Sanmina (NASDAQ:SANM) to Repurchase $300.00 million in Outstanding Stock

Sanmina (NASDAQ:SANM) announced that its board has approved a stock buyback plan on Monday, January 27th, RTT News reports. The company plans to buyback $300.00 million in outstanding shares. This buyback authorization permits the electronics maker to reacquire up to 7.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

SANM has been the subject of several recent analyst reports. StockNews.com raised Sanmina from a “hold” rating to a “buy” rating in a research note on Thursday, November 21st. Craig Hallum raised their price objective on Sanmina from $62.00 to $69.00 and gave the stock a “hold” rating in a research report on Tuesday, November 5th.

Sanmina Stock Performance

Shares of Sanmina stock opened at $81.02 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.99 and a quick ratio of 1.25. The stock has a market capitalization of $4.37 billion, a price-to-earnings ratio of 20.72, a price-to-earnings-growth ratio of 1.41 and a beta of 0.91. The business has a 50-day moving average of $79.11 and a 200 day moving average of $73.27. Sanmina has a 12 month low of $49.57 and a 12 month high of $86.05.

Sanmina (NASDAQ:SANM) last announced its quarterly earnings data on Monday, November 4th. The electronics maker reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.96 billion. During the same quarter in the previous year, the business posted $1.20 earnings per share. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Sanmina will post 4.84 earnings per share for the current year.

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.