JPMorgan Chase & Co. Expands Its Stake in Flex Ltd.

JPMorgan Chase & Co. has notably increased its ownership in Flex Ltd. (NASDAQ:FLEX - Free Report) by 6.0% during the fourth quarter, as revealed in its latest disclosure with the Securities and Exchange Commission (SEC). Following this acquisition, the institutional investor now holds a total of 6,408,070 shares in the technology firm, which includes an additional purchase of 361,049 shares over the quarter. As per the most recent SEC filing, JPMorgan Chase & Co. now owns approximately 1.67% of Flex, valued at roughly $246,006,000.

Several other significant investors have also made moves to buy or sell shares of Flex recently. For instance, Janus Henderson Group PLC raised its stake in Flex by 1.3% during the third quarter, now owning 26,874,144 shares worth $898,389,000 after acquiring an extra 344,773 shares last quarter. Boston Partners increased its investment by 2.2% in the fourth quarter, bringing their total ownership to 26,114,574 shares valued at $1,006,436,000 after buying an additional 569,916 shares. Vanguard Group Inc. also raised its position in Flex by 7.1% during the fourth quarter and now holds 12,298,896 shares, valued at $472,155,000, after acquiring 817,215 shares during the period. Furthermore, Geode Capital Management LLC significantly lifted its position by 619.3% in the third quarter, now possessing 4,465,814 shares valued at $149,350,000 after adding 3,844,935 shares. Lastly, State Street Corp boosted its holdings by 19.7% in the third quarter, acquiring an additional 603,208 shares, giving it a total of 3,664,463 shares valued at $122,503,000. In total, about 94.30% of the shares are owned by institutional investors and hedge funds.

Current Stock Performance

On Tuesday, FLEX stock opened at $33.08. Flex Ltd. has witnessed a 52-week low of $25.27 and a 52-week high of $45.10. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.83, and a current ratio of 1.41. Its 50-day simple moving average stands at $38.90, while the 200-day simple moving average is $37.65. The company's market capitalization amounts to $12.67 billion, with a price-to-earnings (PE) ratio of 13.34 and a price-to-earnings-growth (PEG) ratio of 2.43, alongside a beta of 1.07.

Recent Earnings and Insider Transactions

Flex Ltd. most recently reported its earnings results on January 29th, revealing earnings per share (EPS) of $0.70 for the quarter, which surpassed the consensus estimate of $0.63 by $0.07. The company displayed a net margin of 3.95% and a return on equity of 17.93%. Analysts predict that Flex Ltd. is expected to achieve earnings per share of 2.33 for the current year.

Additionally, in insider news, Director Lay Koon Tan sold 50,000 shares of the company on February 10th, receiving approximately $2,162,500 from the sale, which was executed at an average price of $43.25 per share. Post-transaction, the director holds 202,850 shares in Flex, valued at about $8,773,262.50, marking a 19.77% reduction in their holdings. Another insider, Michael P. Hartung, sold 64,807 shares on February 6th for a total of $2,844,379.23 at an average price of $43.89, leading to a 21.72% decrease in his stake, after which he holds 233,526 shares valued at $10,249,456.14.

Analyst Ratings

Several equity analysts have commented on Flex shares recently. Barclays raised its price target on Flex from $43.00 to $49.00 while assigning an "overweight" rating in a report dated January 30th. StockNews.com upgraded their rating from a "hold" to a "buy" on February 14th. Stifel Nicolaus has also initiated coverage on Flex, establishing a “buy” rating and setting a price target of $52.00. Currently, five analysts have given the stock a buy rating, while one has given a strong buy rating. MarketBeat.com indicates that Flex holds an average rating of "Buy" with an average target price of $44.33.

Flex Company Overview

Flex Ltd. operates as a provider of technology, supply chain, and manufacturing solutions across Asia, the Americas, and Europe. The company segments include Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS division offers flexible supply and manufacturing systems featuring a range of solutions including communications and cloud technologies, lifestyle products such as consumer packaging and appliances, and consumer devices like mobile devices.

JPMorgan, Flex, Investors