Flex Ltd. chief commercial officer sells $2.84 million in shares

Michael P. Hartung, Chief Commercial Officer at Flex Ltd. (NASDAQ:FLEX), has sold a notable portion of his holdings in the company, according to a recent SEC filing. On February 6, Hartung sold a total of 64,807 ordinary shares, generating approximately $2.84 million. The transactions were executed at prices ranging from $43.17 to $44.39 per share. The sale comes as Flex shares trade near their 52-week high of $45.10, having delivered an impressive 69% return over the past year. According to InvestingPro data, the company’s market capitalization stands at $16.54 billion.

Following these transactions, Hartung’s direct ownership stands at 233,526 shares. This figure includes a mix of vested and unvested restricted share units (RSUs), with various vesting schedules extending to September 2027. The sales were conducted under a pre-arranged trading plan, reflecting a strategic approach to managing his equity in the company. While this insider sale has attracted attention, InvestingPro analysis reveals management has been actively buying back shares, demonstrating confidence in the company’s future. Analysts maintain a bullish stance, with five recently revising their earnings estimates upward. Get access to 12 more exclusive InvestingPro Tips and comprehensive analysis with a subscription.

In other recent news, Flexsteel Industries, Inc. experienced a surge in shares following better-than-expected second-quarter results and an increase in its full-year guidance. The company reported adjusted earnings per share of $0.95, surpassing analysts’ estimates of $0.63, with revenue reaching $108.5 million, an 8.4% year-over-year increase. These results are attributed to growth across core and new markets, marking the fifth consecutive quarter of year-over-year sales growth.

Flexsteel has raised its fiscal 2025 revenue guidance to a range of $435-445 million, up from its previous outlook of $425-435 million, exceeding analyst expectations of $432.9 million. The company also projects third-quarter revenue between $110-115 million, surpassing the consensus estimate of $109.5 million.

However, potential tariffs on imports from Mexico and Canada could introduce uncertainty that may impact the company’s outlook, given its significant operations in Mexico. Despite this, Flexsteel is actively developing strategies to mitigate tariff risks. The company concluded the quarter with $11.8 million in cash and no outstanding borrowings on its credit line, generating $6.7 million in cash from operations.

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