Hanson & Doremus Investment Management lifted its position in Flex Ltd (NASDAQ:FLEX) by 16.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 117,025 shares of the technology company’s stock after acquiring an additional 16,404 shares during the quarter. Hanson & Doremus Investment Management’s holdings in Flex were worth $1,170,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC increased its position in Flex by 350.5% during the 4th quarter. FMR LLC now owns 10,366,013 shares of the technology company’s stock valued at $78,886,000 after purchasing an additional 8,065,169 shares during the period. Deutsche Bank AG increased its position in Flex by 242.6% during the 4th quarter. Deutsche Bank AG now owns 10,302,561 shares of the technology company’s stock valued at $78,401,000 after purchasing an additional 7,295,561 shares during the period. Victory Capital Management Inc. increased its position in Flex by 52.9% during the 4th quarter. Victory Capital Management Inc. now owns 20,176,057 shares of the technology company’s stock valued at $153,540,000 after purchasing an additional 6,979,920 shares during the period. Norges Bank purchased a new position in Flex during the 4th quarter valued at about $38,403,000. Finally, Bank of America Corp DE increased its position in Flex by 114.5% during the 4th quarter. Bank of America Corp DE now owns 8,668,202 shares of the technology company’s stock valued at $65,966,000 after purchasing an additional 4,626,225 shares during the period. Hedge funds and other institutional investors own 93.90% of the company’s stock.
A number of research analysts have commented on FLEX shares. BidaskClub raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, February 22nd. ValuEngine raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Thursday, January 31st. Zacks Investment Research raised shares of Flex from a “strong sell” rating to a “hold” rating in a research report on Monday, December 31st. Finally, JPMorgan Chase & Co. downgraded shares of Flex from an “overweight” rating to a “neutral” rating and cut their target price for the company from $14.00 to $12.00 in a research report on Wednesday, January 2nd. Ten equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Flex currently has an average rating of “Hold” and an average target price of $15.17.
Shares of Flex stock traded up $0.15 on Tuesday, reaching $11.25. The stock had a trading volume of 46,691 shares, compared to its average volume of 6,633,200. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 0.94. Flex Ltd has a 1 year low of $6.74 and a 1 year high of $17.33. The company has a market cap of $5.79 billion, a P/E ratio of 14.06, a PEG ratio of 0.94 and a beta of 1.78.
Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, January 30th. The technology company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.04. Flex had a net margin of 0.52% and a return on equity of 4.47%. The firm had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.77 billion. During the same quarter in the previous year, the firm earned $0.31 EPS. The company’s quarterly revenue was up 2.9% compared to the same quarter last year. As a group, equities research analysts forecast that Flex Ltd will post 0.66 EPS for the current fiscal year.
Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.
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