Sanmina Corporation (SANM) Releases Quarterly Earnings Results, Misses Expectations By $0.12 EPS

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.

Earnings History for Sanmina Corporation (NASDAQ:SANM)

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