Sanmina (SANM) Stock Price Up 7%

Sanmina Corp (NASDAQ:SANM)’s share price rose 7% on Monday . The stock traded as high as $33.95 and last traded at $32.70. Approximately 1,755,256 shares were traded during trading, an increase of 205% from the average daily volume of 575,839 shares. The stock had previously closed at $30.55.

SANM has been the subject of several analyst reports. Zacks Investment Research upgraded Sanmina from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. ValuEngine upgraded Sanmina from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Royal Bank of Canada reiterated a “hold” rating and issued a $40.00 price objective on shares of Sanmina in a report on Friday, September 1st. Needham & Company LLC reiterated a “buy” rating and issued a $45.00 price objective on shares of Sanmina in a report on Wednesday, October 4th. Finally, Bank of America downgraded Sanmina from a “buy” rating to a “neutral” rating in a report on Tuesday, October 31st. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. Sanmina currently has a consensus rating of “Hold” and a consensus target price of $44.33.

The firm has a market cap of $2,355.08, a price-to-earnings ratio of 12.25, a P/E/G ratio of 0.91 and a beta of 0.78. The company has a quick ratio of 0.97, a current ratio of 1.62 and a debt-to-equity ratio of 0.24.

Sanmina (NASDAQ:SANM) last released its quarterly earnings data on Monday, October 30th. The electronics maker reported $0.64 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.12). Sanmina had a return on equity of 12.27% and a net margin of 2.02%. The business had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.75 billion. During the same quarter in the previous year, the business posted $0.72 earnings per share. Sanmina’s quarterly revenue was up 5.4% compared to the same quarter last year. research analysts predict that Sanmina Corp will post 3 earnings per share for the current fiscal year.

Sanmina announced that its board has approved a stock repurchase program on Monday, September 18th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the electronics maker to purchase up to 77% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

A number of large investors have recently made changes to their positions in SANM. Victory Capital Management Inc. boosted its position in Sanmina by 281.3% in the second quarter. Victory Capital Management Inc. now owns 381,105 shares of the electronics maker’s stock worth $14,520,000 after purchasing an additional 281,166 shares during the last quarter. Royce & Associates LP boosted its position in Sanmina by 55.5% in the third quarter. Royce & Associates LP now owns 781,567 shares of the electronics maker’s stock worth $29,035,000 after purchasing an additional 278,944 shares during the last quarter. Westpac Banking Corp purchased a new position in Sanmina in the second quarter worth about $6,046,000. WINTON GROUP Ltd purchased a new position in Sanmina in the third quarter worth about $4,928,000. Finally, Robeco Institutional Asset Management B.V. boosted its position in Sanmina by 94.2% in the second quarter. Robeco Institutional Asset Management B.V. now owns 224,687 shares of the electronics maker’s stock worth $8,560,000 after purchasing an additional 108,990 shares during the last quarter. 92.53% of the stock is currently owned by institutional investors and hedge funds.

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About Sanmina

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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