Benchmark Electronics Inc. (BHE) Updates Q3 Earnings Guidance
Benchmark Electronics Inc. (NYSE:BHE) issued an update on its third quarter earnings guidance on Friday morning. The company provided earnings per share guidance of $0.33-0.38 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.36. The company issued revenue guidance of $570-600, compared to the consensus revenue estimate of $584.72 million.
Shares of Benchmark Electronics Inc. (NYSE:BHE) opened at 24.36 on Tuesday. The stock has a market capitalization of $1.19 billion, a P/E ratio of 14.80 and a beta of 0.71. The stock has a 50 day moving average of $24.10 and a 200 day moving average of $22.12. Benchmark Electronics Inc. has a 12-month low of $18.36 and a 12-month high of $24.60.
Benchmark Electronics (NYSE:BHE) last announced its earnings results on Thursday, July 21st. The company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.32 by $0.01. Benchmark Electronics had a net margin of 3.51% and a return on equity of 5.52%. The firm earned $579 million during the quarter, compared to analyst estimates of $582.89 million. During the same period in the previous year, the firm posted $0.42 EPS. The company’s revenue for the quarter was down 12.8% compared to the same quarter last year. Equities research analysts anticipate that Benchmark Electronics Inc. will post $1.34 EPS for the current fiscal year.
Several research analysts recently weighed in on the stock. TheStreet raised shares of Benchmark Electronics from a hold rating to a buy rating in a research note on Monday, July 25th. Zacks Investment Research raised shares of Benchmark Electronics from a hold rating to a strong-buy rating and set a $27.00 target price for the company in a research note on Monday, July 25th. B. Riley reissued a neutral rating and issued a $23.00 target price on shares of Benchmark Electronics in a research note on Monday, July 25th. Finally, Needham & Company LLC boosted their target price on shares of Benchmark Electronics from $23.00 to $26.00 and gave the company a buy rating in a research note on Friday, July 22nd. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Buy and an average price target of $24.00.
In other news, CFO Donald Francis Adam sold 40,000 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $23.46, for a total transaction of $938,400.00. Following the completion of the sale, the chief financial officer now owns 126,513 shares in the company, valued at approximately $2,967,994.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jon J. King sold 12,774 shares of the business’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $23.57, for a total value of $301,083.18. Following the sale, the insider now owns 40,624 shares of the company’s stock, valued at approximately $957,507.68. The disclosure for this sale can be found here. 2.40% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. O Shaughnessy Asset Management LLC boosted its stake in shares of Benchmark Electronics by 10.6% in the second quarter. O Shaughnessy Asset Management LLC now owns 4,721 shares of the company’s stock worth $100,000 after buying an additional 451 shares during the last quarter. Pacad Investment Ltd. purchased a new stake in shares of Benchmark Electronics during the second quarter worth about $168,000. Hsbc Holdings PLC boosted its stake in shares of Benchmark Electronics by 0.8% in the second quarter. Hsbc Holdings PLC now owns 10,892 shares of the company’s stock worth $230,000 after buying an additional 91 shares during the last quarter. KCG Holdings Inc. boosted its stake in shares of Benchmark Electronics by 14.5% in the second quarter. KCG Holdings Inc. now owns 11,741 shares of the company’s stock worth $248,000 after buying an additional 1,487 shares during the last quarter. Finally, Mackenzie Financial Corp purchased a new stake in shares of Benchmark Electronics during the second quarter worth about $285,000. Institutional investors and hedge funds own 96.90% of the company’s stock.
Benchmark Electronics Company Profile
Benchmark Electronics, Inc is a provider of integrated electronic manufacturing services. The Company provides services to original equipment manufacturers of industrial control equipment, including equipment for the aerospace and defense industry; telecommunication equipment; computers and related products for business enterprises; medical devices, and testing and instrumentation products.
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