Glenview Capital Sells $1mln Shares of Flextronics International Ltd. (FLEX)


Glenview Capital, led by Larry Robbins, recently decreased its stake in Flextronics International Ltd. (NASDAQ:FLEX).  According to a recent Form 4 filing, the fund now owns 59.13 million shares of the company, after disposing of 1.05 million shares at a price of $9.15 apiece.

Larry Robbins

A global provider of global supply chain solutions, Flextronics International Ltd. (NASDAQ:FLEX) delivers design, engineering, manufacturing and logistics services to a range of industries and end-markets The company’s service offerings and vertically integrated component technologies are designed to lower costs, increase flexibility, and reduce time-to-market.

Flextronics International’s profitability spiked in 2011, when the company delivered profits of $606.35 million, but decreased in the following years to $510.65 in 2012 and $302.50 in 2013. The company repurchased 60.00 million shares for a total of $475.00 million in 2014. The company’s stock price rose 22.00% year-to-date, now quoted at around $9.50 per share. Flextronics International Ltd. (NASDAQ:FLEX) reported Free Cash Flow of $44.00 million for the three months ended March 31, 2014, and currently trades at an Enterprise Value to EBITDA ratio of approximately 13.00. Estimating the company to produce earnings of around $1.00 per share in fiscal 2014, most market experts suggest that investors hold the company’s stock.

GMT Capital, a fund managed by Thomas E. Claugus, also holds a significant stake of more than 14.00 million shares in Flextronics International Ltd. (NASDAQ:FLEX). Other funds holding the company’s stock include Peter Rathjens, Bruce Clarke and John Campbell managed Arrowstreet Capital, which owns 6.45 million shares of the company, and Cliff Asness‘ AQR Capital Management, which owns 5.58 million shares.

A former trader at Leon Cooperman’s Omega Advisors, Glenview Capital’s Larry Robbins now manages nearly $14.00 billion worth of equity. The fund’s portfolio is diversified over a plentitude of Sectors, with 69.00% of its value divided almost evenly among the Technology, Services, and Healthcare Sectors. Glenview Capital owns a stake of almost 8.54 million shares in Thermo Fisher Scientific Inc. (NYSE:TMO). HCA Holdings Inc (NYSE:HCA), of which the fund owns 12.84 million shares, the  is another of the fund’s largest positions.

Disclosure: none