TCW Group Inc. Decreases Stake in Flex Ltd. (NASDAQ:FLEX)

TCW Group Inc. lowered its position in Flex Ltd. (NASDAQ:FLEX) by 5.8% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,706,352 shares of the technology company’s stock after selling 104,806 shares during the period. TCW Group Inc.’s holdings in Flex were worth $65,507,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Handelsbanken Fonder AB lifted its holdings in Flex by 19.9% in the 4th quarter. Handelsbanken Fonder AB now owns 43,400 shares of the technology company’s stock valued at $1,666,000 after purchasing an additional 7,200 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in Flex by 11.6% in the 4th quarter. New York State Common Retirement Fund now owns 1,501,307 shares of the technology company’s stock valued at $57,635,000 after purchasing an additional 155,703 shares in the last quarter. Venturi Wealth Management LLC purchased a new position in shares of Flex during the 4th quarter worth $452,000. D.A. Davidson & CO. raised its holdings in shares of Flex by 14.4% during the 4th quarter. D.A. Davidson & CO. now owns 15,729 shares of the technology company’s stock worth $604,000 after acquiring an additional 1,980 shares during the period. Finally, Truist Financial Corp raised its holdings in shares of Flex by 5.3% during the 4th quarter. Truist Financial Corp now owns 93,269 shares of the technology company’s stock worth $3,581,000 after acquiring an additional 4,708 shares during the period. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Flex Stock Down 3.2 %

Shares of NASDAQ:FLEX opened at $40.35 on Friday. The business has a 50-day moving average price of $41.01 and a 200 day moving average price of $36.72. The company has a current ratio of 1.41, a quick ratio of 0.83 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $15.46 billion, a price-to-earnings ratio of 16.27, a PEG ratio of 2.43 and a beta of 1.10. Flex Ltd. has a 12-month low of $25.27 and a 12-month high of $45.10.

Flex (NASDAQ:FLEX) last issued its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping 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%. Sell-side analysts expect that Flex Ltd. will post 2.33 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FLEX shares. Craig Hallum lifted their price target on Flex from $39.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. StockNews.com upgraded Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Barclays lifted their price target on Flex from $43.00 to $49.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Finally, Stifel Nicolaus started coverage on Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target on the stock. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $44.33.

Insider Buying and Selling at Flex

In other Flex news, insider Michael P. Hartung sold 64,807 shares of Flex stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the transaction, the insider now directly owns 233,526 shares of the company’s stock, valued at $10,249,456.14. The trade was a 21.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lay Koon Tan sold 50,000 shares of Flex stock in a transaction dated 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 completion of the transaction, the director now directly owns 202,850 shares of the company’s stock, valued at approximately $8,773,262.50. This represents a 19.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by corporate insiders.

About Flex

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.