Sanmina (NASDAQ:SANM) Reaches New 52-Week High on Analyst Upgrade

Sanmina Corporation (NASDAQ:SANM)’s share price reached a new 52-week high on Monday after Bank of America raised their price target on the stock from $100.00 to $120.00. Bank of America currently has a neutral rating on the stock. Sanmina traded as high as $105.74 and last traded at $105.44, with a volume of 172984 shares traded. The stock had previously closed at $104.17.

Separately, Wall Street Zen upgraded shares of Sanmina from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 24th.

Hedge Funds Weigh In On Sanmina

A number of hedge funds have recently modified their holdings of the company. Oliver Luxxe Assets LLC purchased a new position in shares of Sanmina in the second quarter valued at about $2,580,000. GAMMA Investing LLC increased its position in shares of Sanmina by 56.8% in the second quarter. GAMMA Investing LLC now owns 2,697 shares of the electronics maker’s stock valued at $264,000 after acquiring an additional 977 shares during the period. Diversified Trust Co increased its position in shares of Sanmina by 1.2% during the second quarter. Diversified Trust Co now owns 20,585 shares of the electronics maker’s stock valued at $2,014,000 after buying an additional 247 shares during the period. Redhawk Wealth Advisors Inc. purchased a new position in shares of Sanmina during the second quarter valued at about $1,693,000. Finally, Strs Ohio purchased a new position in shares of Sanmina during the first quarter valued at about $1,196,000. Hedge funds and other institutional investors own 92.71% of the company’s stock.

Sanmina Price Performance

The company has a quick ratio of 1.22, a current ratio of 1.96 and a debt-to-equity ratio of 0.12. The firm’s 50-day moving average is $89.95 and its 200-day moving average is $83.18. The company has a market cap of $5.61 billion, a PE ratio of 24.29, a PEG ratio of 1.60 and a beta of 1.17.

Sanmina (NASDAQ:SANM) last announced its quarterly earnings results on Monday, April 28th. The electronics maker reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.03. Sanmina had a net margin of 3.09% and a return on equity of 10.84%. The company had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the previous year, the company earned $1.30 earnings per share. Sanmina’s quarterly revenue was up 8.1% on a year-over-year basis. On average, equities analysts anticipate that Sanmina Corporation will post 5.15 EPS for the current year.

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.