Zacks Investment Research Downgrades Sanmina Corporation (SANM) to Strong Sell
Sanmina Corporation (NASDAQ:SANM) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Friday.
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 equities analysts have also issued reports on SANM. Argus lowered Sanmina Corporation from a “buy” rating to a “hold” rating in a research report on Thursday. Bank of America Corporation lowered Sanmina Corporation from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 31st. ValuEngine lowered Sanmina Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 2nd. Royal Bank Of Canada decreased their target price on 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. Finally, Needham & Company LLC restated a “buy” rating and set a $45.00 target price on shares of Sanmina Corporation in a research report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Sanmina Corporation presently has a consensus rating of “Hold” and an average price target of $43.25.
Shares of Sanmina Corporation (NASDAQ SANM) traded down $0.55 during trading hours on Friday, reaching $33.05. The company’s stock had a trading volume of 739,781 shares, compared to its average volume of 564,280. The stock has a market capitalization of $2,491.04, a P/E ratio of 12.38, a PEG ratio of 0.92 and a beta of 0.77. The company has a current ratio of 1.62, a quick ratio of 1.01 and a debt-to-equity ratio of 0.24.
Sanmina Corporation (NASDAQ:SANM) last announced its quarterly earnings data on Monday, October 30th. The electronics maker reported $0.64 earnings per share 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 the consensus estimate of $1.75 billion. Sanmina Corporation had a return on equity of 12.27% and a net margin of 2.02%. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.72 earnings per share. analysts forecast that Sanmina Corporation will post 3 earnings per share for the current fiscal year.
Sanmina Corporation declared that its Board of Directors has initiated a stock buyback plan on Monday, September 18th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the electronics maker to repurchase up to 77% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In related news, VP Robert K. Eulau sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $37.21, for a total value of $372,100.00. Following the completion of the transaction, the vice president now directly owns 180,000 shares in the company, valued at approximately $6,697,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.96% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Chicago Equity Partners LLC grew its position in shares of Sanmina Corporation by 30.1% in the 2nd quarter. Chicago Equity Partners LLC now owns 75,565 shares of the electronics maker’s stock valued at $2,879,000 after purchasing an additional 17,490 shares during the period. Martingale Asset Management L P boosted its position in Sanmina Corporation by 6.7% during the 2nd quarter. Martingale Asset Management L P now owns 203,968 shares of the electronics maker’s stock worth $7,772,000 after acquiring an additional 12,814 shares during the last quarter. Alpha Windward LLC acquired a new position in Sanmina Corporation during the 2nd quarter worth approximately $469,000. Robeco Institutional Asset Management B.V. boosted its position in Sanmina Corporation by 94.2% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 224,687 shares of the electronics maker’s stock worth $8,560,000 after acquiring an additional 108,990 shares during the last quarter. Finally, Westpac Banking Corp acquired a new position in Sanmina Corporation during the 2nd quarter worth approximately $6,046,000. Institutional investors and hedge funds own 91.51% of the company’s stock.
About Sanmina Corporation
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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