Glenview Capital Management LLC reduced its stake in Flextronics International Ltd. (NASDAQ:FLEX) by 15.3% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 31,479,691 shares of the technology company’s stock after selling 5,690,898 shares during the period. Flextronics International accounts for approximately 3.5% of Glenview Capital Management LLC’s holdings, making the stock its 11th largest position. Glenview Capital Management LLC owned about 5.82% of Flextronics International worth $528,859,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in Flextronics International by 2.1% in the first quarter. State Street Corp now owns 7,007,365 shares of the technology company’s stock valued at $117,728,000 after buying an additional 144,347 shares in the last quarter. Bank of America Corp DE boosted its stake in Flextronics International by 4.7% in the first quarter. Bank of America Corp DE now owns 5,453,845 shares of the technology company’s stock valued at $91,624,000 after buying an additional 246,788 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Flextronics International during the first quarter valued at about $567,000. Logan Capital Management Inc. boosted its stake in Flextronics International by 1.1% in the first quarter. Logan Capital Management Inc. now owns 56,524 shares of the technology company’s stock valued at $950,000 after buying an additional 600 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in Flextronics International by 15.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 150,148 shares of the technology company’s stock valued at $2,523,000 after buying an additional 20,376 shares in the last quarter. 91.47% of the stock is currently owned by institutional investors and hedge funds.
Flextronics International Ltd. (NASDAQ:FLEX) traded down 0.84% during mid-day trading on Friday, hitting $16.50. The company’s 50 day moving average is $16.46 and its 200 day moving average is $15.84. Flextronics International Ltd. has a 1-year low of $11.51 and a 1-year high of $17.76. The company has a market capitalization of $8.74 billion, a P/E ratio of 27.97 and a beta of 0.75.
Flextronics International (NASDAQ:FLEX) last announced its earnings results on Thursday, April 27th. The technology company reported $0.29 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.29. The firm had revenue of $5.86 billion during the quarter, compared to analysts’ expectations of $5.68 billion. Flextronics International had a return on equity of 21.19% and a net margin of 1.34%. The company’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.29 earnings per share. Equities analysts expect that Flextronics International Ltd. will post $1.21 earnings per share for the current year.
Several research firms recently issued reports on FLEX. BidaskClub cut shares of Flextronics International from a “hold” rating to a “sell” rating in a research report on Wednesday. ValuEngine raised shares of Flextronics International from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Bank of America Corporation restated a “buy” rating and issued a $19.50 price target (up previously from $17.50) on shares of Flextronics International in a report on Wednesday, May 17th. Craig Hallum upgraded shares of Flextronics International from a “hold” rating to a “buy” rating in a report on Friday, May 12th. Finally, Zacks Investment Research lowered shares of Flextronics International from a “hold” rating to a “sell” rating in a report on Tuesday, May 2nd. Two analysts have rated the stock with a sell rating, one has issued a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $17.21.
In other Flextronics International news, Director William D. Watkins sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $15.11, for a total transaction of $453,300.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Francois Barbier sold 25,279 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $16.64, for a total value of $420,642.56. The disclosure for this sale can be found here. Insiders have sold 289,033 shares of company stock valued at $4,788,094 in the last ninety days. Company insiders own 0.94% of the company’s stock.
About Flextronics International
Flex Ltd, formerly Flextronics International Ltd. provides design, engineering, manufacturing, and supply chain services and solutions. The Company designs, builds, ships and services packaged consumer electronics and industrial products for original equipment manufacturers (OEMs). Its segments include High Reliability Solutions (HRS), Consumer Technologies Group (CTG), Industrial and Emerging Industries (IEI) and Communications & Enterprise Compute (CEC).
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