Mn Services Vermogensbeheer B.V. boosted its stake in Flextronics International Ltd. (NASDAQ:FLEX) by 504.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 87,019 shares of the technology company’s stock after buying an additional 72,618 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Flextronics International were worth $1,419,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Boston Partners increased its position in shares of Flextronics International by 4.1% in the first quarter. Boston Partners now owns 50,704,514 shares of the technology company’s stock valued at $851,835,000 after buying an additional 2,017,065 shares during the period. Janus Capital Management LLC increased its position in shares of Flextronics International by 1.3% in the first quarter. Janus Capital Management LLC now owns 28,581,585 shares of the technology company’s stock valued at $480,167,000 after buying an additional 359,493 shares during the period. BlackRock Inc. increased its position in shares of Flextronics International by 899.5% in the first quarter. BlackRock Inc. now owns 24,233,981 shares of the technology company’s stock valued at $407,131,000 after buying an additional 21,809,363 shares during the period. Wellington Management Group LLP increased its position in shares of Flextronics International by 48.0% in the first quarter. Wellington Management Group LLP now owns 14,453,585 shares of the technology company’s stock valued at $242,819,000 after buying an additional 4,688,140 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Flextronics International by 17.1% in the first quarter. Victory Capital Management Inc. now owns 10,956,803 shares of the technology company’s stock valued at $184,074,000 after buying an additional 1,601,580 shares during the period. Hedge funds and other institutional investors own 92.54% of the company’s stock.
Flextronics International Ltd. (FLEX) traded down 1.83% on Friday, hitting $15.52. 2,908,331 shares of the stock traded hands. The firm’s 50 day moving average is $16.33 and its 200 day moving average is $16.39. Flextronics International Ltd. has a 52 week low of $12.41 and a 52 week high of $17.76. The stock has a market cap of $8.26 billion, a price-to-earnings ratio of 24.67 and a beta of 0.79.
Flextronics International (NASDAQ:FLEX) last issued its quarterly earnings data on Thursday, July 27th. The technology company reported $0.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.02. Flextronics International had a net margin of 1.41% and a return on equity of 20.46%. The company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.91 billion. During the same period in the prior year, the firm earned $0.27 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. Equities analysts anticipate that Flextronics International Ltd. will post $1.09 earnings per share for the current year.
Flextronics International declared that its board has approved a share repurchase program on Friday, August 18th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to repurchase up to 65% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
Several research analysts recently commented on FLEX shares. Craig Hallum upgraded shares of Flextronics International from a “hold” rating to a “buy” rating in a report on Friday, May 12th. Zacks Investment Research downgraded shares of Flextronics International from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Macquarie started coverage on shares of Flextronics International in a report on Thursday, June 22nd. They issued a “neutral” rating on the stock. BidaskClub downgraded shares of Flextronics International from a “sell” rating to a “strong sell” rating in a report on Thursday, August 3rd. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $19.50 target price (up previously from $17.50) on shares of Flextronics International in a report on Wednesday, May 17th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $17.75.
In related news, insider David P. Bennett sold 6,250 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $17.02, for a total transaction of $106,375.00. Following the transaction, the insider now directly owns 54,299 shares of the company’s stock, valued at $924,168.98. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Lay Koon Tan sold 2,728 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $15.93, for a total transaction of $43,457.04. Following the transaction, the director now directly owns 114,394 shares in the company, valued at $1,822,296.42. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,136,337 shares of company stock worth $18,628,274. 0.83% of the stock is owned by insiders.
Flextronics International Company Profile
Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC).
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