Flextronics International Ltd. (NASDAQ:FLEX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Flextronic International is a leading provider of advanced electronics manufacturing services to OEMs primarily in the telecommunications and networking, consumer electronics and computer industries. The company’s strategy is to provide customers with the ability to outsource, on a global basis, a complete product wherethe company’s take responsibility for engineering, supply chain management, assembly, integration, test and logistics management. The company provides complete product design services, including electrical and mechanical, circuit and layout. “
Several other equities research analysts also recently issued reports on the company. Goldman Sachs Group Inc. upgraded Flextronics International from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $13.00 to $16.00 in a report on Tuesday. B. Riley restated a “buy” rating and set a $14.50 price objective on shares of Flextronics International in a report on Tuesday, September 6th. Argus restated a “buy” rating and set a $16.00 price objective (up from $15.00) on shares of Flextronics International in a report on Tuesday, July 26th. Raymond James Financial Inc. restated a “strong-buy” rating and set a $14.00 price objective on shares of Flextronics International in a report on Tuesday, July 26th. Finally, Standpoint Research downgraded Flextronics International from a “buy” rating to a “hold” rating in a report on Tuesday, May 24th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $14.09.
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Flextronics International (NASDAQ:FLEX) traded up 2.44% during mid-day trading on Wednesday, hitting $13.45. 5,629,781 shares of the company were exchanged. Flextronics International has a 12 month low of $8.85 and a 12 month high of $13.49. The stock has a market cap of $7.35 billion, a price-to-earnings ratio of 17.03 and a beta of 0.97. The firm has a 50 day moving average price of $12.91 and a 200 day moving average price of $12.45.
Flextronics International (NASDAQ:FLEX) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.27 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.27. Flextronics International had a return on equity of 22.68% and a net margin of 1.77%. The company had revenue of $5.88 billion for the quarter, compared to the consensus estimate of $5.71 billion. Analysts anticipate that Flextronics International will post $1.19 EPS for the current fiscal year.
In other Flextronics International news, Director H Raymond Bingham sold 25,000 shares of the business’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $13.20, for a total transaction of $330,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Christopher Collier sold 14,020 shares of the business’s stock in a transaction on Tuesday, June 28th. The stock was sold at an average price of $11.79, for a total value of $165,295.80. The disclosure for this sale can be found here. Company insiders own 0.94% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Hartford Investment Management Co. raised its position in shares of Flextronics International by 0.9% in the second quarter. Hartford Investment Management Co. now owns 11,576 shares of the company’s stock worth $137,000 after buying an additional 100 shares during the period. Point View Wealth Management Inc. raised its position in shares of Flextronics International by 1.1% in the second quarter. Point View Wealth Management Inc. now owns 31,032 shares of the company’s stock worth $366,000 after buying an additional 339 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Flextronics International by 1.4% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 29,236 shares of the company’s stock worth $353,000 after buying an additional 400 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its position in shares of Flextronics International by 1.2% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 40,237 shares of the company’s stock worth $474,000 after buying an additional 461 shares during the period. Finally, Nationwide Fund Advisors raised its position in shares of Flextronics International by 0.4% in the second quarter. Nationwide Fund Advisors now owns 134,958 shares of the company’s stock worth $1,593,000 after buying an additional 563 shares during the period. Institutional investors own 91.36% of the company’s stock.
Flextronics International Company Profile
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