Benchmark Electronics (NYSE:BHE) Shares Down 14% Following Analyst Downgrade

Benchmark Electronics, Inc. (NYSE:BHE)’s stock price traded down 14% during trading on Wednesday after Lake Street Capital lowered their price target on the stock from $52.00 to $46.00. Lake Street Capital currently has a buy rating on the stock. Benchmark Electronics traded as low as $33.34 and last traded at $32.92. Approximately 29,624 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 373,553 shares. The stock had previously closed at $38.27.

Several other research analysts also recently weighed in on the company. StockNews.com upgraded Benchmark Electronics from a “hold” rating to a “buy” rating in a research note on Tuesday, January 7th. Needham & Company LLC dropped their price target on Benchmark Electronics from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday.

Insider Transactions at Benchmark Electronics

In other news, CEO Jeff Benck sold 6,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $38.82, for a total transaction of $232,920.00. Following the sale, the chief executive officer now owns 448,180 shares in the company, valued at approximately $17,398,347.60. The trade was a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Benchmark Electronics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Franklin Resources Inc. lifted its holdings in shares of Benchmark Electronics by 0.7% during the fourth quarter. Franklin Resources Inc. now owns 1,909,918 shares of the technology company’s stock worth $86,710,000 after purchasing an additional 12,350 shares during the period. American Century Companies Inc. lifted its holdings in shares of Benchmark Electronics by 16.9% during the fourth quarter. American Century Companies Inc. now owns 1,153,257 shares of the technology company’s stock worth $52,358,000 after purchasing an additional 166,967 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Benchmark Electronics by 45.2% during the fourth quarter. JPMorgan Chase & Co. now owns 815,499 shares of the technology company’s stock worth $37,024,000 after purchasing an additional 253,730 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Benchmark Electronics by 1.9% during the fourth quarter. Wellington Management Group LLP now owns 436,181 shares of the technology company’s stock worth $19,803,000 after purchasing an additional 8,000 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Benchmark Electronics by 8.0% during the fourth quarter. Northern Trust Corp now owns 418,234 shares of the technology company’s stock worth $18,988,000 after purchasing an additional 31,071 shares during the period. Institutional investors and hedge funds own 92.29% of the company’s stock.

Benchmark Electronics Price Performance

The company has a debt-to-equity ratio of 0.24, a current ratio of 2.32 and a quick ratio of 1.46. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 18.87 and a beta of 0.83. The stock has a fifty day moving average of $37.64 and a 200 day moving average of $43.06.

Benchmark Electronics (NYSE:BHE) last released its earnings results on Tuesday, April 29th. The technology company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. Benchmark Electronics had a return on equity of 6.68% and a net margin of 2.38%. The firm had revenue of $631.76 million during the quarter, compared to the consensus estimate of $640.00 million. During the same quarter in the previous year, the company posted $0.55 earnings per share. The company’s revenue was down 6.5% compared to the same quarter last year.

Benchmark Electronics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Monday, March 31st were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date was Monday, March 31st. Benchmark Electronics’s payout ratio is presently 46.90%.

About Benchmark Electronics

Benchmark Electronics, Inc, together with its subsidiaries, offers product design, engineering services, technology solutions, and manufacturing services in the Americas, Asia, and Europe. The company provides engineering services and technology solutions, including new product design, prototype, testing, and related engineering services; and custom testing and technology solutions, as well as automation equipment design and build services.