Leuthold Group LLC Cuts Position in Flex Ltd. (NASDAQ:FLEX)

Leuthold Group LLC trimmed its holdings in shares of Flex Ltd. (NASDAQ:FLEX) by 3.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 222,882 shares of the technology company’s stock after selling 9,131 shares during the period. Leuthold Group LLC’s holdings in Flex were worth $7,451,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in FLEX. Boston Partners increased its stake in Flex by 113.8% during the 1st quarter. Boston Partners now owns 19,168,208 shares of the technology company’s stock valued at $548,519,000 after purchasing an additional 10,201,162 shares in the last quarter. Merewether Investment Management LP bought a new stake in shares of Flex during the second quarter valued at approximately $72,808,000. Westfield Capital Management Co. LP purchased a new position in Flex in the 1st quarter worth approximately $51,543,000. Point72 Asset Management L.P. lifted its position in Flex by 1,242.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 728,900 shares of the technology company’s stock valued at $21,495,000 after acquiring an additional 792,700 shares in the last quarter. Finally, TCW Group Inc. boosted its stake in Flex by 48.1% during the 2nd quarter. TCW Group Inc. now owns 1,711,749 shares of the technology company’s stock valued at $50,479,000 after purchasing an additional 556,286 shares during the last quarter. Hedge funds and other institutional investors own 94.30% of the company’s stock.

Insider Activity at Flex

In related news, EVP David Scott Offer sold 10,000 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $31.99, for a total value of $319,900.00. Following the completion of the transaction, the executive vice president now directly owns 168,094 shares of the company’s stock, valued at approximately $5,377,327.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.82% of the stock is owned by corporate insiders.

Flex Price Performance

Shares of Flex stock opened at $35.21 on Monday. The company has a quick ratio of 0.75, a current ratio of 1.40 and a debt-to-equity ratio of 0.53. Flex Ltd. has a 52 week low of $21.84 and a 52 week high of $35.84. The stock’s 50-day simple moving average is $32.49 and its 200-day simple moving average is $30.99. The company has a market capitalization of $13.98 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 2.01 and a beta of 1.09.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FLEX. Barclays upped their price target on Flex from $34.00 to $39.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Craig Hallum upgraded shares of Flex from a “hold” rating to a “buy” rating and upped their target price for the company from $27.00 to $39.00 in a research note on Thursday, July 25th. Stifel Nicolaus lifted their price target on shares of Flex from $32.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. The Goldman Sachs Group set a $39.00 price objective on shares of Flex in a research report on Thursday, October 17th. Finally, KeyCorp assumed coverage on shares of Flex in a research report on Tuesday, October 22nd. They issued an “overweight” rating and a $41.00 target price for the company. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Flex presently has an average rating of “Buy” and a consensus target price of $39.17.

Flex Company 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.