Zacks: Analysts Anticipate Flex Ltd (FLEX) to Announce $0.30 EPS

Equities analysts predict that Flex Ltd (NASDAQ:FLEX) will report earnings per share (EPS) of $0.30 for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Flex’s earnings. The lowest EPS estimate is $0.29 and the highest is $0.31. Flex reported earnings per share of $0.31 during the same quarter last year, which indicates a negative year over year growth rate of 3.2%. The company is scheduled to announce its next earnings report on Thursday, January 24th.

According to Zacks, analysts expect that Flex will report full-year earnings of $1.10 per share for the current financial year, with EPS estimates ranging from $1.09 to $1.10. For the next fiscal year, analysts anticipate that the firm will post earnings of $1.30 per share, with EPS estimates ranging from $1.23 to $1.35. Zacks’ EPS averages are a mean average based on a survey of sell-side analysts that follow Flex.

Flex (NASDAQ:FLEX) last released its quarterly earnings results on Thursday, October 25th. The technology company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. Flex had a return on equity of 9.94% and a net margin of 1.15%. The firm had revenue of $6.71 billion for the quarter, compared to analyst estimates of $6.81 billion.

A number of equities research analysts have commented on the company. Zacks Investment Research lowered Flex from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 11th. BidaskClub upgraded Flex from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 23rd. ValuEngine lowered Flex from a “hold” rating to a “sell” rating in a research report on Saturday, October 6th. Needham & Company LLC lowered Flex from a “buy” rating to a “hold” rating in a research report on Friday, October 26th. Finally, Macquarie set a $9.00 price target on Flex and gave the company a “hold” rating in a research report on Monday, October 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. Flex currently has an average rating of “Hold” and an average target price of $17.94.

NASDAQ FLEX opened at $8.56 on Friday. Flex has a 12 month low of $6.74 and a 12 month high of $19.71. The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of 15.50, a P/E/G ratio of 1.01 and a beta of 1.52. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.73 and a current ratio of 1.24.

Flex announced that its Board of Directors has approved a stock repurchase plan on Tuesday, August 21st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 6.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

In other Flex news, EVP David Scott Offer bought 27,027 shares of the business’s stock in a transaction that occurred on Tuesday, October 30th. The shares were bought at an average price of $7.48 per share, for a total transaction of $202,161.96. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Francois Barbier sold 70,278 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $14.03, for a total value of $986,000.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,678 shares of company stock worth $991,332. 0.88% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in FLEX. Canada Pension Plan Investment Board boosted its holdings in Flex by 2,570.5% in the second quarter. Canada Pension Plan Investment Board now owns 1,492,826 shares of the technology company’s stock worth $21,064,000 after acquiring an additional 1,436,925 shares in the last quarter. Clearline Capital LP purchased a new stake in shares of Flex in the second quarter worth approximately $4,738,000. Maplelane Capital LLC raised its stake in shares of Flex by 29.0% in the second quarter. Maplelane Capital LLC now owns 1,032,259 shares of the technology company’s stock worth $14,565,000 after purchasing an additional 232,258 shares during the last quarter. AT Bancorp purchased a new stake in shares of Flex in the second quarter worth approximately $556,000. Finally, Standard Life Aberdeen plc raised its stake in shares of Flex by 22.6% in the second quarter. Standard Life Aberdeen plc now owns 154,472 shares of the technology company’s stock worth $2,181,000 after purchasing an additional 28,474 shares during the last quarter. Institutional investors own 91.89% of the company’s stock.

About Flex

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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