Sanmina (NASDAQ:SANM) Stock Rating Upgraded by StockNews.com

Sanmina (NASDAQ:SANM) was upgraded by investment analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Wednesday.

Several other analysts also recently issued reports on SANM. Bank of America upgraded Sanmina from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $58.00 to $92.00 in a report on Wednesday. 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.

Sanmina Trading Up 1.7 %

Shares of NASDAQ:SANM opened at $84.21 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 stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of 21.54, a PEG ratio of 1.41 and a beta of 0.91. Sanmina has a 1-year low of $57.28 and a 1-year high of $86.05. The company has a 50 day moving average price of $79.29 and a 200 day moving average price of $73.41.

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

Sanmina declared that its board has authorized a stock buyback 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 reacquire up to 7.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Sanmina

Large investors have recently made changes to their positions in the business. Principal Securities Inc. grew its position in Sanmina by 13.6% during the fourth quarter. Principal Securities Inc. now owns 1,388 shares of the electronics maker’s stock valued at $105,000 after purchasing an additional 166 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of Sanmina during the 4th quarter valued at $820,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Sanmina by 9.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 106,247 shares of the electronics maker’s stock valued at $8,018,000 after acquiring an additional 8,962 shares in the last quarter. TFG Advisers LLC increased its stake in shares of Sanmina by 4.8% in the fourth quarter. TFG Advisers LLC now owns 4,381 shares of the electronics maker’s stock worth $332,000 after acquiring an additional 202 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its position in Sanmina by 23.3% during the fourth quarter. Hantz Financial Services Inc. now owns 30,437 shares of the electronics maker’s stock valued at $2,303,000 after purchasing an additional 5,751 shares during the last quarter. Institutional investors and hedge funds 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.