Analysts forecast that Flextronics International Ltd. (NASDAQ:FLEX) will post sales of $6.10 billion for the current quarter, Zacks reports. Five analysts have issued estimates for Flextronics International’s earnings. The highest sales estimate is $6.12 billion and the lowest is $6.08 billion. Flextronics International posted sales of $6.01 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 1.5%. The business is expected to report its next quarterly earnings report on Thursday, October 26th.
According to Zacks, analysts expect that Flextronics International will report full-year sales of $6.10 billion for the current financial year, with estimates ranging from $24.45 billion to $24.84 billion. For the next financial year, analysts anticipate that the business will post sales of $25.69 billion per share, with estimates ranging from $25.40 billion to $26.15 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Flextronics International.
Flextronics International (NASDAQ:FLEX) last issued its earnings results on Thursday, July 27th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.02. The business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.91 billion. Flextronics International had a return on equity of 20.46% and a net margin of 1.41%. Flextronics International’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 earnings per share.
Several equities analysts have weighed in on the company. Macquarie assumed coverage on Flextronics International in a report on Thursday, June 22nd. They set a “neutral” rating for the company. Bank of America Corporation restated a “buy” rating and set a $19.50 price target (up previously from $17.50) on shares of Flextronics International in a report on Wednesday, May 17th. Royal Bank Of Canada restated a “buy” rating and set a $19.00 price target on shares of Flextronics International in a report on Friday. Zacks Investment Research cut Flextronics International from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Finally, Needham & Company LLC raised their price target on Flextronics International from $17.00 to $19.00 and gave the company a “buy” rating in a report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Flextronics International has an average rating of “Buy” and an average target price of $17.55.
Shares of Flextronics International (FLEX) opened at 16.54 on Monday. The firm has a 50-day moving average price of $16.22 and a 200 day moving average price of $16.41. The stock has a market cap of $8.81 billion, a price-to-earnings ratio of 26.30 and a beta of 0.79. Flextronics International has a 52 week low of $12.41 and a 52 week high of $17.76.
Flextronics International declared that its Board of Directors has approved a share buyback program on Friday, August 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to reacquire up to 65% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
In other news, CFO Christopher Collier sold 15,739 shares of Flextronics International stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $15.93, for a total value of $250,722.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lay Koon Tan sold 2,728 shares of Flextronics International stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $15.93, for a total value of $43,457.04. Following the completion of the transaction, the director now owns 114,394 shares of the company’s stock, valued at approximately $1,822,296.42. The disclosure for this sale can be found here. In the last quarter, insiders sold 972,124 shares of company stock valued at $15,872,864. Company insiders own 0.83% of the company’s stock.
Several institutional investors have recently made changes to their positions in FLEX. Toronto Dominion Bank boosted its holdings in shares of Flextronics International by 26.1% in the 1st quarter. Toronto Dominion Bank now owns 5,969 shares of the technology company’s stock worth $100,000 after purchasing an additional 1,234 shares during the period. Captrust Financial Advisors purchased a new position in shares of Flextronics International in the 2nd quarter worth approximately $171,000. Keybank National Association OH purchased a new position in shares of Flextronics International in the 1st quarter worth approximately $199,000. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Flextronics International by 4.5% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 12,087 shares of the technology company’s stock worth $203,000 after purchasing an additional 516 shares during the period. Finally, Airain ltd purchased a new position in shares of Flextronics International in the 2nd quarter worth approximately $203,000. Hedge funds and other institutional investors own 94.96% of the company’s stock.
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Flextronics International Company Profile
Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC).
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