Flextronics International (FLEX) Board Approves Stock Buyback Program
Flextronics International (NASDAQ:FLEX) declared that its board has authorized a stock buyback plan, which authorizes the company to repurchase $500.00 million in shares on Friday, August 18th, EventVestor reports. This repurchase authorization authorizes the technology company to buy up to 65% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
Shares of Flextronics International (NASDAQ FLEX) opened at 15.53 on Tuesday. Flextronics International has a 52-week low of $12.41 and a 52-week high of $17.76. The company has a market capitalization of $8.27 billion, a price-to-earnings ratio of 24.69 and a beta of 0.79. The firm’s 50-day moving average is $16.31 and its 200 day moving average is $16.40.
Flextronics International (NASDAQ:FLEX) last posted its quarterly earnings results on Thursday, July 27th. The technology company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. Flextronics International had a net margin of 1.41% and a return on equity of 20.46%. The business had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.91 billion. During the same quarter last year, the firm posted $0.27 EPS. Flextronics International’s revenue was up 2.2% compared to the same quarter last year. On average, equities research analysts anticipate that Flextronics International will post $1.09 earnings per share for the current year.
A number of analysts have recently commented on the stock. BidaskClub lowered shares of Flextronics International from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 3rd. Zacks Investment Research lowered shares of Flextronics International from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Needham & Company LLC boosted their price objective on shares of Flextronics International from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, July 18th. ValuEngine lowered shares of Flextronics International from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Finally, Macquarie assumed coverage on shares of Flextronics International in a research report on Thursday, June 22nd. They issued a “neutral” rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $17.75.
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In related news, insider Francois Barbier sold 43,750 shares of Flextronics International stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $16.76, for a total value of $733,250.00. Following the completion of the sale, the insider now owns 344,240 shares of the company’s stock, valued at approximately $5,769,462.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Willy C. Shih sold 25,000 shares of Flextronics International stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $16.03, for a total transaction of $400,750.00. Following the completion of the sale, the director now directly owns 206,895 shares of the company’s stock, valued at approximately $3,316,526.85. The disclosure for this sale can be found here. In the last three months, insiders sold 1,033,749 shares of company stock valued at $16,905,520. 0.83% of the stock is currently owned by insiders.
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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