Sanmina (NASDAQ:SANM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released 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. “
Several other brokerages also recently commented on SANM. Bank of America downgraded shares of Sanmina from a “buy” rating to a “neutral” rating in a report on Tuesday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $45.00 price target on shares of Sanmina in a research note on Wednesday, October 4th. ValuEngine cut shares of Sanmina from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 2nd. BidaskClub cut shares of Sanmina from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 2nd. Finally, Argus cut shares of Sanmina from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $44.33.
Sanmina (NASDAQ:SANM) last announced its earnings results on Monday, October 30th. The electronics maker reported $0.64 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.12). The company had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.75 billion. Sanmina had a return on equity of 12.27% and a net margin of 2.02%. The business’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the business posted $0.72 earnings per share. research analysts predict that Sanmina will post 3 earnings per share for the current fiscal year.
Sanmina declared that its board has approved a share buyback program on Monday, September 18th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the electronics maker to purchase up to 77% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Hedge funds have recently added to or reduced their stakes in the business. Riverhead Capital Management LLC boosted its position in Sanmina by 70.7% during the second quarter. Riverhead Capital Management LLC now owns 3,927 shares of the electronics maker’s stock worth $150,000 after purchasing an additional 1,627 shares during the period. Advisory Services Network LLC bought a new position in Sanmina during the second quarter worth $212,000. ETRADE Capital Management LLC acquired a new stake in shares of Sanmina during the third quarter worth $228,000. BlueCrest Capital Management Ltd acquired a new stake in shares of Sanmina during the second quarter worth $229,000. Finally, Catalyst Capital Advisors LLC acquired a new stake in shares of Sanmina during the third quarter worth $267,000. 92.53% of the stock is owned by hedge funds and other institutional investors.
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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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