Sanmina (NASDAQ:SANM) Upgraded by Bank of America to Neutral Rating

Sanmina (NASDAQ:SANM) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued on Wednesday, Marketbeat reports. The brokerage presently has a $92.00 price target on the electronics maker’s stock, up from their previous price target of $58.00. Bank of America‘s price target suggests a potential upside of 13.55% from the company’s current price.

Several other equities research analysts also recently commented on SANM. Craig Hallum upped their price target on shares of Sanmina from $62.00 to $69.00 and gave the company a “hold” rating in a research report on Tuesday, November 5th. StockNews.com raised Sanmina from a “hold” rating to a “buy” rating in a research report on Thursday, November 21st.

Sanmina Price Performance

Shares of NASDAQ:SANM opened at $81.02 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.25 and a current ratio of 1.99. The company has a market capitalization of $4.37 billion, a PE ratio of 20.72, a price-to-earnings-growth ratio of 1.41 and a beta of 0.91. The stock has a fifty day moving average of $79.11 and a 200-day moving average of $73.27. Sanmina has a one year low of $49.57 and a one year high of $86.05.

Sanmina (NASDAQ:SANM) last released its quarterly earnings results on Monday, November 4th. The electronics maker reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.07. Sanmina had a return on equity of 10.47% and a net margin of 2.94%. 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 company posted $1.20 EPS. Sanmina’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, equities analysts anticipate that Sanmina will post 4.84 EPS for the current fiscal year.

Sanmina announced that its board has initiated a share repurchase program on Monday, January 27th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the electronics maker to buy up to 7.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Sanmina

Hedge funds have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB purchased a new position in Sanmina in the third quarter valued at about $32,000. R Squared Ltd acquired a new stake in shares of Sanmina during the 4th quarter valued at about $58,000. Northwestern Mutual Wealth Management Co. grew its stake 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 buying an additional 164 shares in the last quarter. GAMMA Investing LLC increased its holdings in Sanmina by 88.5% in the third quarter. GAMMA Investing LLC now owns 931 shares of the electronics maker’s stock worth $64,000 after buying an additional 437 shares during the last quarter. Finally, CWM LLC raised its position in Sanmina by 40.5% during the third quarter. CWM LLC now owns 1,781 shares of the electronics maker’s stock valued at $122,000 after acquiring an additional 513 shares in the last quarter. 92.71% of the stock is 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 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.