NS Partners Ltd Takes $13.50 Million Position in Flex Ltd. $FLEX

NS Partners Ltd acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 83,288 shares of the technology company’s stock, valued at approximately $13,498,000.

A number of other institutional investors have also modified their holdings of the stock. Norges Bank purchased a new stake in shares of Flex during the fourth quarter valued at about $319,756,000. Rithm Capital Corp. purchased a new position in shares of Flex in the 1st quarter worth approximately $1,407,000. Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in shares of Flex during the 4th quarter worth approximately $2,497,000. Sequoia Financial Advisors LLC lifted its position in Flex by 12.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 173,277 shares of the technology company’s stock valued at $10,469,000 after acquiring an additional 19,270 shares during the last quarter. Finally, North Dakota State Investment Board acquired a new stake in Flex in the fourth quarter valued at approximately $794,000. 94.30% of the stock is owned by hedge funds and other institutional investors.

Flex Price Performance

Shares of FLEX opened at $109.25 on Tuesday. The business’s 50-day moving average is $126.44 and its two-hundred day moving average is $107.89. The company has a market capitalization of $40.36 billion, a P/E ratio of 42.18, a P/E/G ratio of 0.56 and a beta of 1.68. Flex Ltd. has a fifty-two week low of $51.76 and a fifty-two week high of $166.86. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.89 and a current ratio of 1.38.

Flex (NASDAQ:FLEX) last issued its earnings results on Friday, June 26th. The technology company reported $1.00 EPS for the quarter. The firm had revenue of $7.93 billion for the quarter. Flex had a return on equity of 23.15% and a net margin of 3.32%. Research analysts predict that Flex Ltd. will post 4.27 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FLEX. KeyCorp increased their price objective on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Barclays lowered their price target on Flex from $203.00 to $144.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Zacks Research cut shares of Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Raymond James Financial set a $170.00 price target on shares of Flex and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Finally, Freedom Capital raised Flex from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Flex currently has an average rating of “Moderate Buy” and a consensus price target of $114.20.

Insider Activity

In other Flex news, insider Michael P. Hartung sold 22,627 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $144.48, for a total value of $3,269,148.96. Following the completion of the transaction, the insider owned 253,199 shares in the company, valued at approximately $36,582,191.52. This represents a 8.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP David Scott Offer sold 33,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $153.91, for a total value of $5,079,030.00. Following the sale, the executive vice president owned 73,471 shares in the company, valued at $11,307,921.61. This trade represents a 30.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 459,938 shares of company stock valued at $67,020,113 in the last quarter. Company insiders own 0.62% of the company’s stock.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.