Whittier Trust Co. Sells 1,453 Shares of Flex Ltd. (NASDAQ:FLEX)

Whittier Trust Co. lessened its holdings in Flex Ltd. (NASDAQ:FLEX) by 44.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,831 shares of the technology company’s stock after selling 1,453 shares during the quarter. Whittier Trust Co.’s holdings in Flex were worth $70,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Natixis Advisors LLC increased its stake in Flex by 38.7% in the third quarter. Natixis Advisors LLC now owns 35,442 shares of the technology company’s stock valued at $1,185,000 after acquiring an additional 9,892 shares during the period. Pathstone Holdings LLC boosted its holdings in Flex by 5.5% during the third quarter. Pathstone Holdings LLC now owns 60,375 shares of the technology company’s stock valued at $2,018,000 after purchasing an additional 3,121 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Flex in the 3rd quarter valued at approximately $429,000. Advisors Asset Management Inc. raised its holdings in shares of Flex by 7.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 51,254 shares of the technology company’s stock worth $1,713,000 after buying an additional 3,627 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its position in shares of Flex by 23.6% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,596 shares of the technology company’s stock worth $53,000 after buying an additional 305 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Flex

In related news, Director Lay Koon Tan sold 50,000 shares of the firm’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 transaction, the director now owns 202,850 shares in the company, valued at $8,773,262.50. This trade represents a 19.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael P. Hartung sold 64,807 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 233,526 shares in the company, valued at approximately $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. Corporate insiders own 0.82% of the company’s stock.

Flex Stock Performance

Flex stock opened at $37.42 on Tuesday. The stock has a 50-day simple moving average of $39.64 and a 200 day simple moving average of $37.46. The stock has a market capitalization of $14.34 billion, a price-to-earnings ratio of 15.09, a P/E/G ratio of 2.43 and a beta of 1.07. The company has a quick ratio of 0.83, a current ratio of 1.41 and a debt-to-equity ratio of 0.63. Flex Ltd. has a 12-month low of $25.27 and a 12-month high of $45.10.

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

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.