Zacks Investment Research upgraded shares of Sanmina Corporation (NASDAQ:SANM) from a sell rating to a hold rating in a report published on Thursday, September 14th.
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. “
SANM has been the subject of a number of other research reports. Royal Bank Of Canada cut their target price on shares of Sanmina Corporation from $42.00 to $40.00 and set a sector perform rating for the company in a research report on Tuesday, July 25th. ValuEngine upgraded shares of Sanmina Corporation from a hold rating to a buy rating in a research report on Thursday, July 27th. Needham & Company LLC reiterated a buy rating and set a $45.00 target price on shares of Sanmina Corporation in a research report on Tuesday, July 25th. Finally, Bank of America Corporation reiterated a buy rating and set a $48.00 target price on shares of Sanmina Corporation in a research report on Thursday, June 15th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Buy and an average price target of $42.80.
Sanmina Corporation (NASDAQ:SANM) opened at 37.30 on Thursday. Sanmina Corporation has a 1-year low of $26.70 and a 1-year high of $42.95. The firm has a market capitalization of $2.81 billion, a price-to-earnings ratio of 13.62 and a beta of 0.78. The stock’s 50 day moving average is $36.38 and its 200 day moving average is $37.99.
Sanmina Corporation (NASDAQ:SANM) last announced its earnings results on Monday, July 24th. The electronics maker reported $0.74 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.01). The firm had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.74 billion. Sanmina Corporation had a net margin of 3.15% and a return on equity of 12.35%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 EPS. Analysts predict that Sanmina Corporation will post $3.01 EPS for the current fiscal year.
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Sanmina Corporation declared that its board has approved a stock repurchase program on Monday, September 18th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the electronics maker to purchase up to 77% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In other Sanmina Corporation news, VP Robert K. Eulau sold 10,000 shares of Sanmina Corporation stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $37.21, for a total transaction of $372,100.00. Following the transaction, the vice president now directly owns 180,000 shares of the company’s stock, valued at $6,697,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 30,000 shares of company stock worth $1,125,600 over the last three months. Insiders own 4.96% of the company’s stock.
Several hedge funds have recently bought and sold shares of the business. LS Investment Advisors LLC increased its stake in shares of Sanmina Corporation by 5.5% in the first quarter. LS Investment Advisors LLC now owns 3,360 shares of the electronics maker’s stock worth $136,000 after buying an additional 176 shares during the period. Riverhead Capital Management LLC increased its stake in shares of Sanmina Corporation 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 buying an additional 1,627 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in shares of Sanmina Corporation in the second quarter worth $203,000. Menta Capital LLC purchased a new position in shares of Sanmina Corporation in the first quarter worth $219,000. Finally, Nisa Investment Advisors LLC increased its stake in shares of Sanmina Corporation by 3.8% in the second quarter. Nisa Investment Advisors LLC now owns 5,440 shares of the electronics maker’s stock worth $207,000 after buying an additional 200 shares during the period. 92.76% of the stock is currently owned by hedge funds and other institutional investors.
About Sanmina Corporation
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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