Primecap Management Co. CA Has $1.50 Billion Stake in Flex Ltd. (NASDAQ:FLEX)

Primecap Management Co. CA reduced its position in shares of Flex Ltd. (NASDAQ:FLEX) by 9.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,190,841 shares of the technology company’s stock after selling 4,000,193 shares during the period. Flex comprises about 1.2% of Primecap Management Co. CA’s investment portfolio, making the stock its 25th largest holding. Primecap Management Co. CA owned 10.23% of Flex worth $1,504,536,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of FLEX. First Horizon Advisors Inc. raised its stake in Flex by 23.6% in the third quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock valued at $53,000 after buying an additional 305 shares during the period. Sage Rhino Capital LLC raised its stake in Flex by 1.1% in the fourth quarter. Sage Rhino Capital LLC now owns 35,378 shares of the technology company’s stock valued at $1,358,000 after buying an additional 374 shares during the period. Arizona State Retirement System raised its stake in Flex by 0.4% in the fourth quarter. Arizona State Retirement System now owns 115,236 shares of the technology company’s stock valued at $4,424,000 after buying an additional 403 shares during the period. Raymond James Trust N.A. raised its stake in Flex by 2.0% in the third quarter. Raymond James Trust N.A. now owns 20,720 shares of the technology company’s stock valued at $693,000 after buying an additional 413 shares during the period. Finally, Huntington National Bank raised its stake in Flex by 87.9% in the third quarter. Huntington National Bank now owns 1,024 shares of the technology company’s stock valued at $34,000 after buying an additional 479 shares during the period. 94.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Flex Price Performance

Flex stock opened at $35.23 on Tuesday. The stock’s fifty day moving average price is $40.09 and its two-hundred day moving average price is $37.29. Flex Ltd. has a one year low of $25.27 and a one year high of $45.10. 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 firm has a market cap of $13.50 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 2.43 and a beta of 1.07.

Flex (NASDAQ:FLEX) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Flex had a return on equity of 17.93% and a net margin of 3.95%. As a group, research analysts expect that Flex Ltd. will post 2.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Lay Koon Tan sold 50,000 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $43.25, for a total value 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $43.89, for a total value of $2,844,379.23. Following the completion of the sale, the insider now directly owns 233,526 shares of the company’s stock, valued at $10,249,456.14. The trade was a 21.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is owned by corporate insiders.

About Flex

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.