Sanmina (NASDAQ:SANM) Rating Increased to Strong-Buy at StockNews.com

Sanmina (NASDAQ:SANM) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Wednesday.

Several other research analysts also recently weighed in on SANM. Bank of America upgraded Sanmina from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $58.00 to $92.00 in a research note on Wednesday. Craig Hallum raised their target price on shares of Sanmina from $62.00 to $69.00 and gave the company a “hold” rating in a report on Tuesday, November 5th.

Sanmina Stock Up 2.2 %

Sanmina stock traded up $1.81 during midday trading on Wednesday, reaching $82.83. The company’s stock had a trading volume of 667,983 shares, compared to its average volume of 381,182. The company has a market cap of $4.47 billion, a P/E ratio of 21.18, a P/E/G ratio of 1.41 and a beta of 0.91. The company has a quick ratio of 1.25, a current ratio of 1.99 and a debt-to-equity ratio of 0.13. The business has a 50-day simple moving average of $79.19 and a 200-day simple moving average of $73.34. Sanmina has a fifty-two week low of $57.28 and a fifty-two week high of $86.05.

Sanmina (NASDAQ:SANM) last announced its quarterly earnings results on Monday, November 4th. The electronics maker reported $1.43 EPS for the quarter, topping the consensus estimate of $1.36 by $0.07. Sanmina had a net margin of 2.94% and a return on equity of 10.47%. The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.96 billion. During the same period last year, the business earned $1.20 EPS. Sanmina’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, research analysts expect that Sanmina will post 4.84 earnings per share for the current fiscal year.

Sanmina announced that its board has initiated a stock repurchase program on Monday, January 27th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the electronics maker to repurchase up to 7.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Sanmina

Several large investors have recently modified their holdings of SANM. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Sanmina during the fourth quarter worth about $820,000. Allspring Global Investments Holdings LLC grew its position in Sanmina by 9.2% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 106,247 shares of the electronics maker’s stock worth $8,018,000 after purchasing an additional 8,962 shares during the last quarter. TFG Advisers LLC increased its stake in shares of Sanmina by 4.8% in the fourth quarter. TFG Advisers LLC now owns 4,381 shares of the electronics maker’s stock valued at $332,000 after purchasing an additional 202 shares during the period. Hantz Financial Services Inc. boosted its position in shares of Sanmina by 23.3% during the fourth quarter. Hantz Financial Services Inc. now owns 30,437 shares of the electronics maker’s stock worth $2,303,000 after buying an additional 5,751 shares during the period. Finally, R Squared Ltd bought a new position in Sanmina in the 4th quarter worth approximately $58,000. Institutional investors own 92.71% of the company’s stock.

Sanmina Company Profile

Sanmina Corporation provides integrated manufacturing solutions, components, products and repair, logistics, and after-market services worldwide. It operates in two businesses, Integrated Manufacturing Solutions; and Components, Products and Services. The company offers product design and engineering, including concept development, detailed design, prototyping, validation, preproduction, manufacturing design release, and product industrialization; assembly and test services; direct order fulfillment and logistics services; after-market product service and support; and supply chain management services, as well as engages in the manufacturing of components, subassemblies, and complete systems.