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

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

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

Sanmina Stock Performance

Sanmina stock traded up $1.81 on Wednesday, hitting $82.83. The company’s stock had a trading volume of 667,983 shares, compared to its average volume of 381,182. The company has a fifty day moving average price of $79.19 and a 200-day moving average price of $73.34. The firm has a market cap of $4.47 billion, a P/E ratio of 21.18, a price-to-earnings-growth ratio of 1.41 and a beta of 0.91. Sanmina has a one year low of $57.28 and a one year high of $86.05. The company has a quick ratio of 1.25, a current ratio of 1.99 and a debt-to-equity ratio of 0.13.

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

Sanmina declared that its board has authorized a stock buyback program on Monday, January 27th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the electronics maker to reacquire up to 7.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Sanmina

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB acquired a new position in Sanmina during the third quarter worth $32,000. R Squared Ltd acquired a new position in Sanmina during the fourth quarter worth approximately $58,000. Northwestern Mutual Wealth Management Co. raised its stake in Sanmina by 24.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 845 shares of the electronics maker’s stock valued at $56,000 after buying an additional 164 shares during the period. GAMMA Investing LLC lifted its position in shares of Sanmina by 88.5% in the third quarter. GAMMA Investing LLC now owns 931 shares of the electronics maker’s stock valued at $64,000 after buying an additional 437 shares during the last quarter. Finally, CWM LLC boosted its stake in shares of Sanmina by 40.5% during the 3rd quarter. CWM LLC now owns 1,781 shares of the electronics maker’s stock worth $122,000 after acquiring an additional 513 shares during the period. Institutional investors own 92.71% of the company’s stock.

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.