Sanmina (NASDAQ:SANM) Stock Rating Lowered by Zacks Investment Research
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. “
Several other analysts also recently weighed in on the stock. TheStreet downgraded shares of UDR from a “b” rating to a “c” rating in a report on Tuesday, April 30th. BidaskClub downgraded shares of Wright Medical Group from a “buy” rating to a “hold” rating in a report on Thursday, May 23rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. Sanmina has an average rating of “Hold” and a consensus price target of $33.67.
Sanmina (NASDAQ:SANM) last released its quarterly earnings data on Monday, April 29th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.17. The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Sanmina had a net margin of 1.48% and a return on equity of 13.48%. The company’s revenue for the quarter was up 26.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.50 EPS. As a group, analysts anticipate that Sanmina will post 3.02 earnings per share for the current year.
In related news, insider Jure Sola sold 300,000 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $33.47, for a total transaction of $10,041,000.00. Following the transaction, the insider now owns 867,401 shares of the company’s stock, valued at $29,031,911.47. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Alan Mcwilliams Reid sold 9,845 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.46, for a total transaction of $329,413.70. Following the transaction, 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. Over the last 90 days, insiders have sold 312,607 shares of company stock valued at $10,457,251. 5.55% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of SANM. Norges Bank bought a new stake in shares of Sanmina in the 4th quarter valued at about $24,725,000. BlackRock Inc. boosted its position in Sanmina by 5.3% during the 1st quarter. BlackRock Inc. now owns 10,575,697 shares of the electronics maker’s stock worth $305,110,000 after acquiring an additional 533,066 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in shares of Sanmina by 44.2% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 968,915 shares of the electronics maker’s stock valued at $23,312,000 after buying an additional 296,937 shares during the last quarter. Brandywine Global Investment Management LLC acquired a new stake in shares of Sanmina in the 4th quarter valued at approximately $5,642,000. Finally, Assenagon Asset Management S.A. bought a new stake in Sanmina in the 1st quarter valued at $3,243,000. 92.84% of the stock is currently owned by hedge funds and other institutional investors.
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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