Sanmina Corp. (SANM) Rating Increased to Hold at Zacks Investment Research
Sanmina Corp. (NASDAQ:SANM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released 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 research firms have also recently issued reports on SANM. B. Riley reaffirmed a “buy” rating and set a $31.00 price target on shares of Sanmina Corp. in a research note on Saturday, November 5th. Cross Research lowered shares of Sanmina Corp. from a “buy” rating to a “hold” rating in a report on Monday, October 31st. Needham & Company LLC reiterated a “buy” rating and set a $32.00 price objective on shares of Sanmina Corp. in a report on Thursday, July 28th. RBC Capital Markets reiterated an “in-line” rating and set a $29.00 price objective on shares of Sanmina Corp. in a report on Tuesday, July 26th. Finally, Argus reiterated a “buy” rating and set a $33.00 price objective on shares of Sanmina Corp. in a report on Thursday, July 28th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $29.38.
Sanmina Corp. (NASDAQ:SANM) opened at 30.50 on Thursday. The firm has a market cap of $2.24 billion, a PE ratio of 12.82 and a beta of 1.18. Sanmina Corp. has a one year low of $16.31 and a one year high of $30.80. The company has a 50 day moving average of $28.51 and a 200-day moving average of $27.05.
Sanmina Corp. (NASDAQ:SANM) last released its quarterly earnings results on Tuesday, November 1st. The company reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.05. Sanmina Corp. had a net margin of 2.90% and a return on equity of 11.73%. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period last year, the company earned $0.57 EPS. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, equities research analysts predict that Sanmina Corp. will post $2.74 earnings per share for the current year.
In other news, Director Neil R. Bonke sold 23,933 shares of Sanmina Corp. stock in a transaction that occurred on Tuesday, November 8th. The shares were sold at an average price of $28.70, for a total transaction of $686,877.10. Following the sale, the director now owns 24,982 shares in the company, valued at $716,983.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alan Mcwilliams Reid sold 10,000 shares of Sanmina Corp. stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $26.45, for a total transaction of $264,500.00. Following the sale, the executive vice president now owns 10,184 shares in the company, valued at approximately $269,366.80. The disclosure for this sale can be found here. 4.59% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of SANM. BlackRock Japan Co. Ltd raised its stake in Sanmina Corp. by 6.3% in the third quarter. BlackRock Japan Co. Ltd now owns 3,783 shares of the company’s stock worth $108,000 after buying an additional 224 shares in the last quarter. Invictus RG raised its stake in Sanmina Corp. by 3,198.6% in the second quarter. Invictus RG now owns 4,651 shares of the company’s stock worth $125,000 after buying an additional 4,510 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Sanmina Corp. by 454.5% in the third quarter. Nisa Investment Advisors LLC now owns 6,100 shares of the company’s stock worth $174,000 after buying an additional 5,000 shares in the last quarter. BlackRock Inc. raised its stake in Sanmina Corp. by 42.0% in the first quarter. BlackRock Inc. now owns 8,223 shares of the company’s stock worth $193,000 after buying an additional 2,432 shares in the last quarter. Finally, Amalgamated Bank purchased a new stake in Sanmina Corp. during the second quarter worth about $230,000. Institutional investors own 94.01% of the company’s stock.
Sanmina Corp. Company Profile
Sanmina Corporation is a provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides these offerings primarily to original equipment manufacturers (OEMs), in the communications networks, computing and storage, multimedia, industrial and semiconductor capital equipment, defense and aerospace, medical, clean technology (CleanTech) and automotive industries.
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