Lyrical Asset Management LP Trims Stake in Flex Ltd. (NASDAQ:FLEX)

Lyrical Asset Management LP decreased its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 1.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 8,733,612 shares of the technology company’s stock after selling 106,702 shares during the quarter. Flex makes up approximately 5.0% of Lyrical Asset Management LP’s holdings, making the stock its 3rd largest holding. Lyrical Asset Management LP’s holdings in Flex were worth $335,283,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Boston Partners grew its holdings in Flex by 2.2% during the fourth quarter. Boston Partners now owns 26,114,574 shares of the technology company’s stock valued at $1,006,436,000 after purchasing an additional 569,916 shares during the period. Vanguard Group Inc. boosted its position in shares of Flex by 7.1% during the fourth quarter. Vanguard Group Inc. now owns 12,298,896 shares of the technology company’s stock worth $472,155,000 after purchasing an additional 817,215 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Flex by 6.0% in the 4th quarter. JPMorgan Chase & Co. now owns 6,408,070 shares of the technology company’s stock valued at $246,006,000 after buying an additional 361,049 shares during the period. Norges Bank bought a new stake in shares of Flex in the 4th quarter valued at $229,484,000. Finally, Geode Capital Management LLC lifted its holdings in Flex by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 4,598,271 shares of the technology company’s stock worth $176,607,000 after acquiring an additional 132,457 shares in the last quarter. 94.30% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was 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 of the company’s stock, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction 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 transaction, the insider now owns 233,526 shares in the company, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.

Flex Trading Down 9.0 %

NASDAQ FLEX opened at $26.68 on Friday. The stock has a market capitalization of $10.22 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 2.43 and a beta of 0.99. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $45.10. The stock’s 50 day moving average price is $37.83 and its two-hundred day moving average price is $37.62. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41.

Flex (NASDAQ:FLEX) last issued 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%. As a group, analysts anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.