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

Sanmina (NASDAQ:SANM) was upgraded by stock analysts at Bank of America from an “underperform” rating to a “neutral” rating in a report issued on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $92.00 price target on the electronics maker’s stock, up from their prior price target of $58.00. Bank of America‘s price objective suggests a potential upside of 9.25% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Craig Hallum raised their price objective on Sanmina from $62.00 to $69.00 and gave the stock a “hold” rating in a research report on Tuesday, November 5th. StockNews.com upgraded shares of Sanmina from a “hold” rating to a “buy” rating in a report on Thursday, November 21st.

Sanmina Stock Performance

Sanmina stock opened at $84.21 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.99 and a quick ratio of 1.25. The company has a market cap of $4.54 billion, a P/E ratio of 21.54, a price-to-earnings-growth ratio of 1.41 and a beta of 0.91. Sanmina has a fifty-two week low of $57.28 and a fifty-two week high of $86.05. The firm’s 50 day simple moving average is $79.29 and its 200-day simple moving average is $73.41.

Sanmina (NASDAQ:SANM) last posted 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 firm had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.96 billion. Sanmina had a net margin of 2.94% and a return on equity of 10.47%. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.20 EPS. As a group, equities research analysts predict that Sanmina will post 4.84 EPS for the current year.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Citigroup Inc. grew its stake in shares of Sanmina by 64.6% in the 3rd quarter. Citigroup Inc. now owns 73,938 shares of the electronics maker’s stock valued at $5,061,000 after buying an additional 29,028 shares in the last quarter. Geode Capital Management LLC lifted its stake in Sanmina by 2.4% in the third quarter. Geode Capital Management LLC now owns 1,515,128 shares of the electronics maker’s stock valued at $103,727,000 after acquiring an additional 35,622 shares during the last quarter. Barclays PLC grew its position in Sanmina by 296.3% in the third quarter. Barclays PLC now owns 92,863 shares of the electronics maker’s stock worth $6,358,000 after acquiring an additional 69,431 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Sanmina during the 3rd quarter worth $2,224,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Sanmina by 255.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 509,906 shares of the electronics maker’s stock valued at $34,903,000 after purchasing an additional 366,653 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.