Flextronics International Ltd. (NASDAQ:FLEX) released its earnings results on Thursday, October 26th. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.01, Bloomberg Earnings reports. Flextronics International had a net margin of 2.25% and a return on equity of 22.71%. The company had revenue of $6.27 billion for the quarter, compared to the consensus estimate of $6.09 billion. During the same quarter in the previous year, the company earned $0.28 EPS. Flextronics International’s quarterly revenue was up 4.3% compared to the same quarter last year. Flextronics International updated its Q3 guidance to $0.28-0.32 EPS.
Shares of Flextronics International (FLEX) traded up $0.06 on Friday, reaching $18.37. 1,840,350 shares of the company were exchanged, compared to its average volume of 4,124,792. Flextronics International has a 1-year low of $13.68 and a 1-year high of $18.47. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.23 and a quick ratio of 0.70. The stock has a market capitalization of $9,676.32, a P/E ratio of 15.92, a P/E/G ratio of 1.00 and a beta of 0.82.
A number of analysts have commented on the stock. Royal Bank Of Canada restated a “buy” rating and set a $19.00 price target on shares of Flextronics International in a research note on Friday, October 13th. Needham & Company LLC boosted their price target on shares of Flextronics International from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Tuesday, July 18th. Zacks Investment Research upgraded shares of Flextronics International from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. ValuEngine lowered shares of Flextronics International from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Finally, Stifel Nicolaus upped their target price on shares of Flextronics International from $19.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $19.53.
Flextronics International announced that its Board of Directors has authorized a share repurchase plan on Friday, August 18th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 65% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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In other Flextronics International news, Director Lay Koon Tan sold 2,728 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $15.93, for a total transaction of $43,457.04. Following the transaction, the director now directly owns 114,394 shares in the company, valued at $1,822,296.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.83% of the stock is owned by company insiders.
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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