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

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

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

Sanmina Stock Up 1.7 %

Sanmina stock opened at $84.21 on Wednesday. The company has a current ratio of 1.99, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. Sanmina has a 1-year low of $57.28 and a 1-year high of $86.05. The firm’s fifty day simple moving average is $79.29 and its 200-day simple moving average is $73.41. The company has a market capitalization of $4.54 billion, a P/E ratio of 21.54, a P/E/G ratio of 1.41 and a beta of 0.91.

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

Sanmina announced that its Board of Directors has authorized a stock repurchase plan on Monday, January 27th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the electronics maker to reacquire up to 7.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Sanmina

Several hedge funds and other institutional investors have recently bought and sold shares of SANM. Citigroup Inc. raised its holdings in Sanmina by 64.6% in the 3rd quarter. Citigroup Inc. now owns 73,938 shares of the electronics maker’s stock valued at $5,061,000 after acquiring an additional 29,028 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Sanmina by 2.4% during the third quarter. Geode Capital Management LLC now owns 1,515,128 shares of the electronics maker’s stock valued at $103,727,000 after purchasing an additional 35,622 shares during the period. Barclays PLC raised its stake in shares of Sanmina by 296.3% in the third quarter. Barclays PLC now owns 92,863 shares of the electronics maker’s stock valued at $6,358,000 after purchasing an additional 69,431 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Sanmina in the third quarter worth $2,224,000. Finally, JPMorgan Chase & Co. boosted its stake in Sanmina by 255.9% during the third quarter. JPMorgan Chase & Co. now owns 509,906 shares of the electronics maker’s stock worth $34,903,000 after buying an additional 366,653 shares in the last quarter. 92.71% of the stock is currently owned by institutional investors and hedge funds.

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.