 billion for the quarter, compared to the consensus estimate of $5.89 billion. Flex had a net margin of 3.54% and a return on equity of 16.23%. Equities analysts predict that Flex Ltd. will post 2.09 earnings per share 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.