Mirova Decreases Stake in Flex Ltd. (NASDAQ:FLEX)

Mirova decreased its stake in shares of Flex Ltd. (NASDAQ:FLEX) by 9.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 91,460 shares of the technology company’s stock after selling 9,233 shares during the period. Mirova’s holdings in Flex were worth $3,511,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Evergreen Capital Management LLC grew its stake in shares of Flex by 1.0% during the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock valued at $925,000 after purchasing an additional 246 shares during the period. Rockefeller Capital Management L.P. grew its position in Flex by 2.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock valued at $488,000 after buying an additional 266 shares during the period. Sage Rhino Capital LLC increased its holdings in Flex by 1.1% during the fourth quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company’s stock valued at $1,358,000 after buying an additional 374 shares during the last quarter. Arizona State Retirement System raised its position in Flex by 0.4% in the fourth quarter. Arizona State Retirement System now owns 115,236 shares of the technology company’s stock worth $4,424,000 after acquiring an additional 403 shares during the period. Finally, Quadrant Capital Group LLC boosted its stake in shares of Flex by 11.2% during the 4th quarter. Quadrant Capital Group LLC now owns 4,432 shares of the technology company’s stock worth $170,000 after acquiring an additional 447 shares during the last quarter. 94.30% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FLEX has been the subject of several analyst reports. The Goldman Sachs Group decreased their target price on Flex from $53.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. KeyCorp decreased their price objective on Flex from $46.00 to $35.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Stifel Nicolaus started coverage on shares of Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target on the stock. Finally, Barclays raised their price objective on shares of Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $43.67.

Insider Activity

In other Flex news, insider Michael P. Hartung sold 64,807 shares of the business’s 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 transaction, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lay Koon Tan sold 50,000 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total transaction 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 $8,773,262.50. This trade represents a 19.77 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Flex Stock Performance

FLEX opened at $31.54 on Friday. The company has a fifty day moving average of $34.99 and a 200 day moving average of $37.38. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $45.10. The stock has a market capitalization of $12.08 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 2.43 and a beta of 0.99. 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 posted its earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. As a group, sell-side analysts forecast that Flex Ltd. will post 2.33 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.