Retirement Systems of Alabama Cuts Holdings in Flex Ltd. $FLEX

Retirement Systems of Alabama decreased its holdings in Flex Ltd. (NASDAQ:FLEX) by 3.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 453,790 shares of the technology company’s stock after selling 14,448 shares during the period. Retirement Systems of Alabama owned about 0.12% of Flex worth $26,306,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. MTM Investment Management LLC purchased a new stake in shares of Flex during the 2nd quarter worth $26,000. Concord Wealth Partners purchased a new stake in shares of Flex during the second quarter valued at about $28,000. CNB Bank bought a new stake in shares of Flex in the 2nd quarter valued at about $30,000. Harbour Investments Inc. grew its position in shares of Flex by 74.7% in the 2nd quarter. Harbour Investments Inc. now owns 704 shares of the technology company’s stock worth $35,000 after buying an additional 301 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in Flex by 404.3% during the second quarter. Nisa Investment Advisors LLC now owns 706 shares of the technology company’s stock valued at $35,000 after acquiring an additional 566 shares during the last quarter. Institutional investors own 94.30% of the company’s stock.

Insider Buying and Selling

In related news, insider Michael P. Hartung sold 15,000 shares of the firm’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $62.21, for a total transaction of $933,150.00. Following the completion of the transaction, the insider owned 211,198 shares of the company’s stock, valued at $13,138,627.58. This trade represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kevin Krumm sold 21,406 shares of the business’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $61.23, for a total transaction of $1,310,689.38. Following the transaction, the chief financial officer owned 143,803 shares of the company’s stock, valued at $8,805,057.69. This represents a 12.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 116,406 shares of company stock worth $7,093,439 in the last quarter. 0.57% of the stock is currently owned by corporate insiders.

Flex Stock Down 1.5%

Shares of FLEX stock opened at $63.78 on Monday. Flex Ltd. has a fifty-two week low of $25.11 and a fifty-two week high of $72.22. The firm has a market capitalization of $23.59 billion, a PE ratio of 28.22, a P/E/G ratio of 1.69 and a beta of 1.24. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.83 and a current ratio of 1.33. The stock’s 50-day simple moving average is $62.44 and its 200-day simple moving average is $58.46.

Analyst Ratings Changes

Several research firms have issued reports on FLEX. Raymond James Financial raised shares of Flex from a “market perform” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Wednesday, January 14th. Wall Street Zen downgraded Flex from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 9th. The Goldman Sachs Group increased their price target on Flex from $67.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, December 9th. Argus set a $85.00 price target on Flex in a research note on Friday, October 31st. Finally, Jefferies Financial Group restated a “hold” rating and set a $23.00 price objective on shares of Flex in a report on Wednesday, November 12th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $66.11.

About Flex

Flex (NASDAQ: FLEX), formerly known as Flextronics, is a global provider of electronics manufacturing services (EMS) and original design manufacturing (ODM). The company offers end-to-end product lifecycle solutions including product design and engineering, prototyping, volume manufacturing, testing, and aftermarket services. Its offerings extend into supply chain management, component sourcing, logistics and distribution, and advanced manufacturing capabilities such as automation and digital manufacturing to support customers from concept through end-of-life.

Flex serves a broad range of industries, including automotive, healthcare, industrial, communications, and consumer electronics, working with original equipment manufacturers (OEMs) and technology companies to accelerate time to market and manage complex supply chains.