Primecap Management Co. CA Cuts Position in Flex Ltd. (NASDAQ:FLEX)

Primecap Management Co. CA decreased its position in Flex Ltd. (NASDAQ:FLEX) by 9.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 39,190,841 shares of the technology company’s stock after selling 4,000,193 shares during the period. Flex comprises approximately 1.2% of Primecap Management Co. CA’s portfolio, making the stock its 25th biggest holding. Primecap Management Co. CA owned 0.10% of Flex worth $1,504,536,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. KBC Group NV raised its holdings in Flex by 10.3% during the 3rd quarter. KBC Group NV now owns 10,706 shares of the technology company’s stock valued at $358,000 after acquiring an additional 1,003 shares during the period. Huntington National Bank raised its holdings in Flex by 87.9% during the 3rd quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after acquiring an additional 479 shares during the period. CIBC Asset Management Inc raised its holdings in Flex by 5.5% during the 3rd quarter. CIBC Asset Management Inc now owns 15,132 shares of the technology company’s stock valued at $506,000 after acquiring an additional 786 shares during the period. Natixis Advisors LLC raised its holdings in Flex by 38.7% during the 3rd quarter. Natixis Advisors LLC now owns 35,442 shares of the technology company’s stock valued at $1,185,000 after acquiring an additional 9,892 shares during the period. Finally, Pathstone Holdings LLC raised its holdings in Flex by 5.5% during the 3rd quarter. Pathstone Holdings LLC now owns 60,375 shares of the technology company’s stock valued at $2,018,000 after acquiring an additional 3,121 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Buying and Selling at Flex

In related news, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $43.25, for a total value of $2,162,500.00. Following the completion of the transaction, the director now directly owns 202,850 shares of the company’s stock, valued at $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the transaction, the insider now directly owns 233,526 shares of the company’s stock, valued at approximately $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

FLEX has been the topic of several research analyst reports. Barclays upped their price target on shares of Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Stifel Nicolaus initiated coverage on shares of Flex in a report on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target on the stock. Finally, StockNews.com raised shares of Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $44.33.

Flex Stock Performance

NASDAQ FLEX opened at $35.23 on Tuesday. The company has a 50-day simple moving average of $40.09 and a two-hundred day simple moving average of $37.29. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 12-month low of $25.27 and a 12-month high of $45.10. The firm has a market cap of $13.50 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 2.43 and a beta of 1.07.

Flex (NASDAQ:FLEX) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. Flex had a net margin of 3.95% and a return on equity of 17.93%. On average, equities analysts forecast that Flex Ltd. will post 2.33 EPS for the current year.

Flex Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.