Zacks Investment Research Downgrades Sanmina Corporation (NASDAQ:SANM) to Strong Sell
Zacks Investment Research cut shares of Sanmina Corporation (NASDAQ:SANM) from a hold rating to a strong sell rating in a report published on Friday morning.
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. “
SANM has been the topic of a number of other reports. Needham & Company LLC reaffirmed a buy rating and set a $45.00 price objective on shares of Sanmina Corporation in a report on Tuesday, April 25th. Royal Bank Of Canada reaffirmed a sector perform rating and set a $42.00 price objective (up from $39.00) on shares of Sanmina Corporation in a report on Tuesday, April 25th. ValuEngine raised shares of Sanmina Corporation from a hold rating to a buy rating in a report on Thursday, July 27th. Finally, Bank of America Corp reaffirmed a buy rating and set a $48.00 price objective on shares of Sanmina Corporation in a report on Thursday, June 15th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $42.80.
Sanmina Corporation (SANM) opened at 35.85 on Friday. Sanmina Corporation has a 12 month low of $24.99 and a 12 month high of $42.95. The stock has a 50 day moving average of $38.71 and a 200 day moving average of $38.59. The company has a market capitalization of $2.70 billion, a price-to-earnings ratio of 13.09 and a beta of 0.79.
Sanmina Corporation (NASDAQ:SANM) last posted its quarterly earnings data on Monday, July 24th. The electronics maker reported $0.74 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.75 by $0.01. The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.74 billion. Sanmina Corporation had a return on equity of 12.35% and a net margin of 3.15%. Sanmina Corporation’s revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.63 earnings per share. Equities analysts anticipate that Sanmina Corporation will post $3.01 EPS for the current fiscal year.
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In related news, VP Robert K. Eulau sold 10,000 shares of the business’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $37.97, for a total value of $379,700.00. Following the transaction, the vice president now directly owns 210,000 shares of the company’s stock, valued at approximately $7,973,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.96% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the company. Affinity Investment Advisors LLC increased its position in shares of Sanmina Corporation by 0.5% in the second quarter. Affinity Investment Advisors LLC now owns 6,196 shares of the electronics maker’s stock worth $236,000 after buying an additional 31 shares during the period. LS Investment Advisors LLC increased its position in shares of Sanmina Corporation by 4.1% in the second quarter. LS Investment Advisors LLC now owns 3,498 shares of the electronics maker’s stock worth $133,000 after buying an additional 138 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Sanmina Corporation by 3.8% in the second quarter. Nisa Investment Advisors LLC now owns 5,440 shares of the electronics maker’s stock worth $207,000 after buying an additional 200 shares during the period. Aperio Group LLC increased its position in shares of Sanmina Corporation by 0.7% in the second quarter. Aperio Group LLC now owns 32,423 shares of the electronics maker’s stock worth $1,235,000 after buying an additional 213 shares during the period. Finally, Texas Permanent School Fund increased its position in shares of Sanmina Corporation by 0.4% in the first quarter. Texas Permanent School Fund now owns 53,789 shares of the electronics maker’s stock worth $2,184,000 after buying an additional 239 shares during the period. 94.14% of the stock is currently owned by institutional investors.
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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