Thornburg Investment Management Inc. Sells 10,865 Shares of Flex Ltd (FLEX)

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Thornburg Investment Management Inc. cut its holdings in Flex Ltd (NASDAQ:FLEX) by 0.6% during the third quarter, HoldingsChannel.com reports. The firm owned 1,916,700 shares of the technology company’s stock after selling 10,865 shares during the period. Thornburg Investment Management Inc.’s holdings in Flex were worth $25,147,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Campbell & CO Investment Adviser LLC acquired a new position in shares of Flex during the second quarter worth about $161,000. Bank of Montreal Can increased its stake in shares of Flex by 116.5% during the third quarter. Bank of Montreal Can now owns 12,696 shares of the technology company’s stock worth $167,000 after acquiring an additional 6,831 shares during the period. Engineers Gate Manager LP acquired a new position in shares of Flex during the third quarter worth about $203,000. Signition LP acquired a new position in shares of Flex during the third quarter worth about $219,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Flex by 109.5% during the second quarter. Tower Research Capital LLC TRC now owns 15,817 shares of the technology company’s stock worth $223,000 after acquiring an additional 8,267 shares during the period. Institutional investors own 91.89% of the company’s stock.

In other Flex news, insider Francois Barbier sold 70,278 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $14.03, for a total value of $986,000.34. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP David Scott Offer purchased 27,027 shares of Flex stock in a transaction on Tuesday, October 30th. The stock was acquired at an average cost of $7.48 per share, for a total transaction of $202,161.96. The disclosure for this purchase can be found here. In the last three months, insiders have sold 70,678 shares of company stock worth $991,332. 0.88% of the stock is owned by insiders.

A number of research analysts have recently issued reports on the stock. BidaskClub upgraded shares of Flex from a “strong sell” rating to a “sell” rating in a research note on Friday, November 2nd. ValuEngine upgraded shares of Flex from a “sell” rating to a “hold” rating in a research note on Friday, November 2nd. Argus lowered shares of Flex from a “buy” rating to a “hold” rating in a research note on Tuesday, October 30th. Macquarie set a $9.00 price target on shares of Flex and gave the stock a “hold” rating in a research note on Monday, October 29th. Finally, Goldman Sachs Group lowered shares of Flex from a “buy” rating to a “neutral” rating in a research note on Friday, October 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $17.94.

FLEX stock traded down $0.21 during trading on Wednesday, reaching $8.35. 385,952 shares of the company were exchanged, compared to its average volume of 11,833,478. The company has a market cap of $4.62 billion, a P/E ratio of 10.44, a P/E/G ratio of 1.01 and a beta of 1.52. Flex Ltd has a 52-week low of $6.74 and a 52-week high of $19.71. The company has a current ratio of 1.24, a quick ratio of 0.73 and a debt-to-equity ratio of 0.93.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Thursday, October 25th. The technology company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $6.71 billion for the quarter, compared to the consensus estimate of $6.81 billion. Flex had a net margin of 1.15% and a return on equity of 9.94%. On average, equities research analysts expect that Flex Ltd will post 0.82 earnings per share for the current year.

Flex announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, August 21st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 6.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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About Flex

Flex Ltd. provides design, engineering, manufacturing, and supply chain services and solutions to original equipment manufacturers worldwide. It operates through Communications & Enterprise Compute, Consumer Technologies Group, Industrial and Emerging Industries, and High Reliability Solutions segments.

Further Reading: How Do You Make Money With Penny Stocks?

Want to see what other hedge funds are holding FLEX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Flex Ltd (NASDAQ:FLEX).

Institutional Ownership by Quarter for Flex (NASDAQ:FLEX)

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