Sanmina (SANM) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Sanmina (NASDAQ:SANM) from a sell rating to a hold rating in a research note published on Thursday.

According to Zacks, “Sanmina Corporation is engaged in providing electronics contract manufacturing services. It focuses on engineering and fabricating complex components and also on providing complete end-to-end supply chain solutions to Original Equipment Manufacturers. The Company’s services include product design and engineering, including initial development, detailed design, prototyping, validation, preproduction services and manufacturing design release; manufacturing of components, subassemblies and complete systems; final system assembly and test; direct order fulfillment and logistics services, and after-market product service and support. Sanmina Corporation, formerly known as Sanmina-SCI Corp., is based in San Jose, California. “

SANM has been the subject of several other reports. BidaskClub cut shares of Sanmina from a buy rating to a hold rating in a report on Tuesday, December 12th. Needham & Company LLC reaffirmed a buy rating and issued a $45.00 target price on shares of Sanmina in a report on Wednesday, October 4th. Argus cut shares of Sanmina from a buy rating to a hold rating in a report on Thursday, November 2nd. Bank of America cut shares of Sanmina from a buy rating to a neutral rating in a report on Tuesday, October 31st. Finally, ValuEngine cut shares of Sanmina from a strong-buy rating to a buy rating in a report on Monday, October 2nd. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $44.33.

Sanmina (NASDAQ SANM) traded up $0.35 during trading hours on Thursday, reaching $34.15. 778,130 shares of the company traded hands, compared to its average volume of 714,680. Sanmina has a 1-year low of $29.95 and a 1-year high of $42.95. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.62 and a quick ratio of 0.97. The company has a market capitalization of $2,434.30, a price-to-earnings ratio of 19.08, a P/E/G ratio of 0.94 and a beta of 0.79.

Sanmina (NASDAQ:SANM) last posted 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). The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.75 billion. Sanmina had a return on equity of 12.27% and a net margin of 2.02%. The company’s revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 EPS. analysts anticipate that Sanmina will post 3 earnings per share for the current year.

Sanmina declared that its Board of Directors has initiated a stock repurchase program on Monday, September 18th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the electronics maker to purchase up to 77% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

A number of institutional investors have recently modified their holdings of SANM. State Street Corp raised its holdings in shares of Sanmina by 3.6% during the second quarter. State Street Corp now owns 1,941,595 shares of the electronics maker’s stock valued at $73,977,000 after purchasing an additional 67,853 shares during the last quarter. Martingale Asset Management L P raised its holdings in shares of Sanmina by 6.7% during the second quarter. Martingale Asset Management L P now owns 203,968 shares of the electronics maker’s stock valued at $7,772,000 after purchasing an additional 12,814 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new position in shares of Sanmina during the second quarter valued at approximately $625,000. Royce & Associates LP raised its holdings in shares of Sanmina by 55.5% during the third quarter. Royce & Associates LP now owns 781,567 shares of the electronics maker’s stock valued at $29,035,000 after purchasing an additional 278,944 shares during the last quarter. Finally, Delphi Management Inc. MA raised its holdings in shares of Sanmina by 5.9% during the second quarter. Delphi Management Inc. MA now owns 66,377 shares of the electronics maker’s stock valued at $2,529,000 after purchasing an additional 3,677 shares during the last quarter. 92.53% of the stock is 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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