Sanmina (NASDAQ:SANM) Stock Rating Lowered by Zacks Investment Research

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Sanmina (NASDAQ:SANM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

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. “

SANM has been the subject of several other research reports. BidaskClub lowered Wright Medical Group from a “buy” rating to a “hold” rating in a research report on Thursday, May 23rd. TheStreet lowered UDR from a “b” rating to a “c” rating in a research report on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. Sanmina has a consensus rating of “Hold” and an average price target of $33.67.

NASDAQ SANM opened at $30.26 on Tuesday. Sanmina has a fifty-two week low of $22.30 and a fifty-two week high of $34.71. The stock has a 50 day simple moving average of $29.18. The stock has a market cap of $2.10 billion, a PE ratio of 10.89, a P/E/G ratio of 0.84 and a beta of 1.31.

Sanmina (NASDAQ:SANM) last announced its earnings results on Monday, April 29th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.17. Sanmina had a return on equity of 13.48% and a net margin of 1.48%. The firm had revenue of $2.13 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same quarter in the prior year, the company earned $0.50 EPS. The business’s revenue was up 26.9% compared to the same quarter last year. Equities analysts expect that Sanmina will post 3.02 earnings per share for the current fiscal year.

In related news, SVP Brent Billinger sold 2,762 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $31.44, for a total transaction of $86,837.28. Following the completion of the transaction, the senior vice president now owns 22,377 shares of the company’s stock, valued at approximately $703,532.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 value of $329,413.70. Following the transaction, the executive vice president now directly owns 57,077 shares of the company’s stock, valued at approximately $1,909,796.42. The disclosure for this sale can be found here. Insiders sold a total of 312,607 shares of company stock valued at $10,457,251 in the last three months. Corporate insiders own 5.55% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System increased its position in Sanmina by 0.4% during the 1st quarter. Arizona State Retirement System now owns 105,563 shares of the electronics maker’s stock valued at $3,045,000 after buying an additional 436 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in Sanmina by 1.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 26,439 shares of the electronics maker’s stock valued at $763,000 after buying an additional 478 shares in the last quarter. Advisor Group Inc. increased its position in Sanmina by 27.3% during the 4th quarter. Advisor Group Inc. now owns 3,358 shares of the electronics maker’s stock valued at $80,000 after buying an additional 721 shares in the last quarter. Mason Street Advisors LLC increased its position in Sanmina by 3.7% during the 1st quarter. Mason Street Advisors LLC now owns 21,977 shares of the electronics maker’s stock valued at $634,000 after buying an additional 777 shares in the last quarter. Finally, Nordea Investment Management AB increased its position in Sanmina by 0.9% during the 4th quarter. Nordea Investment Management AB now owns 97,500 shares of the electronics maker’s stock valued at $2,346,000 after buying an additional 900 shares in the last quarter. 92.84% of the stock is owned by institutional investors.

About Sanmina

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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