Sanmina (NASDAQ:SANM) Upgraded by StockNews.com to Strong-Buy Rating

StockNews.com upgraded shares of Sanmina (NASDAQ:SANM) from a buy rating to a strong-buy rating in a research report report published on Wednesday.

Several other equities research analysts have also issued reports on the company. Craig Hallum raised their price objective on Sanmina from $62.00 to $69.00 and gave the company a “hold” rating in a research note on Tuesday, November 5th. Bank of America raised shares of Sanmina from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $58.00 to $92.00 in a research note on Wednesday.

Sanmina Price Performance

Shares of Sanmina stock opened at $82.83 on Wednesday. The company has a current ratio of 1.99, a quick ratio of 1.25 and a debt-to-equity ratio of 0.13. Sanmina has a 12 month low of $57.28 and a 12 month high of $86.05. The stock has a 50 day moving average of $79.19 and a 200 day moving average of $73.34. The firm has a market cap of $4.47 billion, a PE ratio of 21.18, a PEG ratio of 1.41 and a beta of 0.91.

Sanmina (NASDAQ:SANM) last released its quarterly earnings data on Monday, November 4th. The electronics maker reported $1.43 EPS for the quarter, beating the consensus estimate of $1.36 by $0.07. Sanmina had a net margin of 2.94% and a return on equity of 10.47%. The business had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.96 billion. During the same quarter last year, the business earned $1.20 earnings per share. Sanmina’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, research analysts expect that Sanmina will post 4.84 EPS for the current fiscal year.

Sanmina declared that its board has approved a share repurchase plan on Monday, January 27th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the electronics maker to buy up to 7.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC grew its stake in Sanmina by 7.4% during the 2nd quarter. AQR Capital Management LLC now owns 102,468 shares of the electronics maker’s stock worth $6,789,000 after buying an additional 7,034 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Sanmina by 1.9% during the second quarter. The Manufacturers Life Insurance Company now owns 31,948 shares of the electronics maker’s stock worth $2,117,000 after acquiring an additional 583 shares during the last quarter. Creative Planning increased its holdings in shares of Sanmina by 122.4% during the second quarter. Creative Planning now owns 21,064 shares of the electronics maker’s stock valued at $1,395,000 after acquiring an additional 11,594 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Sanmina by 24.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 845 shares of the electronics maker’s stock valued at $56,000 after purchasing an additional 164 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in Sanmina in the 2nd quarter worth approximately $1,444,000. 92.71% of the stock is currently owned by hedge funds and other institutional investors.

Sanmina Company Profile

Sanmina Corporation provides integrated manufacturing solutions, components, products and repair, logistics, and after-market services worldwide. It operates in two businesses, Integrated Manufacturing Solutions; and Components, Products and Services. The company offers product design and engineering, including concept development, detailed design, prototyping, validation, preproduction, manufacturing design release, and product industrialization; assembly and test services; direct order fulfillment and logistics services; after-market product service and support; and supply chain management services, as well as engages in the manufacturing of components, subassemblies, and complete systems.