Tocqueville Asset Management L.P. Sells 7,451 Shares of Flex Ltd. (NASDAQ:FLEX)

Tocqueville Asset Management L.P. lowered its holdings in Flex Ltd. (NASDAQ:FLEX) by 0.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,041,781 shares of the technology company’s stock after selling 7,451 shares during the quarter. Tocqueville Asset Management L.P. owned 0.27% of Flex worth $39,994,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in FLEX. Mutual of America Capital Management LLC bought a new stake in shares of Flex in the 4th quarter valued at approximately $7,864,000. Raymond James Financial Inc. acquired a new position in Flex during the fourth quarter worth $32,293,000. State of Alaska Department of Revenue bought a new position in shares of Flex during the fourth quarter valued at $1,697,000. One Wealth Advisors LLC acquired a new stake in shares of Flex in the 4th quarter valued at $368,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Flex by 5.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,047,021 shares of the technology company’s stock worth $202,152,000 after purchasing an additional 296,505 shares during the last quarter. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insiders Place Their Bets

In related news, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $43.25, for a total transaction of $2,162,500.00. Following the completion of the sale, the director now directly owns 202,850 shares of the company’s stock, valued at $8,773,262.50. The trade was a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Michael P. Hartung sold 64,807 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $43.89, for a total transaction of $2,844,379.23. Following the completion of the transaction, the insider now owns 233,526 shares in the company, valued at $10,249,456.14. This represents a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

Flex Price Performance

FLEX opened at $35.23 on Tuesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.41 and a quick ratio of 0.83. The company’s 50 day simple moving average is $40.09 and its 200-day simple moving average is $37.29. Flex Ltd. has a one year low of $25.27 and a one year high of $45.10. The stock has a market capitalization of $13.50 billion, a P/E ratio of 14.21, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07.

Flex (NASDAQ:FLEX) last released its earnings results on Wednesday, January 29th. The technology company reported $0.70 EPS for the quarter, beating the consensus estimate 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 anticipate that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FLEX shares. Stifel Nicolaus started coverage on shares of Flex in a report on Tuesday, February 11th. They set a “buy” rating and a $52.00 price target for the company. StockNews.com raised Flex from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Finally, Barclays raised their price target on Flex from $43.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $44.33.

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.