US Bancorp DE Has $645,000 Position in Flex Ltd. (NASDAQ:FLEX)

US Bancorp DE lessened its holdings in Flex Ltd. (NASDAQ:FLEX) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,810 shares of the technology company’s stock after selling 580 shares during the period. US Bancorp DE’s holdings in Flex were worth $645,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Geode Capital Management LLC increased its holdings in shares of Flex by 619.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock worth $149,350,000 after purchasing an additional 3,844,935 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Flex by 462.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,639,769 shares of the technology company’s stock valued at $88,247,000 after buying an additional 2,170,262 shares during the period. Bank of New York Mellon Corp lifted its holdings in Flex by 210.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,957,477 shares of the technology company’s stock valued at $75,148,000 after buying an additional 1,327,298 shares during the period. Principal Financial Group Inc. bought a new stake in Flex in the fourth quarter valued at approximately $33,363,000. Finally, Simcoe Capital Management LLC bought a new stake in Flex in the third quarter valued at approximately $22,075,000. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Buying and Selling

In other news, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction on Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the sale, the director now owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction on 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 completion of the sale, the insider now owns 233,526 shares of the company’s stock, valued at $10,249,456.14. This represents a 21.72 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FLEX. Stifel Nicolaus began coverage on shares of Flex in a research report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price objective for the company. Barclays increased their price target on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, StockNews.com upgraded shares of Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $44.33.

Flex Price Performance

FLEX stock opened at $33.73 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 12 month low of $25.27 and a 12 month high of $45.10. The firm has a market cap of $12.92 billion, a P/E ratio of 13.60, a P/E/G ratio of 2.43 and a beta of 1.07. The company’s 50-day moving average price is $40.48 and its two-hundred day moving average price is $37.23.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating 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, analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Flex Company 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.