Benchmark Electronics Inc. (BHE) Sets New 12-Month High at $24.74
Benchmark Electronics Inc. (NYSE:BHE)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $24.74 and last traded at $24.49, with a volume of 71,700 shares trading hands. The stock had previously closed at $24.31.
BHE has been the topic of several research analyst reports. Zacks Investment Research raised Benchmark Electronics from a “hold” rating to a “strong-buy” rating and set a $27.00 price objective on the stock in a research note on Monday, July 25th. TheStreet raised Benchmark Electronics from a “hold” rating to a “buy” rating in a research note on Monday, July 25th. Needham & Company LLC lifted their price objective on Benchmark Electronics from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, July 22nd. Finally, B. Riley reaffirmed a “neutral” rating and issued a $23.00 price objective on shares of Benchmark Electronics in a research note on Monday, July 25th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $24.00.
The company’s 50 day moving average is $24.12 and its 200 day moving average is $22.14. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 14.91 and a beta of 0.71.
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Benchmark Electronics (NYSE:BHE) last announced its earnings results on Thursday, July 21st. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by $0.01. The company had revenue of $579 million for the quarter, compared to analyst estimates of $582.89 million. Benchmark Electronics had a return on equity of 5.52% and a net margin of 3.51%. The firm’s revenue for the quarter was down 12.8% on a year-over-year basis. During the same period last year, the firm earned $0.42 earnings per share. Analysts predict that Benchmark Electronics Inc. will post $1.34 earnings per share for the current year.
In related news, CEO Gayla J. Delly sold 25,497 shares of the company’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $24.22, for a total transaction of $617,537.34. Following the transaction, the chief executive officer now directly owns 276,264 shares of the company’s stock, valued at $6,691,114.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Donald Francis Adam sold 40,000 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $23.46, for a total value of $938,400.00. Following the transaction, the chief financial officer now directly owns 126,513 shares in the company, valued at $2,967,994.98. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of BHE. State Street Corp raised its position in Benchmark Electronics by 5.0% in the first quarter. State Street Corp now owns 1,224,445 shares of the company’s stock valued at $28,221,000 after buying an additional 57,814 shares during the last quarter. BlackRock Inc. raised its position in Benchmark Electronics by 24.7% in the first quarter. BlackRock Inc. now owns 8,263 shares of the company’s stock valued at $190,000 after buying an additional 1,636 shares during the last quarter. Arizona State Retirement System raised its position in Benchmark Electronics by 3.2% in the first quarter. Arizona State Retirement System now owns 25,548 shares of the company’s stock valued at $589,000 after buying an additional 800 shares during the last quarter. JPMorgan Chase & Co. raised its position in Benchmark Electronics by 20.5% in the second quarter. JPMorgan Chase & Co. now owns 2,026,524 shares of the company’s stock valued at $42,861,000 after buying an additional 344,807 shares during the last quarter. Finally, Convergence Investment Partners LLC acquired a new position in Benchmark Electronics during the second quarter valued at $1,128,000. 96.18% of the stock is currently 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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