Sanmina (NASDAQ:SANM) Upgraded by Bank of America to Neutral Rating

Bank of America upgraded shares of Sanmina (NASDAQ:SANM - Free Report) from an underperform rating to a neutral rating in a research note released on Wednesday morning, MarketBeat Ratings reports. Bank of America currently has $92.00 price objective on the electronics maker's stock, up from their prior price objective of $58.00.

A number of other research firms have also weighed in on SANM. StockNews.com upgraded shares of Sanmina from a "hold" rating to a "buy" rating in a research report on Thursday, November 21st. Craig Hallum increased their price target on Sanmina from $62.00 to $69.00 and gave the stock a "hold" rating in a research note on Tuesday, November 5th.

Sanmina Stock Performance

Shares of NASDAQ:SANM traded down $0.48 during midday trading on Wednesday, hitting $83.73. The company had a trading volume of 737,917 shares, compared to its average volume of 343,121. Sanmina has a 12-month low of $57.28 and a 12-month high of $86.05. The company has a fifty day moving average of $79.47 and a two-hundred day moving average of $73.57. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 20.47, a PEG ratio of 1.39 and a beta of 0.91. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.06 and a quick ratio of 1.25.

Sanmina (NASDAQ:SANM - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The electronics maker reported $1.43 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.07. The business had revenue of $2.02 billion during the quarter, compared to analysts' expectations of $1.96 billion. Sanmina had a return on equity of 10.61% and a net margin of 2.99%. The business's quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.20 earnings per share. On average, equities research analysts expect that Sanmina will post 4.84 EPS for the current fiscal year.

Sanmina declared that its Board of Directors has authorized a share buyback plan on Monday, January 27th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the electronics maker to reacquire up to 7.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In other news, Director Eugene A. Delaney sold 10,000 shares of the company's stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $83.50, for a total transaction of $835,000.00. Following the sale, the director now directly owns 77,120 shares in the company, valued at approximately $6,439,520. This represents a 11.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.09% of the company's stock.

Institutional Investors Weigh In On Sanmina

Several large investors have recently added to or reduced their stakes in SANM. Wilmington Savings Fund Society FSB purchased a new position in shares of Sanmina in the 3rd quarter worth approximately $32,000. Northwestern Mutual Wealth Management Co. boosted its stake in Sanmina by 24.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 845 shares of the electronics maker's stock worth $56,000 after buying an additional 164 shares during the period. R Squared Ltd purchased a new position in Sanmina during the fourth quarter worth $58,000. GAMMA Investing LLC increased its position in Sanmina by 88.5% during the third quarter. GAMMA Investing LLC now owns 931 shares of the electronics maker's stock valued at $64,000 after acquiring an additional 437 shares during the last quarter. Finally, Principal Securities Inc. raised its stake in shares of Sanmina by 13.6% in the fourth quarter. Principal Securities Inc. now owns 1,388 shares of the electronics maker's stock valued at $105,000 after acquiring an additional 166 shares during the period. 92.71% of the stock is owned by institutional investors.

About Sanmina

Sanmina Corporation provides integrated manufacturing solutions, components, products and repair, logistics, and after-market services worldwide. It operates in two businesses, Integrated Manufacturing Solutions; and Components, Products and Services. The company offers product design and engineering, including concept development, detailed design, prototyping, validation, preproduction, manufacturing design release, and product industrialization; assembly and test services; direct order fulfillment and logistics services; after-market product service and support; and supply chain management services, as well as engages in the manufacturing of components, subassemblies, and complete systems.