Sanmina (SANM) Lifted to “Hold” at Zacks Investment Research

Sanmina (NASDAQ:SANM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.

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 brokerages have also recently issued reports on SANM. Bank of America cut Sanmina from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Sanmina in a report on Wednesday, October 4th. ValuEngine lowered Sanmina from a “strong-buy” rating to a “buy” rating in a report on Monday, October 2nd. BidaskClub lowered Sanmina from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd. Finally, Argus lowered Sanmina from a “buy” rating to a “hold” rating in a report on Thursday, November 2nd. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Sanmina presently has a consensus rating of “Hold” and a consensus price target of $44.33.

Shares of Sanmina (SANM) traded up $0.05 during mid-day trading on Thursday, reaching $33.35. The company had a trading volume of 265,100 shares, compared to its average volume of 581,950. The firm has a market cap of $2,430.00, a PE ratio of 18.74, a PEG ratio of 0.93 and a beta of 0.79. Sanmina has a 1 year low of $29.95 and a 1 year high of $42.95. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.62 and a quick ratio of 0.97.

Sanmina (NASDAQ:SANM) last issued its quarterly earnings results 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 company had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.75 billion. Sanmina had a net margin of 2.02% and a return on equity of 12.27%. The business’s revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.72 EPS. equities research analysts predict that Sanmina will post 3 earnings per share for the current year.

Sanmina announced that its Board of Directors has authorized a share buyback plan on Monday, September 18th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the electronics maker to reacquire up to 77% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

A number of institutional investors and hedge funds have recently made changes to their positions in SANM. Riverhead Capital Management LLC boosted its stake in shares of Sanmina by 70.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,927 shares of the electronics maker’s stock worth $150,000 after acquiring an additional 1,627 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of Sanmina during the 2nd quarter worth approximately $212,000. ETRADE Capital Management LLC purchased a new stake in shares of Sanmina during the 3rd quarter worth approximately $228,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Sanmina during the 2nd quarter worth approximately $229,000. Finally, Catalyst Capital Advisors LLC purchased a new stake in shares of Sanmina during the 3rd quarter worth approximately $267,000. 92.53% of the stock is currently owned by institutional investors.

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Sanmina 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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