Zacks Investment Research upgraded shares of Sanmina (NASDAQ:SANM) from a hold rating to a buy rating in a research note released on Wednesday morning, Zacks.com reports. They currently have $33.00 target price on the electronics maker’s stock.
According to Zacks, “Sanmina Corporation is engaged in providing electronics contract manufacturing services. It focuses on engineering and fabricating complex components and also on providing complete end-to-end supply chain solutions to Original Equipment Manufacturers. The Company’s services include product design and engineering, including initial development, detailed design, prototyping, validation, preproduction services and manufacturing design release; manufacturing of components, subassemblies and complete systems; final system assembly and test; direct order fulfillment and logistics services, and after-market product service and support. Sanmina Corporation, formerly known as Sanmina-SCI Corp., is based in San Jose, California. “
A number of other research analysts have also weighed in on SANM. TheStreet lowered shares of UDR from a b rating to a c rating in a research note on Tuesday, April 30th. BidaskClub lowered shares of Wright Medical Group from a buy rating to a hold rating in a research note on Thursday, May 23rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $33.67.
Sanmina (NASDAQ:SANM) last announced its quarterly earnings results on Monday, April 29th. The electronics maker reported $0.91 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.17. Sanmina had a net margin of 1.48% and a return on equity of 13.48%. The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the previous year, the firm posted $0.50 earnings per share. The business’s revenue was up 26.9% on a year-over-year basis. As a group, analysts forecast that Sanmina will post 3.02 earnings per share for the current fiscal year.
In other news, SVP Brent Billinger sold 2,762 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $31.44, for a total value of $86,837.28. Following the sale, the senior vice president now owns 22,377 shares of the company’s stock, valued at $703,532.88. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Alan Mcwilliams Reid sold 9,845 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.46, for a total transaction of $329,413.70. Following the completion of the sale, the executive vice president now directly owns 57,077 shares in the company, valued at approximately $1,909,796.42. The disclosure for this sale can be found here. In the last three months, insiders sold 312,607 shares of company stock worth $10,457,251. 5.55% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Sanmina by 5.3% in the first quarter. BlackRock Inc. now owns 10,575,697 shares of the electronics maker’s stock worth $305,110,000 after purchasing an additional 533,066 shares in the last quarter. Norges Bank bought a new stake in shares of Sanmina in the fourth quarter worth $24,725,000. D. E. Shaw & Co. Inc. lifted its position in shares of Sanmina by 44.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 968,915 shares of the electronics maker’s stock worth $23,312,000 after purchasing an additional 296,937 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of Sanmina by 0.4% in the first quarter. New York State Common Retirement Fund now owns 790,993 shares of the electronics maker’s stock worth $22,820,000 after purchasing an additional 3,200 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Sanmina by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 770,261 shares of the electronics maker’s stock worth $18,532,000 after purchasing an additional 41,822 shares in the last quarter. 92.84% of the stock is currently owned by institutional investors and hedge funds.
Sanmina Corporation provides integrated manufacturing solutions, components, products and repair, logistics, and after-market services worldwide. It operates in two segments, Integrated Manufacturing Solutions; and Components, Products and Services. The company offers product design and engineering, including concept development, detailed design, prototyping, validation, preproduction, and manufacturing design release; manufacturing solutions of components, subassemblies, and complete systems; final system assembly and test services; direct order fulfillment and logistics services; after-market product service and support; and supply chain management services.
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