Sanmina (NASDAQ:SANM) Rating Increased to Neutral at Bank of America

Bank of America upgraded shares of Sanmina (NASDAQ:SANM) from an underperform rating to a neutral rating in a report published on Wednesday, Marketbeat reports. They currently have $92.00 price target on the electronics maker’s stock, up from their previous price target of $58.00.

SANM has been the topic of several other reports. StockNews.com upgraded shares of Sanmina from a “hold” rating to a “buy” rating in a research note on Thursday, November 21st. Craig Hallum increased their target price 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.

Sanmina Price Performance

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. The company has a fifty day simple moving average of $79.19 and a 200-day simple moving average of $73.34. The stock has a market cap of $4.47 billion, a P/E ratio of 21.18, a price-to-earnings-growth ratio of 1.41 and a beta of 0.91. Sanmina has a 12-month low of $57.28 and a 12-month high of $86.05.

Sanmina (NASDAQ:SANM) last announced its quarterly earnings results on Monday, November 4th. The electronics maker reported $1.43 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.96 billion. During the same period in the previous year, the business earned $1.20 EPS. Sanmina’s revenue for the quarter was down 1.6% on a year-over-year basis. Equities analysts expect that Sanmina will post 4.84 EPS for the current fiscal year.

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

Institutional Investors Weigh In On Sanmina

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