Sanmina Corporation (SANM) Given Buy Rating at Needham & Company LLC
Needham & Company LLC restated their buy rating on shares of Sanmina Corporation (NASDAQ:SANM) in a research report released on Wednesday morning. The brokerage currently has a $45.00 target price on the electronics maker’s stock.
Several other research analysts have also weighed in on the company. ValuEngine lowered Sanmina Corporation from a strong-buy rating to a buy rating in a report on Monday. Zacks Investment Research upgraded Sanmina Corporation from a sell rating to a hold rating in a report on Tuesday, September 26th. Royal Bank Of Canada reiterated a hold rating and set a $40.00 target price on shares of Sanmina Corporation in a report on Friday, September 1st. Finally, Bank of America Corporation reiterated a buy rating and set a $48.00 target price on shares of Sanmina Corporation in a report on Thursday, June 15th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Sanmina Corporation presently has an average rating of Buy and an average target price of $43.25.
Shares of Sanmina Corporation (NASDAQ SANM) traded down 0.51% during midday trading on Wednesday, reaching $38.75. The company had a trading volume of 291,610 shares. Sanmina Corporation has a 52-week low of $26.70 and a 52-week high of $42.95. The company’s 50-day moving average is $36.84 and its 200-day moving average is $37.85. The firm has a market cap of $2.92 billion, a P/E ratio of 14.15 and a beta of 0.79.
Sanmina Corporation (NASDAQ:SANM) last posted its earnings results on Monday, July 24th. The electronics maker reported $0.74 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.01). The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.74 billion. Sanmina Corporation had a return on equity of 12.35% and a net margin of 3.15%. The business’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.63 earnings per share. Equities research analysts expect that Sanmina Corporation will post $3.01 EPS for the current fiscal year.
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Sanmina Corporation announced that its Board of Directors has approved a share repurchase plan on Monday, September 18th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the electronics maker to repurchase up to 77% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, VP Robert K. Eulau sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $37.21, for a total value of $372,100.00. Following the sale, the vice president now directly owns 180,000 shares in the company, valued at $6,697,800. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 4.96% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Advisory Services Network LLC bought a new stake in shares of Sanmina Corporation in the second quarter valued at about $212,000. Piedmont Investment Advisors LLC bought a new stake in shares of Sanmina Corporation in the second quarter valued at about $625,000. Sterling Capital Management LLC lifted its holdings in shares of Sanmina Corporation by 11.6% in the second quarter. Sterling Capital Management LLC now owns 47,402 shares of the electronics maker’s stock valued at $1,806,000 after purchasing an additional 4,922 shares in the last quarter. Delphi Management Inc. MA lifted its holdings in shares of Sanmina Corporation by 5.9% in the second quarter. Delphi Management Inc. MA now owns 66,377 shares of the electronics maker’s stock valued at $2,529,000 after purchasing an additional 3,677 shares in the last quarter. Finally, ZPR Investment Management lifted its holdings in shares of Sanmina Corporation by 91.7% in the second quarter. ZPR Investment Management now owns 32,795 shares of the electronics maker’s stock valued at $1,249,000 after purchasing an additional 15,690 shares in the last quarter. Institutional investors own 92.76% of the company’s stock.
Sanmina Corporation Company Profile
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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