Sumitomo Mitsui Trust Group Inc. Lowers Position in Flex Ltd. $FLEX

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 6.4% in the first quarter, HoldingsChannel.com reports. The fund owned 769,008 shares of the technology company’s stock after selling 52,150 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Flex were worth $50,339,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Oregon Public Employees Retirement Fund increased its position in shares of Flex by 2.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 75,346 shares of the technology company’s stock worth $4,932,000 after purchasing an additional 1,804 shares during the last quarter. Frank Rimerman Advisors LLC purchased a new position in Flex in the 1st quarter worth approximately $414,000. PCB Capital LLC grew its stake in Flex by 3.4% in the 1st quarter. PCB Capital LLC now owns 11,715 shares of the technology company’s stock worth $767,000 after buying an additional 387 shares in the last quarter. Resonant Capital Advisors LLC increased its holdings in shares of Flex by 2.1% in the 1st quarter. Resonant Capital Advisors LLC now owns 7,967 shares of the technology company’s stock worth $522,000 after buying an additional 163 shares during the last quarter. Finally, Kathmere Capital Management LLC purchased a new stake in shares of Flex during the 1st quarter valued at $224,000. 94.30% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on FLEX. Barclays upped their target price on shares of Flex from $174.00 to $203.00 and gave the stock an “overweight” rating in a research report on Thursday, June 4th. Stifel Nicolaus increased their price objective on Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. KeyCorp raised their price objective on Flex from $75.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price target on shares of Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Finally, Robert W. Baird set a $165.00 target price on shares of Flex in a research report on Thursday, May 7th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $115.70.

Insider Buying and Selling

In related news, CEO Revathi Advaithi sold 39,188 shares of Flex stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $145.18, for a total value of $5,689,313.84. Following the sale, the chief executive officer owned 584,278 shares in the company, valued at $84,825,480.04. The trade was a 6.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Michael P. Hartung sold 7,269 shares of the business’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $145.22, for a total transaction of $1,055,604.18. Following the transaction, the insider directly owned 245,930 shares in the company, valued at approximately $35,713,954.60. The trade was a 2.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 769,195 shares of company stock valued at $110,116,823 over the last three months. Insiders own 0.62% of the company’s stock.

Flex Stock Performance

Shares of NASDAQ:FLEX opened at $135.80 on Monday. The company has a current ratio of 1.36, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The company has a 50-day moving average price of $142.50 and a 200-day moving average price of $93.81. The company has a market cap of $49.75 billion, a price-to-earnings ratio of 58.28, a price-to-earnings-growth ratio of 0.71 and a beta of 1.64. Flex Ltd. has a 12 month low of $47.83 and a 12 month high of $166.86.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%.The company had revenue of $7.48 billion for the quarter. As a group, equities analysts anticipate that Flex Ltd. will post 4.15 EPS for the current year.

Flex Company Profile

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.