StockNews.com upgraded shares of Sanmina (NASDAQ:SANM - Free Report) from a buy rating to a strong-buy rating in a research note issued to investors on Wednesday.
A number of other research firms also recently commented on SANM. Craig Hallum increased their price objective on Sanmina from $62.00 to $69.00 and gave the company a "hold" rating in a report on Tuesday, November 5th. Bank of America upgraded shares of Sanmina from an "underperform" rating to a "neutral" rating and upped their target price for the company from $58.00 to $92.00 in a report on Wednesday.
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Sanmina Stock Down 0.6 %
SANM traded down $0.48 on Wednesday, hitting $83.73. 737,917 shares of the company were exchanged, compared to its average volume of 343,121. The company has a current ratio of 2.06, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 20.47, a price-to-earnings-growth ratio of 1.39 and a beta of 0.91. The firm has a 50-day moving average price of $79.47 and a two-hundred day moving average price of $73.57. Sanmina has a twelve month low of $57.28 and a twelve month high of $86.05.
Sanmina (NASDAQ:SANM - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The electronics maker reported $1.43 EPS for the quarter, beating analysts' consensus estimates of $1.36 by $0.07. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.96 billion. Sanmina had a net margin of 2.99% and a return on equity of 10.61%. The company's quarterly revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.20 EPS. On average, equities analysts predict that Sanmina will post 4.84 earnings per share for the current year.
Sanmina announced that its board has authorized a stock buyback plan on Monday, January 27th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the electronics maker to purchase up to 7.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.
Insider Transactions at Sanmina
In related news, Director Eugene A. Delaney sold 10,000 shares of the business's stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $83.50, for a total value of $835,000.00. Following the transaction, the director now owns 77,120 shares in the company, valued at $6,439,520. The trade was a 11.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.09% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its holdings in Sanmina by 255.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 509,906 shares of the electronics maker's stock valued at $34,903,000 after purchasing an additional 366,653 shares in the last quarter. Weiss Asset Management LP boosted its stake in shares of Sanmina by 590.7% in the third quarter. Weiss Asset Management LP now owns 381,158 shares of the electronics maker's stock valued at $26,090,000 after buying an additional 325,974 shares in the last quarter. Global Alpha Capital Management Ltd. grew its holdings in Sanmina by 19.4% during the third quarter. Global Alpha Capital Management Ltd. now owns 922,391 shares of the electronics maker's stock worth $63,138,000 after acquiring an additional 149,600 shares during the period. Assenagon Asset Management S.A. raised its position in Sanmina by 88.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 264,829 shares of the electronics maker's stock worth $20,040,000 after acquiring an additional 124,190 shares in the last quarter. Finally, Royce & Associates LP lifted its holdings in Sanmina by 36.7% in the third quarter. Royce & Associates LP now owns 402,098 shares of the electronics maker's stock valued at $27,524,000 after acquiring an additional 107,906 shares during the period. 92.71% of the stock is currently owned by hedge funds and other institutional investors.
About Sanmina
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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.
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