Benchmark Electronics (BHE) Trading Down 5.7% Following Analyst Downgrade

Benchmark Electronics, Inc. (NYSE:BHE) shares fell 5.7% during trading on Wednesday after Citigroup lowered their price target on the stock from $30.00 to $25.00. Citigroup currently has a neutral rating on the stock. Benchmark Electronics traded as low as $21.78 and last traded at $21.83. 1,191,881 shares were traded during mid-day trading, an increase of 193% from the average session volume of 407,201 shares. The stock had previously closed at $23.14.

Hedge funds have recently bought and sold shares of the stock. Founders Capital Management bought a new stake in shares of Benchmark Electronics in the 2nd quarter worth $117,000. Tower Research Capital LLC TRC bought a new stake in shares of Benchmark Electronics in the 2nd quarter worth $118,000. Envestnet Asset Management Inc. increased its holdings in shares of Benchmark Electronics by 255.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 4,589 shares of the technology company’s stock worth $133,000 after purchasing an additional 3,297 shares in the last quarter. Dubuque Bank & Trust Co. bought a new stake in shares of Benchmark Electronics in the 2nd quarter worth $151,000. Finally, Rehmann Capital Advisory Group bought a new stake in shares of Benchmark Electronics in the 2nd quarter worth $204,000. 94.68% of the stock is owned by institutional investors.

The firm has a market capitalization of $1.05 billion, a P/E ratio of 13.56 and a beta of 0.25. The company has a quick ratio of 2.44, a current ratio of 3.08 and a debt-to-equity ratio of 0.15.

Benchmark Electronics (NYSE:BHE) last posted its earnings results on Tuesday, October 30th. The technology company reported $0.33 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.02. The business had revenue of $641.00 million during the quarter, compared to analyst estimates of $631.50 million. Benchmark Electronics had a positive return on equity of 5.99% and a negative net margin of 2.80%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 EPS.

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 11th. Shareholders of record on Friday, September 28th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend was Thursday, September 27th. Benchmark Electronics’s payout ratio is 37.27%.

Benchmark Electronics announced that its board has approved a share buyback program on Tuesday, October 30th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the technology company to buy up to 9.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Benchmark Electronics Company Profile (NYSE:BHE)

Benchmark Electronics, Inc, together with its subsidiaries, provides engineering services, integrated technology solutions, and manufacturing services in the Americas, Asia, and Europe. The company offers engineering services and technology solutions, including new product design, prototype, testing, and related engineering services; and custom testing, and automation equipment design and build services.

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