Flex Ltd (NASDAQ:FLEX) Stake Lessened by Hanson & Doremus Investment Management

Hanson & Doremus Investment Management lessened its stake in Flex Ltd (NASDAQ:FLEX) by 1.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 122,613 shares of the technology company’s stock after selling 1,653 shares during the quarter. Hanson & Doremus Investment Management’s holdings in Flex were worth $1,547,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Victory Capital Management Inc. increased its stake in Flex by 7.0% during the second quarter. Victory Capital Management Inc. now owns 21,925,054 shares of the technology company’s stock valued at $209,822,000 after purchasing an additional 1,441,216 shares during the last quarter. D. E. Shaw & Co. Inc. raised its holdings in Flex by 7.6% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 17,331,085 shares of the technology company’s stock worth $165,859,000 after buying an additional 1,223,008 shares during the period. Boston Partners lifted its stake in Flex by 0.6% in the third quarter. Boston Partners now owns 14,034,252 shares of the technology company’s stock valued at $146,970,000 after buying an additional 83,667 shares in the last quarter. Sachem Head Capital Management LP bought a new position in Flex in the third quarter valued at approximately $114,069,000. Finally, Macquarie Group Ltd. lifted its stake in Flex by 3.2% in the second quarter. Macquarie Group Ltd. now owns 5,063,993 shares of the technology company’s stock valued at $48,462,000 after buying an additional 157,948 shares in the last quarter. Institutional investors and hedge funds own 93.66% of the company’s stock.

Shares of NASDAQ:FLEX traded down $0.06 during mid-day trading on Thursday, reaching $13.35. 66,078 shares of the stock were exchanged, compared to its average volume of 2,747,330. The stock’s 50 day simple moving average is $12.31 and its 200-day simple moving average is $10.96. Flex Ltd has a one year low of $7.79 and a one year high of $13.43. The company has a market cap of $6.80 billion, a P/E ratio of 74.14, a P/E/G ratio of 2.49 and a beta of 1.84. The company has a quick ratio of 0.76, a current ratio of 1.26 and a debt-to-equity ratio of 1.24.

Flex (NASDAQ:FLEX) last announced its earnings results on Thursday, October 24th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.39. Flex had a negative return on equity of 6.13% and a negative net margin of 0.71%. The business had revenue of $6.09 billion for the quarter, compared to analyst estimates of $6.29 billion. During the same quarter last year, the firm earned $0.29 EPS. Flex’s revenue for the quarter was down 8.6% compared to the same quarter last year. Analysts anticipate that Flex Ltd will post 0.35 EPS for the current fiscal year.

In related news, CFO Christopher Collier sold 35,000 shares of Flex stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $11.72, for a total value of $410,200.00. Following the sale, the chief financial officer now owns 1,214,143 shares of the company’s stock, valued at approximately $14,229,755.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO David P. Bennett sold 19,000 shares of Flex stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $12.66, for a total value of $240,540.00. The disclosure for this sale can be found here. In the last three months, insiders sold 126,124 shares of company stock worth $1,498,481. 0.42% of the stock is owned by insiders.

Several equities research analysts have recently issued reports on the stock. BidaskClub raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Friday, December 20th. Goldman Sachs Group boosted their price objective on shares of Flex from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, January 3rd. JPMorgan Chase & Co. cut shares of Flex from an “overweight” rating to a “neutral” rating in a research report on Thursday, January 2nd. Zacks Investment Research raised shares of Flex from a “strong sell” rating to a “hold” rating and set a $8.75 target price for the company in a research note on Wednesday, September 25th. Finally, ValuEngine cut Flex from a “buy” rating to a “hold” rating in a report on Tuesday, October 29th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $11.58.

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.

Read More: Derivative

Want to see what other hedge funds are holding FLEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Flex Ltd (NASDAQ:FLEX).

Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

Receive News & Ratings for Flex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flex and related companies with MarketBeat.com's FREE daily email newsletter.