Benchmark Electronics Inc. (BHE) Downgraded by Zacks Investment Research to Hold
Benchmark Electronics Inc. (NYSE:BHE) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Benchmark Electronics, Inc. provides contract electronics manufacturing and design services to original equipment manufacturers in select industries, including medical devices, communications equipment, industrial and business computers, testing instrumentation and industrial controls. They specializes in manufacturing high quality, technologically complex printed circuit board assemblies with computer-automated equipment using surface mount and pin-through-hole interconnection technologies for customers requiring low to medium volume production runs. “
Several other research analysts have also issued reports on the company. Needham & Company LLC raised their target price on Benchmark Electronics from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, July 22nd. B. Riley reaffirmed a “neutral” rating and set a $23.00 target price on shares of Benchmark Electronics in a research report on Monday, July 25th. Finally, TheStreet raised Benchmark Electronics from a “hold” rating to a “buy” rating in a research report on Monday, July 25th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Benchmark Electronics has an average rating of “Hold” and an average price target of $24.00.
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Benchmark Electronics (NYSE:BHE) traded up 1.77% during midday trading on Wednesday, hitting $24.74. The stock had a trading volume of 206,874 shares. The company’s 50-day moving average price is $24.12 and its 200 day moving average price is $22.14. Benchmark Electronics has a 52 week low of $18.36 and a 52 week high of $24.82. The company has a market capitalization of $1.21 billion, a PE ratio of 15.03 and a beta of 0.71.
Benchmark Electronics (NYSE:BHE) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.01. Benchmark Electronics had a net margin of 3.51% and a return on equity of 5.52%. The firm had revenue of $579 million for the quarter, compared to analyst estimates of $582.89 million. During the same period last year, the business earned $0.42 EPS. The company’s revenue was down 12.8% compared to the same quarter last year. On average, analysts expect that Benchmark Electronics will post $1.34 EPS for the current year.
In other news, insider Jon J. King sold 12,774 shares of Benchmark Electronics stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $23.57, for a total value of $301,083.18. Following the completion of the transaction, the insider now directly owns 40,624 shares of the company’s stock, valued at approximately $957,507.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gayla J. Delly sold 25,497 shares of Benchmark Electronics stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $24.22, for a total value of $617,537.34. Following the completion of the transaction, the chief executive officer now directly owns 276,264 shares of the company’s stock, valued at $6,691,114.08. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in Benchmark Electronics during the fourth quarter valued at $12,560,000. Thomson Horstmann & Bryant Inc. purchased a new stake in shares of Benchmark Electronics during the first quarter valued at approximately $859,000. Nisa Investment Advisors L.L.C. increased its stake in shares of Benchmark Electronics by 11.4% in the first quarter. Nisa Investment Advisors L.L.C. now owns 64,725 shares of the company’s stock valued at $1,492,000 after buying an additional 6,600 shares in the last quarter. Ngam Advisors L.P. increased its stake in shares of Benchmark Electronics by 8.4% in the first quarter. Ngam Advisors L.P. now owns 19,079 shares of the company’s stock valued at $440,000 after buying an additional 1,472 shares in the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of Benchmark Electronics by 64.6% in the first quarter. Prudential Financial Inc. now owns 345,552 shares of the company’s stock valued at $7,965,000 after buying an additional 135,641 shares in the last quarter. 96.18% of the stock is owned by hedge funds and other institutional investors.
About Benchmark Electronics
Benchmark Electronics, Inc is a provider of integrated electronic manufacturing services. The Company provides services to original equipment manufacturers of industrial control equipment, including equipment for the aerospace and defense industry; telecommunication equipment; computers and related products for business enterprises; medical devices, and testing and instrumentation products.
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