Sanmina Corporation (SANM) Downgraded to “Strong Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Sanmina Corporation (NASDAQ:SANM) from a hold rating to a strong sell rating in a research note released on Friday, November 3rd.

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 topic of a number of other reports. Royal Bank Of Canada reduced their price target on shares of Sanmina Corporation from $42.00 to $40.00 and set a sector perform rating on the stock in a research report on Tuesday, July 25th. Needham & Company LLC reaffirmed a buy rating and set a $45.00 price objective on shares of Sanmina Corporation in a report on Tuesday, July 25th. ValuEngine raised Sanmina Corporation from a hold rating to a buy rating in a research report on Thursday, July 27th. Bank of America Corporation cut Sanmina Corporation from a buy rating to a neutral rating in a research note on Tuesday, October 31st. Finally, Argus lowered Sanmina Corporation from a buy rating to a hold rating in a report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $43.25.

Shares of Sanmina Corporation (NASDAQ:SANM) traded down $0.15 during trading on Friday, hitting $34.00. The company’s stock had a trading volume of 786,200 shares, compared to its average volume of 544,608. The company has a current ratio of 1.62, a quick ratio of 0.97 and a debt-to-equity ratio of 0.24. Sanmina Corporation has a one year low of $29.90 and a one year high of $42.95. The stock has a market cap of $2,560.00, a price-to-earnings ratio of 12.79, a PEG ratio of 0.95 and a beta of 0.77.

Sanmina Corporation (NASDAQ:SANM) last posted its earnings results on Monday, October 30th. The electronics maker reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.12). Sanmina Corporation had a return on equity of 12.27% and a net margin of 2.02%. The company had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.75 billion. During the same quarter in the prior year, the business posted $0.72 EPS. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. analysts forecast that Sanmina Corporation will post 3 EPS for the current fiscal year.

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Sanmina Corporation announced that its Board of Directors has authorized a stock buyback program on Monday, September 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the electronics maker to purchase up to 77% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

In related news, VP Robert K. Eulau sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $37.21, for a total value of $372,100.00. Following the transaction, the vice president now directly owns 180,000 shares in the company, valued at $6,697,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.96% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Sanmina Corporation by 8.2% in the 1st quarter. Vanguard Group Inc. now owns 7,218,202 shares of the electronics maker’s stock worth $293,059,000 after purchasing an additional 548,729 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Sanmina Corporation by 1.0% during the second quarter. Dimensional Fund Advisors LP now owns 6,347,050 shares of the electronics maker’s stock valued at $241,823,000 after buying an additional 65,223 shares during the period. LSV Asset Management lifted its holdings in Sanmina Corporation by 2.5% during the second quarter. LSV Asset Management now owns 3,731,489 shares of the electronics maker’s stock valued at $142,169,000 after purchasing an additional 91,300 shares during the last quarter. State Street Corp lifted its holdings in shares of Sanmina Corporation by 3.6% in the second quarter. State Street Corp now owns 1,941,595 shares of the electronics maker’s stock worth $73,977,000 after buying an additional 67,853 shares in the last quarter. Finally, Earnest Partners LLC lifted its holdings in shares of Sanmina Corporation by 1.6% in the second quarter. Earnest Partners LLC now owns 1,735,490 shares of the electronics maker’s stock worth $66,122,000 after buying an additional 26,667 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Sanmina Corporation Company Profile

Sanmina Corporation is a provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides its offerings primarily to original equipment manufacturers (OEMs) in various industries, including communications networks, storage, industrial, defense and aerospace, medical and energy.

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