Sanmina (NASDAQ:SANM) Upgraded to “Strong-Buy” at Wall Street Zen

Sanmina (NASDAQ:SANM) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

Separately, Bank of America raised shares of Sanmina from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $58.00 to $92.00 in a report on Wednesday, January 29th.

Sanmina Stock Performance

SANM stock opened at $84.20 on Friday. The company has a 50 day moving average price of $78.11 and a 200 day moving average price of $79.73. The stock has a market capitalization of $4.50 billion, a PE ratio of 20.59, a price-to-earnings-growth ratio of 1.29 and a beta of 1.10. Sanmina has a fifty-two week low of $61.52 and a fifty-two week high of $91.12. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.06 and a quick ratio of 1.30.

Sanmina (NASDAQ:SANM) last issued its earnings results on Monday, April 28th. The electronics maker reported $1.41 EPS for the quarter, beating the consensus estimate of $1.38 by $0.03. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Sanmina had a net margin of 2.99% and a return on equity of 10.61%. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.30 EPS. Analysts forecast that Sanmina will post 5.15 EPS for the current year.

Sanmina declared that its Board of Directors has authorized a share buyback program on Monday, January 27th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the electronics maker to purchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Sanmina

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SANM. Northwestern Mutual Wealth Management Co. boosted its stake in Sanmina by 265.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 365 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 265 shares during the period. Banque Transatlantique SA acquired a new position in Sanmina in the 1st quarter worth $29,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Sanmina by 200.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 405 shares of the electronics maker’s stock worth $31,000 after buying an additional 270 shares during the last quarter. Quarry LP increased its position in shares of Sanmina by 5,883.3% in the first quarter. Quarry LP now owns 718 shares of the electronics maker’s stock valued at $55,000 after acquiring an additional 706 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Sanmina in the fourth quarter valued at about $58,000. 92.71% of the stock is owned by institutional investors and hedge funds.

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.