Sanmina (NASDAQ:SANM) Rating Increased to Buy at Zacks Investment Research

Sanmina (NASDAQ:SANM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The firm currently has a $33.00 target price on the electronics maker’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 8.30% from the company’s current price.

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. “

Several other research analysts also recently weighed in on the stock. TheStreet downgraded shares of UDR from a “b” rating to a “c” rating in a research report on Tuesday, April 30th. BidaskClub downgraded shares of Wright Medical Group from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $33.67.

SANM stock opened at $30.47 on Wednesday. The stock’s 50-day moving average price is $29.24. Sanmina has a 52-week low of $22.30 and a 52-week high of $34.71. The stock has a market cap of $2.10 billion, a price-to-earnings ratio of 16.56, a P/E/G ratio of 0.84 and a beta of 1.31.

Sanmina (NASDAQ:SANM) last posted its earnings results on Monday, April 29th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.17. Sanmina had a net margin of 1.48% and a return on equity of 13.48%. The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the prior year, the company posted $0.50 EPS. The company’s revenue for the quarter was up 26.9% on a year-over-year basis. On average, equities research analysts expect that Sanmina will post 3.02 earnings per share for the current fiscal year.

In other Sanmina news, SVP Brent Billinger sold 2,762 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $31.44, for a total value of $86,837.28. Following the completion of the sale, the senior vice president now owns 22,377 shares in the company, valued at approximately $703,532.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Alan Mcwilliams Reid sold 9,845 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.46, for a total transaction of $329,413.70. Following the completion of the sale, the executive vice president now owns 57,077 shares of the company’s stock, valued at approximately $1,909,796.42. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 312,607 shares of company stock valued at $10,457,251. Insiders own 5.55% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in SANM. Foundry Partners LLC grew its stake in shares of Sanmina by 9.0% in the 1st quarter. Foundry Partners LLC now owns 400,379 shares of the electronics maker’s stock valued at $11,551,000 after buying an additional 32,951 shares during the period. Victory Capital Management Inc. grew its stake in shares of Sanmina by 1.0% in the 1st quarter. Victory Capital Management Inc. now owns 722,512 shares of the electronics maker’s stock valued at $20,844,000 after buying an additional 6,927 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Sanmina in the 1st quarter valued at approximately $600,000. Geode Capital Management LLC grew its stake in shares of Sanmina by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 770,261 shares of the electronics maker’s stock valued at $18,532,000 after buying an additional 41,822 shares during the period. Finally, Rothschild & Co. Asset Management US Inc. grew its stake in shares of Sanmina by 9.6% in the 1st quarter. Rothschild & Co. Asset Management US Inc. now owns 561,931 shares of the electronics maker’s stock valued at $16,212,000 after buying an additional 49,356 shares during the period. Institutional investors own 92.84% 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 segments, Integrated Manufacturing Solutions; and Components, Products and Services. The company offers product design and engineering, including concept development, detailed design, prototyping, validation, preproduction, and manufacturing design release; manufacturing solutions of components, subassemblies, and complete systems; final system assembly and test services; direct order fulfillment and logistics services; after-market product service and support; and supply chain management services.

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