Benchmark Electronics (BHE) Reaches New 12-Month Low Following Analyst Downgrade

Shares of Benchmark Electronics, Inc. (NYSE:BHE) hit a new 52-week low during trading on Thursday 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 $21.75 and last traded at $22.95, with a volume of 23904 shares traded. The stock had previously closed at $21.83.

Several large investors have recently added to or reduced their stakes in BHE. Tributary Capital Management LLC purchased a new stake in shares of Benchmark Electronics during the second quarter worth about $12,420,000. Engaged Capital LLC grew its position in shares of Benchmark Electronics by 25.1% during the second quarter. Engaged Capital LLC now owns 1,366,874 shares of the technology company’s stock worth $39,844,000 after purchasing an additional 274,164 shares in the last quarter. Intrinsic Edge Capital Management LLC purchased a new stake in shares of Benchmark Electronics during the second quarter worth about $7,677,000. Millennium Management LLC grew its position in shares of Benchmark Electronics by 651.5% during the first quarter. Millennium Management LLC now owns 298,589 shares of the technology company’s stock worth $8,913,000 after purchasing an additional 258,856 shares in the last quarter. Finally, Royce & Associates LP grew its position in shares of Benchmark Electronics by 18.0% during the second quarter. Royce & Associates LP now owns 1,336,568 shares of the technology company’s stock worth $38,961,000 after purchasing an additional 203,868 shares in the last quarter. Hedge funds and other institutional investors own 94.68% of the company’s stock.

The company has a quick ratio of 2.44, a current ratio of 3.08 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.08 billion, a PE ratio of 15.12 and a beta of 0.25.

Benchmark Electronics (NYSE:BHE) last released its earnings results on Tuesday, October 30th. The technology company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.02. Benchmark Electronics had a positive return on equity of 5.84% and a negative net margin of 3.14%. The firm had revenue of $641.00 million during the quarter, compared to analysts’ expectations of $631.50 million. During the same quarter last year, the business posted $0.39 earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis.

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 11th. Investors of record on Friday, September 28th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.65%. The ex-dividend date was Thursday, September 27th.

Benchmark Electronics announced that its board has initiated a stock repurchase program on Tuesday, October 30th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the technology company to reacquire up to 9.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

About Benchmark Electronics (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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