Flex Ltd. $FLEX Stock Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund trimmed its position in shares of Flex Ltd. (NASDAQ:FLEX) by 17.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 91,860 shares of the technology company’s stock after selling 19,436 shares during the period. Illinois Municipal Retirement Fund’s holdings in Flex were worth $10,104,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Lido Advisors LLC boosted its holdings in Flex by 16.9% in the third quarter. Lido Advisors LLC now owns 52,114 shares of the technology company’s stock valued at $5,732,000 after acquiring an additional 7,519 shares during the last quarter. Keybank National Association OH grew its position in Flex by 12.5% during the third quarter. Keybank National Association OH now owns 4,475 shares of the technology company’s stock valued at $492,000 after acquiring an additional 496 shares during the period. AlphaCore Capital LLC grew its position in Flex by 483.4% during the third quarter. AlphaCore Capital LLC now owns 8,739 shares of the technology company’s stock valued at $961,000 after acquiring an additional 7,241 shares during the period. Leuthold Group LLC increased its stake in Flex by 7.5% during the third quarter. Leuthold Group LLC now owns 132,275 shares of the technology company’s stock worth $14,549,000 after acquiring an additional 9,184 shares during the last quarter. Finally, Retirement Systems of Alabama increased its stake in Flex by 0.3% during the third quarter. Retirement Systems of Alabama now owns 77,466 shares of the technology company’s stock worth $8,520,000 after acquiring an additional 226 shares during the last quarter. 94.30% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on FLEX shares. Raymond James Financial set a $170.00 price objective on Flex and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Robert W. Baird decreased their target price on Flex from $142.00 to $135.00 in a report on Monday, October 19th. Wall Street Zen raised shares of Flex from a “hold” rating to a “buy” rating in a research report on Saturday, September 26th. The Goldman Sachs Group dropped their target price on shares of Flex from $154.00 to $145.00 in a research report on Friday, October 16th. Finally, Zacks Research upgraded shares of Flex from a “hold” rating to a “strong-buy” rating in a report on Monday, November 2nd. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $138.88.

Insider Buying and Selling at Flex

In other news, insider Michael P. Hartung sold 2,755 shares of the company’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $120.64, for a total value of $332,363.20. Following the completion of the sale, the insider owned 243,175 shares of the company’s stock, valued at $29,336,632. This represents a 1.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.62% of the stock is owned by insiders.

Flex News Roundup

Investors following FLEX have been watching these news items:

• Positive Sentiment: Flex was highlighted as an AI-infrastructure company with attractive valuation and growth potential, alongside peers Super Micro Computer and Jabil. Zacks article
• Neutral Sentiment: Flex’s Innovation Day coverage featured a technology showcase with Axiom, but the available headline does not specify financial or commercial outcomes. Innovation Day coverage
• Negative Sentiment: KeyCorp cut its Flex price target to $128 from $180, a substantial reduction that could weigh on sentiment. It maintained an “overweight” rating, however, and the revised target still implies considerable upside from the reference price cited in the report. KeyCorp rating information

Flex Stock Performance

NASDAQ:FLEX opened at $78.12 on Friday. The company has a current ratio of 1.34, a quick ratio of 0.85 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $28.86 billion, a price-to-earnings ratio of 28.20, a PEG ratio of 0.37 and a beta of 1.80. The firm’s fifty day simple moving average is $99.92 and its 200 day simple moving average is $103.42. Flex Ltd. has a twelve month low of $53.07 and a twelve month high of $166.86.

Flex (NASDAQ:FLEX) last announced its quarterly earnings results on Wednesday, October 28th. The technology company reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.12. Flex had a net margin of 3.35% and a return on equity of 24.93%. The firm had revenue of $8.49 billion during the quarter, compared to analysts’ expectations of $8.17 billion. During the same period in the prior year, the company earned $0.79 EPS. The firm’s revenue was up 24.8% on a year-over-year basis. As a group, equities research analysts expect that Flex Ltd. will post 4.52 earnings per share for the current fiscal year.

About Flex

Flex Ltd. is a global manufacturing and supply-chain services company that works with businesses to design, engineer, manufacture and support products. Its services include product development, sourcing, production, logistics and after-market support. The company serves a range of industries, including automotive, healthcare, industrial, lifestyle and communications, as well as cloud and data-center markets. Its work spans products and systems such as medical devices, vehicle components, industrial equipment and technology infrastructure.