Zacks Investment Research Lowers Sanmina (NASDAQ:SANM) to Hold

Zacks Investment Research cut shares of Sanmina (NASDAQ:SANM) from a strong-buy rating to a hold rating in a research note released on Tuesday morning, Zacks.com reports.

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. “

Other equities research analysts also recently issued reports about the company. BidaskClub downgraded Wright Medical Group from a buy rating to a hold rating in a research report on Thursday, May 23rd. TheStreet downgraded UDR from a b rating to a c rating in a research report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $33.67.

Shares of SANM stock opened at $30.47 on Tuesday. The business’s fifty day simple moving average is $29.24. The firm has a market capitalization of $2.09 billion, a P/E ratio of 16.56, a PEG ratio of 0.84 and a beta of 1.31. Sanmina has a 12-month low of $22.30 and a 12-month high of $34.71.

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

In other news, insider Jure Sola sold 300,000 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.47, for a total transaction of $10,041,000.00. Following the sale, the insider now directly owns 867,401 shares of the company’s stock, valued at approximately $29,031,911.47. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Alan Mcwilliams Reid sold 9,845 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $33.46, for a total transaction of $329,413.70. Following the sale, the executive vice president now directly owns 57,077 shares in the company, valued at $1,909,796.42. The disclosure for this sale can be found here. Insiders have sold a total of 312,607 shares of company stock worth $10,457,251 over the last ninety days. 5.55% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the company. Foundry Partners LLC boosted its stake in shares of Sanmina by 9.0% during the 1st quarter. Foundry Partners LLC now owns 400,379 shares of the electronics maker’s stock worth $11,551,000 after acquiring an additional 32,951 shares in the last quarter. Victory Capital Management Inc. lifted its stake in 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 in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Sanmina in the 1st quarter valued at about $600,000. Geode Capital Management LLC lifted its stake in 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 in the last quarter. Finally, Rothschild & Co. Asset Management US Inc. lifted its stake in 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 in the last quarter. 92.84% of the stock is currently owned by institutional investors and hedge funds.

Sanmina Company Profile

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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