Solas Capital Management LLC Purchases New Shares in Flex Ltd. (NASDAQ:FLEX)

Solas Capital Management LLC purchased a new stake in Flex Ltd. (NASDAQ:FLEX) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 220,000 shares of the technology company’s stock, valued at approximately $5,062,000. Flex comprises 2.7% of Solas Capital Management LLC’s holdings, making the stock its 17th biggest holding.

A number of other institutional investors have also made changes to their positions in FLEX. JPMorgan Chase & Co. increased its position in Flex by 10.1% in the first quarter. JPMorgan Chase & Co. now owns 363,665 shares of the technology company’s stock worth $6,745,000 after purchasing an additional 33,349 shares during the period. Bank of New York Mellon Corp increased its position in Flex by 8.2% in the first quarter. Bank of New York Mellon Corp now owns 590,073 shares of the technology company’s stock worth $10,946,000 after purchasing an additional 44,642 shares during the period. American Century Companies Inc. increased its position in Flex by 14.1% in the first quarter. American Century Companies Inc. now owns 130,278 shares of the technology company’s stock worth $2,417,000 after purchasing an additional 16,073 shares during the period. HighTower Advisors LLC increased its position in Flex by 1.0% in the first quarter. HighTower Advisors LLC now owns 86,350 shares of the technology company’s stock worth $1,600,000 after purchasing an additional 853 shares during the period. Finally, Natixis Advisors L.P. acquired a new stake in Flex in the first quarter worth about $201,000. 95.26% of the stock is owned by institutional investors.

Insider Activity

In other Flex news, insider Kwang Hooi Tan sold 3,602 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $26.80, for a total value of $96,533.60. Following the sale, the insider now owns 149,228 shares in the company, valued at approximately $3,999,310.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Flex news, insider Kwang Hooi Tan sold 3,602 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $26.80, for a total value of $96,533.60. Following the sale, the insider now owns 149,228 shares in the company, valued at approximately $3,999,310.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David Scott Offer sold 5,665 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $26.62, for a total value of $150,802.30. Following the completion of the sale, the executive vice president now owns 211,702 shares in the company, valued at approximately $5,635,507.24. The disclosure for this sale can be found here. Insiders have sold 308,541 shares of company stock worth $8,375,967 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Barclays started coverage on Flex in a research report on Thursday, September 7th. They issued an “overweight” rating and a $35.00 price objective for the company. Bank of America boosted their target price on Flex from $28.00 to $31.00 in a research report on Sunday, July 9th. StockNews.com started coverage on Flex in a research report on Thursday, August 17th. They set a “hold” rating for the company. Finally, Credit Suisse Group restated an “outperform” rating and set a $34.00 target price on shares of Flex in a research report on Monday, July 24th.

Flex Stock Down 0.6 %

Shares of NASDAQ:FLEX traded down $0.17 during trading on Tuesday, hitting $26.33. 1,148,623 shares of the company’s stock traded hands, compared to its average volume of 4,284,303. Flex Ltd. has a 52 week low of $16.11 and a 52 week high of $28.90. The company has a current ratio of 1.46, a quick ratio of 0.75 and a debt-to-equity ratio of 0.60. The company has a market cap of $11.68 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 1.09 and a beta of 1.45. The company has a 50-day moving average price of $27.18 and a 200-day moving average price of $24.64.

Flex (NASDAQ:FLEX) last released its quarterly earnings data on Wednesday, July 26th. The technology company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.09. Flex had a return on equity of 17.98% and a net margin of 2.60%. The business had revenue of $7.34 billion for the quarter, compared to analysts’ expectations of $7.24 billion. As a group, research analysts forecast that Flex Ltd. will post 2.13 EPS for the current fiscal year.

Flex 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.