Sanmina (NASDAQ:SANM) Rating Lowered to Hold at StockNews.com

Sanmina (NASDAQ:SANM) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Separately, Craig Hallum reiterated a “hold” rating and issued a $62.00 price target on shares of Sanmina in a report on Tuesday, April 30th.

Sanmina Stock Performance

NASDAQ:SANM opened at $70.25 on Wednesday. The stock has a market cap of $3.92 billion, a P/E ratio of 16.61, a price-to-earnings-growth ratio of 1.43 and a beta of 0.92. The firm’s fifty day simple moving average is $66.21 and its 200 day simple moving average is $61.01. Sanmina has a twelve month low of $43.40 and a twelve month high of $70.57. The company has a quick ratio of 1.25, a current ratio of 2.00 and a debt-to-equity ratio of 0.13.

Sanmina (NASDAQ:SANM) last released its quarterly earnings results on Monday, April 29th. The electronics maker reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.21. The business had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Sanmina had a net margin of 3.11% and a return on equity of 11.98%. The firm’s revenue for the quarter was down 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.37 earnings per share. As a group, research analysts predict that Sanmina will post 4.86 EPS for the current year.

Insider Buying and Selling at Sanmina

In other Sanmina news, Director Eugene A. Delaney sold 7,181 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $64.91, for a total transaction of $466,118.71. Following the completion of the transaction, the director now owns 100,887 shares of the company’s stock, valued at $6,548,575.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Alan Mcwilliams Reid sold 3,528 shares of Sanmina stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $65.43, for a total value of $230,837.04. Following the completion of the transaction, the executive vice president now owns 37,651 shares of the company’s stock, valued at approximately $2,463,504.93. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Eugene A. Delaney sold 7,181 shares of Sanmina stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $64.91, for a total value of $466,118.71. Following the completion of the transaction, the director now directly owns 100,887 shares of the company’s stock, valued at approximately $6,548,575.17. The disclosure for this sale can be found here. Insiders own 3.09% of the company’s stock.

Hedge Funds Weigh In On Sanmina

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Sanmina by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 7,154,640 shares of the electronics maker’s stock worth $444,876,000 after purchasing an additional 45,918 shares during the last quarter. Global Alpha Capital Management Ltd. raised its position in Sanmina by 10.2% in the 1st quarter. Global Alpha Capital Management Ltd. now owns 747,191 shares of the electronics maker’s stock worth $46,460,000 after buying an additional 69,300 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Sanmina by 18.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 643,251 shares of the electronics maker’s stock worth $39,997,000 after buying an additional 100,865 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Sanmina by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 583,257 shares of the electronics maker’s stock worth $29,962,000 after buying an additional 13,120 shares during the last quarter. Finally, Norges Bank purchased a new position in Sanmina in the 4th quarter worth about $21,836,000. Hedge funds and other institutional investors own 92.71% of the company’s stock.

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.