Sanmina Corporation (NASDAQ:SANM) announced its earnings results on Monday. The electronics maker reported $0.64 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.12), Bloomberg Earnings reports. Sanmina Corporation had a net margin of 2.02% and a return on equity of 12.17%. The company had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same quarter last year, the business earned $0.72 EPS. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. Sanmina Corporation updated its Q1 guidance to $0.68-0.74 EPS.
Sanmina Corporation (NASDAQ:SANM) opened at 32.60 on Wednesday. The firm’s 50-day moving average is $37.89 and its 200-day moving average is $37.65. The stock has a market cap of $2.46 billion, a P/E ratio of 11.91 and a beta of 0.79. Sanmina Corporation has a 12 month low of $26.95 and a 12 month high of $42.95.
Sanmina Corporation declared that its Board of Directors has approved a share buyback program on Monday, September 18th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the electronics maker to buy up to 77% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
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A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada lowered their price target on shares of Sanmina Corporation from $42.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 25th. Bank of America Corporation downgraded shares of Sanmina Corporation from a “buy” rating to a “neutral” rating in a research note on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $45.00 price target on shares of Sanmina Corporation in a research note on Wednesday, October 4th. ValuEngine downgraded shares of Sanmina Corporation from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, Zacks Investment Research raised shares of Sanmina Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, September 14th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $43.25.
In other news, VP Robert K. Eulau sold 10,000 shares of the business’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $36.95, for a total transaction of $369,500.00. Following the completion of the transaction, the vice president now owns 190,000 shares of the company’s stock, valued at $7,020,500. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 4.96% of the company’s stock.
Sanmina Corporation Company Profile
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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