Bank of America Corporation Downgrades Sanmina Corporation (SANM) to Neutral
Sanmina Corporation (NASDAQ:SANM) was downgraded by stock analysts at Bank of America Corporation from a “buy” rating to a “neutral” rating in a report released on Tuesday, The Fly reports.
Several other equities research analysts have also recently issued reports on SANM. Royal Bank Of Canada decreased their price objective on shares of Sanmina Corporation from $42.00 to $40.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $45.00 price objective on shares of Sanmina Corporation in a research report on Tuesday, July 25th. ValuEngine raised shares of Sanmina Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. Finally, Zacks Investment Research cut shares of Sanmina Corporation from a “hold” rating to a “strong sell” rating in a research report on Friday, July 28th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $43.25.
Shares of Sanmina Corporation (NASDAQ SANM) traded down 15.657% during trading on Tuesday, reaching $32.725. 2,412,740 shares of the company were exchanged. Sanmina Corporation has a 1-year low of $26.95 and a 1-year high of $42.95. The stock has a market capitalization of $2.47 billion, a P/E ratio of 11.952 and a beta of 0.79. The firm has a 50-day moving average price of $38.00 and a 200-day moving average price of $37.69.
Sanmina Corporation (NASDAQ:SANM) last released its quarterly earnings data on Monday, October 30th. The electronics maker reported $0.64 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 Corporation had a return on equity of 12.35% and a net margin of 3.15%. Sanmina Corporation’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the firm posted $0.72 earnings per share. Equities research analysts predict that Sanmina Corporation will post $3.15 earnings per share for the current fiscal year.
Sanmina Corporation announced that its board has initiated a stock buyback program on Monday, September 18th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the electronics maker to repurchase up to 77% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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In related news, VP Robert K. Eulau sold 10,000 shares of Sanmina Corporation stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $37.21, for a total transaction of $372,100.00. Following the sale, the vice president now directly owns 180,000 shares in the company, valued at approximately $6,697,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.96% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Sanmina Corporation by 8.2% during the 1st quarter. Vanguard Group Inc. now owns 7,218,202 shares of the electronics maker’s stock worth $293,059,000 after acquiring an additional 548,729 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Sanmina Corporation by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,347,050 shares of the electronics maker’s stock worth $241,823,000 after acquiring an additional 65,223 shares in the last quarter. LSV Asset Management raised its stake in Sanmina Corporation by 2.5% during the 2nd quarter. LSV Asset Management now owns 3,731,489 shares of the electronics maker’s stock worth $142,169,000 after acquiring an additional 91,300 shares in the last quarter. State Street Corp raised its stake in Sanmina Corporation by 3.6% during the 2nd quarter. State Street Corp now owns 1,941,595 shares of the electronics maker’s stock worth $73,977,000 after acquiring an additional 67,853 shares in the last quarter. Finally, Earnest Partners LLC raised its stake in Sanmina Corporation by 1.6% during the 2nd quarter. Earnest Partners LLC now owns 1,735,490 shares of the electronics maker’s stock worth $66,122,000 after acquiring an additional 26,667 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.
Sanmina Corporation Company Profile
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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