Illinois Municipal Retirement Fund Sells 6,499 Shares of Flex Ltd. $FLEX

Illinois Municipal Retirement Fund lowered its position in shares of Flex Ltd. (NASDAQ:FLEX) by 9.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,117 shares of the technology company’s stock after selling 6,499 shares during the period. Illinois Municipal Retirement Fund’s holdings in Flex were worth $4,066,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. USA Financial Formulas purchased a new position in shares of Flex during the 4th quarter valued at $28,000. Parkside Financial Bank & Trust raised its position in shares of Flex by 57.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 457 shares of the technology company’s stock worth $28,000 after buying an additional 166 shares in the last quarter. Frazier Financial Advisors LLC purchased a new stake in shares of Flex in the fourth quarter worth $28,000. Gables Capital Management Inc. bought a new stake in Flex during the fourth quarter valued at $42,000. Finally, Caitong International Asset Management Co. Ltd grew its position in Flex by 6,318.2% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 706 shares of the technology company’s stock worth $43,000 after buying an additional 695 shares in the last quarter. Institutional investors own 94.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Flex from $75.00 to $84.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Robert W. Baird set a $165.00 price objective on Flex in a report on Thursday, May 7th. KeyCorp upped their price objective on shares of Flex from $75.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Zacks Research downgraded shares of Flex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, Stifel Nicolaus lifted their target price on shares of Flex from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $115.70.

Flex Trading Down 1.5%

NASDAQ FLEX opened at $119.25 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The stock’s 50-day simple moving average is $143.16 and its two-hundred day simple moving average is $95.78. Flex Ltd. has a twelve month low of $47.83 and a twelve month high of $166.86. The company has a market capitalization of $43.69 billion, a price-to-earnings ratio of 51.18, a PEG ratio of 0.63 and a beta of 1.64.

Flex (NASDAQ:FLEX) last posted its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.93 earnings per share (EPS) for the quarter. The firm had revenue of $7.48 billion during the quarter. Flex had a return on equity of 22.12% and a net margin of 3.15%. Research analysts forecast that Flex Ltd. will post 4.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other Flex news, COO Kwang Hooi Tan sold 8,981 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.19, for a total transaction of $1,303,951.39. Following the transaction, the chief operating officer directly owned 248,546 shares in the company, valued at $36,086,393.74. This trade represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a legal 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. Also, CEO Revathi Advaithi sold 39,188 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.18, for a total transaction of $5,689,313.84. Following the completion of the sale, the chief executive officer owned 584,278 shares of the company’s stock, valued at approximately $84,825,480.04. The trade was a 6.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders have sold 769,195 shares of company stock valued at $110,116,823 over the last 90 days. Company insiders own 0.62% of the company’s stock.

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.