Sanmina (NASDAQ:SANM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday, January 4th.
According to Zacks, “Sanmina Corporation is engaged in providing electronics contract manufacturing services. It focuses on engineering and fabricating complex components and also on providing complete end-to-end supply chain solutions to Original Equipment Manufacturers. The Company’s services include product design and engineering, including initial development, detailed design, prototyping, validation, preproduction services and manufacturing design release; manufacturing of components, subassemblies and complete systems; final system assembly and test; direct order fulfillment and logistics services, and after-market product service and support. Sanmina Corporation, formerly known as Sanmina-SCI Corp., is based in San Jose, California. “
Several other brokerages have also recently weighed in on SANM. Bank of America cut shares of Sanmina from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 31st. Needham & Company LLC reiterated a “buy” rating and set a $45.00 price objective on shares of Sanmina in a research report on Wednesday, October 4th. ValuEngine cut shares of Sanmina from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 2nd. BidaskClub cut shares of Sanmina from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 2nd. Finally, Argus cut shares of Sanmina from a “buy” rating to a “hold” rating in a report on Thursday, November 2nd. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Sanmina has a consensus rating of “Hold” and an average price target of $44.33.
Sanmina (NASDAQ SANM) traded up $0.50 during mid-day trading on Thursday, hitting $34.00. 570,100 shares of the stock traded hands, compared to its average volume of 687,563. Sanmina has a 1 year low of $29.95 and a 1 year high of $42.95. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.62 and a quick ratio of 0.97. The stock has a market capitalization of $2,410.00, a P/E ratio of 19.10, a PEG ratio of 0.94 and a beta of 0.79.
Sanmina (NASDAQ:SANM) last released its earnings results on Monday, October 30th. The electronics maker reported $0.64 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.12). Sanmina had a return on equity of 12.27% and a net margin of 2.02%. The company had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.75 billion. During the same period last year, the firm posted $0.72 EPS. Sanmina’s quarterly revenue was up 5.4% compared to the same quarter last year. equities analysts expect that Sanmina will post 3 EPS for the current fiscal year.
Sanmina declared that its board has approved a share buyback program on Monday, September 18th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the electronics maker to purchase up to 77% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
Large investors have recently added to or reduced their stakes in the stock. Riverhead Capital Management LLC lifted its stake in Sanmina by 70.7% in the second quarter. Riverhead Capital Management LLC now owns 3,927 shares of the electronics maker’s stock worth $150,000 after acquiring an additional 1,627 shares during the period. Advisory Services Network LLC purchased a new stake in Sanmina in the second quarter worth about $212,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Sanmina during the second quarter valued at about $229,000. ETRADE Capital Management LLC purchased a new stake in shares of Sanmina during the third quarter valued at about $228,000. Finally, Catalyst Capital Advisors LLC purchased a new stake in shares of Sanmina during the third quarter valued at about $267,000. 92.53% of the stock is owned by institutional investors.
Sanmina Corporation is a provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides its offerings primarily to original equipment manufacturers (OEMs) in various industries, including communications networks, storage, industrial, defense and aerospace, medical and energy.
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