Short Interest in Flextronics International Ltd. (FLEX) Declines By 19.3%
Flextronics International Ltd. (NASDAQ:FLEX) was the recipient of a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 9,327,231 shares, a decrease of 19.3% from the July 14th total of 11,555,594 shares. Approximately 1.8% of the shares of the stock are sold short. Based on an average daily volume of 4,322,835 shares, the days-to-cover ratio is currently 2.2 days.
Flextronics International (NASDAQ FLEX) opened at 16.08 on Thursday. The company’s 50-day moving average price is $16.38 and its 200 day moving average price is $16.40. The company has a market capitalization of $8.56 billion, a price-to-earnings ratio of 25.56 and a beta of 0.79. Flextronics International has a 52-week low of $12.41 and a 52-week high of $17.76.
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, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.02. Flextronics International had a return on equity of 20.46% and a net margin of 1.41%. The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same period in the previous year, the firm posted $0.27 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, equities analysts expect that Flextronics International will post $1.09 EPS for the current fiscal year.
Several equities analysts have recently commented on FLEX shares. Deutsche Bank AG reiterated a “hold” rating and set a $16.00 price objective (up from $15.00) on shares of Flextronics International in a research report on Saturday, April 29th. Zacks Investment Research lowered Flextronics International from a “hold” rating to a “sell” rating in a research report on Tuesday, May 2nd. Craig Hallum upgraded Flextronics International from a “hold” rating to a “buy” rating in a research report on Friday, May 12th. Bank of America Corporation reiterated a “buy” rating and set a $19.50 price objective (up from $17.50) on shares of Flextronics International in a research report on Wednesday, May 17th. Finally, ValuEngine upgraded Flextronics International from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $17.75.
In other news, CAO David P. Bennett sold 5,656 shares of the stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $16.61, for a total transaction of $93,946.16. Following the transaction, the chief accounting officer now directly owns 62,974 shares in the company, valued at approximately $1,045,998.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Christopher Collier sold 17,875 shares of the stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $16.75, for a total value of $299,406.25. Following the transaction, the chief financial officer now owns 700,531 shares in the company, valued at $11,733,894.25. The disclosure for this sale can be found here. Insiders have sold a total of 1,133,609 shares of company stock worth $18,584,817 over the last quarter. Corporate insiders own 0.83% of the company’s stock.
A number of large investors have recently modified their holdings of FLEX. Toronto Dominion Bank boosted its stake in shares of Flextronics International by 26.1% in the first quarter. Toronto Dominion Bank now owns 5,969 shares of the technology company’s stock valued at $100,000 after buying an additional 1,234 shares during the last quarter. Captrust Financial Advisors bought a new stake in shares of Flextronics International during the second quarter valued at $171,000. Keybank National Association OH bought a new stake in shares of Flextronics International during the first quarter valued at $199,000. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Flextronics International by 4.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 12,087 shares of the technology company’s stock valued at $203,000 after buying an additional 516 shares during the last quarter. Finally, Airain ltd bought a new stake in shares of Flextronics International during the second quarter valued at $203,000. 92.54% of the stock is currently owned by institutional investors.
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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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