Sanmina Corporation (SANM) Stock Rating Reaffirmed by Needham & Company LLC
Sanmina Corporation (NASDAQ:SANM)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a note issued to investors on Wednesday. They currently have a $45.00 price objective on the electronics maker’s stock. Needham & Company LLC’s target price would indicate a potential upside of 16.13% from the stock’s previous close.
Several other analysts have also recently commented on SANM. ValuEngine cut shares of Sanmina Corporation from a “strong-buy” rating to a “buy” rating in a research note on Monday. Zacks Investment Research raised shares of Sanmina Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Royal Bank Of Canada decreased their price target on shares of Sanmina Corporation from $42.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 25th. Finally, Bank of America Corporation reissued a “buy” rating and set a $48.00 price target on shares of Sanmina Corporation in a research note on Thursday, June 15th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $43.25.
Shares of Sanmina Corporation (NASDAQ SANM) traded down 0.77% during midday trading on Wednesday, reaching $38.45. The company had a trading volume of 211,191 shares. Sanmina Corporation has a 12 month low of $26.70 and a 12 month high of $42.95. The company has a market capitalization of $2.90 billion, a P/E ratio of 14.04 and a beta of 0.79. The firm’s 50 day moving average price is $36.89 and its 200-day moving average price is $37.85.
Sanmina Corporation (NASDAQ:SANM) last released its quarterly earnings results on Monday, July 24th. The electronics maker reported $0.74 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.01). Sanmina Corporation had a net margin of 3.15% and a return on equity of 12.35%. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.74 billion. During the same period last year, the company earned $0.63 earnings per share. Sanmina Corporation’s revenue for the quarter was up 2.5% compared to the same quarter last year. Analysts anticipate that Sanmina Corporation will post $3.01 earnings per share for the current fiscal year.
Sanmina Corporation declared that its Board of Directors has authorized a stock 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 purchase up to 77% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
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In related news, VP Robert K. Eulau sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $37.21, for a total value of $372,100.00. Following the transaction, the vice president now directly owns 180,000 shares in the company, valued at $6,697,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.96% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in SANM. Karp Capital Management Corp acquired a new position in Sanmina Corporation in the first quarter valued at approximately $1,308,000. Mason Street Advisors LLC lifted its holdings in Sanmina Corporation by 8.3% in the first quarter. Mason Street Advisors LLC now owns 17,372 shares of the electronics maker’s stock valued at $705,000 after buying an additional 1,328 shares during the period. Los Angeles Capital Management & Equity Research Inc. lifted its holdings in Sanmina Corporation by 442.3% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 33,425 shares of the electronics maker’s stock valued at $1,357,000 after buying an additional 27,262 shares during the period. Stifel Financial Corp lifted its holdings in Sanmina Corporation by 26.9% in the first quarter. Stifel Financial Corp now owns 7,412 shares of the electronics maker’s stock valued at $301,000 after buying an additional 1,571 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in Sanmina Corporation by 3,066.6% in the first quarter. Victory Capital Management Inc. now owns 99,939 shares of the electronics maker’s stock valued at $4,058,000 after buying an additional 96,783 shares during the period. Institutional investors and hedge funds own 92.76% 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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