Sanmina (NASDAQ:SANM) Board Authorizes Share Repurchase Plan

Sanmina (NASDAQ:SANM) announced that its Board of Directors has initiated a stock buyback program on Monday, January 27th, RTT News reports. The company plans to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the electronics maker to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Sanmina Trading Down 6.5 %

SANM opened at $78.51 on Tuesday. The stock has a 50-day moving average of $79.08 and a 200 day moving average of $73.21. 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 $49.57 and a 12 month high of $86.05. The firm has a market cap of $4.23 billion, a P/E ratio of 20.08, a P/E/G ratio of 1.41 and a beta of 0.91.

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

Wall Street Analyst Weigh In

A number of analysts have issued reports on SANM shares. StockNews.com raised Sanmina from a “hold” rating to a “buy” rating in a research note on Thursday, November 21st. Craig Hallum boosted their price target on shares of Sanmina from $62.00 to $69.00 and gave the stock a “hold” rating in a research report on Tuesday, November 5th.

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.