Millstone Evans Group LLC Acquires New Position in Flex Ltd. (NASDAQ:FLEX)

Millstone Evans Group LLC acquired a new stake in shares of Flex Ltd. (NASDAQ:FLEX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 7,500 shares of the technology company’s stock, valued at approximately $288,000.

A number of other hedge funds also recently made changes to their positions in the stock. Janus Henderson Group PLC grew its stake in shares of Flex by 1.3% during the 3rd quarter. Janus Henderson Group PLC now owns 26,874,144 shares of the technology company’s stock valued at $898,389,000 after acquiring an additional 344,773 shares during the period. Boston Partners grew its stake in shares of Flex by 2.2% during the 4th quarter. Boston Partners now owns 26,114,574 shares of the technology company’s stock valued at $1,006,436,000 after acquiring an additional 569,916 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of Flex by 0.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,095,907 shares of the technology company’s stock valued at $237,216,000 after acquiring an additional 31,214 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Flex by 5.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock valued at $202,152,000 after acquiring an additional 296,505 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Flex by 619.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,465,814 shares of the technology company’s stock valued at $149,350,000 after acquiring an additional 3,844,935 shares during the period. 94.30% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction on 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 sale, the insider now owns 233,526 shares in the company, valued at approximately $10,249,456.14. This represents a 21.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Lay Koon Tan sold 50,000 shares of the stock in a transaction on 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 sale, the director now owns 202,850 shares in the company, valued at $8,773,262.50. The trade was a 19.77 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on FLEX shares. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Stifel Nicolaus began coverage on Flex in a research note on Tuesday, February 11th. They issued a “buy” rating and a $52.00 price target for the company. Finally, Barclays upped their price target on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Flex presently has a consensus rating of “Buy” and a consensus target price of $44.33.

Flex Stock Up 0.9 %

NASDAQ FLEX opened at $36.40 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83 and a current ratio of 1.41. The company has a market capitalization of $13.94 billion, a P/E ratio of 14.68, a P/E/G ratio of 2.43 and a beta of 1.07. Flex Ltd. has a one year low of $25.27 and a one year high of $45.10. The stock has a 50 day moving average price of $39.68 and a 200-day moving average price of $37.32.

Flex (NASDAQ:FLEX) last posted its earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. As a group, equities analysts predict that Flex Ltd. will post 2.33 EPS for the current fiscal 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.