Pzena Investment Management LLC Has $83.64 Million Holdings in Flex Ltd (FLEX)

Pzena Investment Management LLC grew its stake in Flex Ltd (NASDAQ:FLEX) by 37.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,374,944 shares of the technology company’s stock after buying an additional 1,723,059 shares during the period. Pzena Investment Management LLC’s holdings in Flex were worth $83,640,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Point View Wealth Management Inc. lifted its position in shares of Flex by 10.3% during the 2nd quarter. Point View Wealth Management Inc. now owns 40,712 shares of the technology company’s stock worth $574,000 after purchasing an additional 3,789 shares during the last quarter. Xact Kapitalforvaltning AB lifted its position in shares of Flex by 4.0% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 107,032 shares of the technology company’s stock worth $1,510,000 after purchasing an additional 4,165 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Flex by 8.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 55,377 shares of the technology company’s stock worth $781,000 after purchasing an additional 4,245 shares during the last quarter. Independent Advisor Alliance lifted its position in shares of Flex by 12.5% during the 2nd quarter. Independent Advisor Alliance now owns 38,745 shares of the technology company’s stock worth $542,000 after purchasing an additional 4,299 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in shares of Flex by 30.7% during the 2nd quarter. Jane Street Group LLC now owns 18,324 shares of the technology company’s stock worth $259,000 after purchasing an additional 4,304 shares during the last quarter. 96.16% of the stock is owned by institutional investors.

In other news, EVP David Scott Offer purchased 27,027 shares of the stock in a transaction that occurred on Tuesday, October 30th. The shares were purchased at an average cost of $7.48 per share, for a total transaction of $202,161.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.88% of the company’s stock.

FLEX has been the subject of several research analyst reports. Argus cut Flex from a “buy” rating to a “hold” rating in a research report on Tuesday, October 30th. Zacks Investment Research raised Flex from a “sell” rating to a “hold” rating in a research report on Tuesday, July 31st. ValuEngine cut Flex from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 27th. BidaskClub cut Flex from a “sell” rating to a “strong sell” rating in a research report on Friday, August 31st. Finally, Macquarie set a $9.00 price objective on Flex and gave the stock a “hold” rating in a research report on Monday, October 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. Flex currently has an average rating of “Hold” and an average target price of $17.94.

Shares of FLEX opened at $8.26 on Friday. Flex Ltd has a 12-month low of $6.74 and a 12-month high of $19.71. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.69 and a current ratio of 1.23. The stock has a market cap of $4.28 billion, a P/E ratio of 10.33, a PEG ratio of 0.95 and a beta of 1.52.

Flex (NASDAQ:FLEX) last issued its quarterly earnings results on Thursday, October 25th. The technology company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.01. Flex had a return on equity of 9.83% 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. Analysts anticipate that Flex Ltd will post 0.82 EPS for the current fiscal year.

Flex declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, August 21st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase up to 6.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

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Flex Profile

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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Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

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