Benchmark Electronics, Inc. (BHE) Downgraded to “Hold” at Needham & Company LLC
Benchmark Electronics, Inc. (NYSE:BHE) was downgraded by research analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a research note issued on Thursday.
BHE has been the subject of several other reports. BidaskClub cut shares of Benchmark Electronics from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. Royal Bank Of Canada raised their target price on shares of Benchmark Electronics from $33.00 to $37.00 and gave the company a “sector perform” rating in a research note on Thursday, July 20th. Finally, Citigroup Inc. reaffirmed a “neutral” rating and set a $36.00 target price (up from $32.00) on shares of Benchmark Electronics in a research note on Friday, July 21st. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Benchmark Electronics presently has a consensus rating of “Hold” and an average target price of $33.25.
Shares of Benchmark Electronics (BHE) opened at 35.60 on Thursday. The company has a market capitalization of $1.78 billion, a P/E ratio of 26.18 and a beta of 0.55. The stock’s 50 day moving average is $33.88 and its 200-day moving average is $32.79. Benchmark Electronics has a 12-month low of $24.25 and a 12-month high of $35.75.
Benchmark Electronics (NYSE:BHE) last posted its earnings results on Wednesday, October 18th. The technology company reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.05. The company had revenue of $604.00 million during the quarter, compared to analysts’ expectations of $584.50 million. Benchmark Electronics had a net margin of 2.84% and a return on equity of 5.59%. Benchmark Electronics’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the company posted $0.36 earnings per share. Analysts anticipate that Benchmark Electronics will post $1.49 earnings per share for the current year.
In other Benchmark Electronics news, Director Douglas G. Duncan sold 5,922 shares of the stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $31.91, for a total transaction of $188,971.02. Following the completion of the transaction, the director now owns 30,524 shares in the company, valued at $974,020.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Scott R. Peterson sold 1,000 shares of the stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $32.06, for a total transaction of $32,060.00. Following the transaction, the vice president now owns 18,893 shares of the company’s stock, valued at approximately $605,709.58. The disclosure for this sale can be found here. Insiders have sold 68,494 shares of company stock valued at $2,289,850 in the last quarter. 0.90% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. lifted its position in Benchmark Electronics by 36.1% during the first quarter. Envestnet Asset Management Inc. now owns 3,388 shares of the technology company’s stock valued at $108,000 after purchasing an additional 898 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in Benchmark Electronics during the first quarter valued at $129,000. Riverhead Capital Management LLC lifted its position in Benchmark Electronics by 71.6% during the second quarter. Riverhead Capital Management LLC now owns 5,663 shares of the technology company’s stock valued at $183,000 after purchasing an additional 2,363 shares during the last quarter. Flinton Capital Management LLC lifted its position in Benchmark Electronics by 70.7% during the second quarter. Flinton Capital Management LLC now owns 5,746 shares of the technology company’s stock valued at $186,000 after purchasing an additional 2,380 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new position in Benchmark Electronics during the second quarter valued at $203,000. Institutional investors and hedge funds own 94.98% of the company’s stock.
Benchmark Electronics Company Profile
Benchmark Electronics, Inc is a provider of electronic manufacturing services. The Company operates through three segments: the Americas, Asia and Europe. It 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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