Sanmina (SANM) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Sanmina (NASDAQ:SANM) from a sell rating to a hold rating in a research note published on Thursday.

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. “

A number of other analysts have also recently commented on SANM. ValuEngine cut Sanmina from a strong-buy rating to a buy rating in a research report on Monday, October 2nd. Needham & Company LLC reiterated a buy rating and set a $45.00 price objective on shares of Sanmina in a research report on Wednesday, October 4th. Bank of America cut Sanmina from a buy rating to a neutral rating in a research report on Tuesday, October 31st. Argus cut Sanmina from a buy rating to a hold rating in a research report on Thursday, November 2nd. Finally, BidaskClub cut Sanmina from a strong-buy rating to a buy rating in a research report on Saturday, December 2nd. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $44.33.

Sanmina (NASDAQ SANM) traded up $0.20 during trading on Thursday, reaching $33.80. The company had a trading volume of 426,256 shares, compared to its average volume of 768,879. The stock has a market capitalization of $2,434.31, a PE ratio of 12.66, a PEG ratio of 0.94 and a beta of 0.79. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.97 and a current ratio of 1.62. Sanmina has a 12 month low of $29.95 and a 12 month high of $42.95.

Sanmina (NASDAQ:SANM) last posted its quarterly earnings data on Monday, October 30th. The electronics maker reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.12). The firm had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.75 billion. Sanmina had a net margin of 2.02% and a return on equity of 12.27%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.72 EPS. equities research analysts anticipate that Sanmina will post 3 EPS for the current fiscal year.

Sanmina announced that its Board of Directors has approved a share repurchase program on Monday, September 18th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the electronics maker to buy up to 77% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Hanseatic Management Services Inc. increased its position in Sanmina by 1.2% in the second quarter. Hanseatic Management Services Inc. now owns 9,654 shares of the electronics maker’s stock worth $368,000 after buying an additional 116 shares in the last quarter. Amalgamated Bank increased its position in Sanmina by 1.6% in the second quarter. Amalgamated Bank now owns 10,104 shares of the electronics maker’s stock worth $385,000 after buying an additional 158 shares in the last quarter. Stifel Financial Corp increased its position in Sanmina by 3.3% in the second quarter. Stifel Financial Corp now owns 7,658 shares of the electronics maker’s stock worth $291,000 after buying an additional 246 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in Sanmina by 0.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 32,766 shares of the electronics maker’s stock worth $1,248,000 after buying an additional 272 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its position in Sanmina by 12.6% in the second quarter. Cubist Systematic Strategies LLC now owns 8,369 shares of the electronics maker’s stock worth $319,000 after buying an additional 938 shares in the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

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About Sanmina

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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