Flextronics International Ltd. (FLEX) Director Lay Koon Tan Sells 2,728 Shares
Flextronics International Ltd. (NASDAQ:FLEX) Director Lay Koon Tan sold 2,728 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $15.93, for a total value of $43,457.04. Following the sale, the director now directly owns 114,394 shares in the company, valued at approximately $1,822,296.42. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Flextronics International Ltd. (FLEX) traded down 1.83% on Friday, reaching $15.52. The company’s stock had a trading volume of 2,908,331 shares. The firm’s 50 day moving average price is $16.33 and its 200-day moving average price is $16.39. The company has a market capitalization of $8.26 billion, a price-to-earnings ratio of 24.67 and a beta of 0.79. Flextronics International Ltd. has a 52 week low of $12.41 and a 52 week high of $17.76.
Flextronics International (NASDAQ:FLEX) last announced its quarterly earnings data on Thursday, July 27th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.91 billion. During the same quarter in the prior year, the firm posted $0.27 earnings per share. Flextronics International’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities analysts predict that Flextronics International Ltd. will post $1.09 EPS for the current year.
Flextronics International announced that its Board of Directors has initiated a stock buyback plan on Friday, August 18th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 65% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
Several equities research analysts have recently weighed in on the company. ValuEngine raised Flextronics International from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Zacks Investment Research lowered Flextronics International from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Macquarie assumed coverage on Flextronics International in a research report on Thursday, June 22nd. They set a “neutral” rating on the stock. Needham & Company LLC raised their target price on Flextronics International from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, July 18th. Finally, Bank of America Corporation reissued a “buy” rating and set a $19.50 target price (up previously from $17.50) on shares of Flextronics International in a research report on Wednesday, May 17th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $17.75.
Hedge funds have recently made changes to their positions in the stock. 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 purchased a new stake in shares of Flextronics International during the second quarter valued at about $171,000. Keybank National Association OH purchased a new stake in shares of Flextronics International during the first quarter valued at about $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 purchased a new stake in shares of Flextronics International during the second quarter valued at about $203,000. Hedge funds and other institutional investors own 92.54% of the company’s stock.
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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