Benchmark Electronics (NYSE:BHE) Shares Gap Up Following Analyst Upgrade

Benchmark Electronics, Inc. (NYSE:BHE - Get Free Report)'s share price gapped up before the market opened on Thursday after Needham & Company LLC raised their price target on the stock from $48.00 to $50.00. The stock had previously closed at $43.64, but opened at $46.00. Needham & Company LLC currently has a buy rating on the stock. Benchmark Electronics shares last traded at $44.80, with a volume of 43,632 shares traded.

Separately, StockNews.com upgraded shares of Benchmark Electronics from a "hold" rating to a "buy" rating in a research report on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, Benchmark Electronics has a consensus rating of "Moderate Buy" and an average target price of $43.00.

Insider Activity

In other news, CEO Jeff Benck sold 6,000 shares of the business's stock in a transaction on Monday, January 13th. The shares were sold at an average price of $45.31, for a total value of $271,860.00. Following the completion of the transaction, the chief executive officer now owns 418,173 shares of the company's stock, valued at $18,947,418.63. The trade was a 1.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders have sold 36,000 shares of company stock valued at $1,655,340. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC raised its position in shares of Benchmark Electronics by 85.9% during the second quarter. Millennium Management LLC now owns 446,176 shares of the technology company's stock worth $17,606,000 after purchasing an additional 206,114 shares during the period. Pacer Advisors Inc. raised its position in Benchmark Electronics by 8.9% in the 3rd quarter. Pacer Advisors Inc. now owns 1,944,347 shares of the technology company's stock valued at $86,173,000 after buying an additional 159,659 shares during the last quarter. Wasatch Advisors LP raised its position in Benchmark Electronics by 19.5% in the 3rd quarter. Wasatch Advisors LP now owns 820,493 shares of the technology company's stock valued at $36,364,000 after buying an additional 133,602 shares during the last quarter. Wellington Management Group LLP raised its position in Benchmark Electronics by 34.5% in the 3rd quarter. Wellington Management Group LLP now owns 428,181 shares of the technology company's stock valued at $18,977,000 after buying an additional 109,903 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new stake in Benchmark Electronics in the 3rd quarter valued at approximately $3,334,000. 92.29% of the stock is owned by institutional investors and hedge funds.

Benchmark Electronics Stock Performance

The stock has a 50-day moving average of $46.84 and a 200-day moving average of $44.77. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 23.73 and a beta of 0.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.46 and a current ratio of 2.32.

Benchmark Electronics (NYSE:BHE - Get Free Report) last announced its earnings results on Wednesday, January 29th. The technology company reported $0.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.56 by ($0.01). Benchmark Electronics had a net margin of 2.38% and a return on equity of 6.68%.

Benchmark Electronics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 14th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.66%. The ex-dividend date was Tuesday, December 31st. Benchmark Electronics's dividend payout ratio (DPR) is 39.31%.

About Benchmark Electronics

Benchmark Electronics, Inc, together with its subsidiaries, offers product design, engineering services, technology solutions, and manufacturing services in the Americas, Asia, and Europe. The company provides engineering services and technology solutions, including new product design, prototype, testing, and related engineering services; and custom testing and technology solutions, as well as automation equipment design and build services.