Sanmina (NASDAQ:SANM) Stock Rating Lowered by StockNews.com

Sanmina (NASDAQ:SANM) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Thursday.

A number of other research analysts have also commented on SANM. Bank of America upgraded Sanmina from an “underperform” rating to a “neutral” rating and upped their target price for the company from $58.00 to $92.00 in a research note on Wednesday, January 29th. Craig Hallum raised their price objective on shares of Sanmina from $62.00 to $69.00 and gave the stock a “hold” rating in a report on Tuesday, November 5th.

Sanmina Stock Down 1.7 %

Shares of SANM opened at $86.33 on Thursday. Sanmina has a 52 week low of $57.28 and a 52 week high of $90.78. The firm has a market capitalization of $4.69 billion, a P/E ratio of 21.11, a P/E/G ratio of 1.22 and a beta of 0.92. The company has a 50-day simple moving average of $80.08 and a 200-day simple moving average of $73.96. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.30 and a current ratio of 2.06.

Sanmina announced that its Board of Directors has authorized a share repurchase plan on Monday, January 27th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the electronics maker to repurchase up to 7.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Eugene A. Delaney sold 11,712 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $84.02, for a total value of $984,042.24. Following the sale, the director now owns 65,408 shares of the company’s stock, valued at approximately $5,495,580.16. This represents a 15.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.22% of the company’s stock.

Hedge Funds Weigh In On Sanmina

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new position in shares of Sanmina in the third quarter valued at approximately $32,000. R Squared Ltd bought a new position in Sanmina in the fourth quarter valued at about $58,000. Northwestern Mutual Wealth Management Co. raised its holdings in Sanmina by 24.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 845 shares of the electronics maker’s stock worth $56,000 after purchasing an additional 164 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Sanmina by 88.5% during the third quarter. GAMMA Investing LLC now owns 931 shares of the electronics maker’s stock worth $64,000 after buying an additional 437 shares during the last quarter. Finally, Principal Securities Inc. lifted its holdings in Sanmina by 13.6% in the fourth quarter. Principal Securities Inc. now owns 1,388 shares of the electronics maker’s stock valued at $105,000 after buying an additional 166 shares during the period. 92.71% of the stock is currently owned by institutional investors and hedge funds.

About Sanmina

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.