Sanmina (NASDAQ:SANM) to Repurchase $300.00 million in Outstanding Stock

Sanmina (NASDAQ:SANM) announced that its board has approved a stock repurchase plan on Monday, January 27th, RTT News reports. The company plans to repurchase $300.00 million in shares. This repurchase authorization allows the electronics maker to reacquire up to 7.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SANM. StockNews.com raised Sanmina from a “hold” rating to a “buy” rating in a report on Thursday, November 21st. Craig Hallum lifted their target price on Sanmina from $62.00 to $69.00 and gave the company a “hold” rating in a research note on Tuesday, November 5th.

Sanmina Trading Up 3.2 %

Shares of Sanmina stock opened at $81.02 on Wednesday. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of 20.72, a price-to-earnings-growth ratio of 1.41 and a beta of 0.91. Sanmina has a 52-week low of $49.57 and a 52-week high of $86.05. The company’s 50-day simple moving average is $79.11 and its 200-day simple moving average is $73.27. The company has a quick ratio of 1.25, a current ratio of 1.99 and a debt-to-equity ratio of 0.13.

Sanmina (NASDAQ:SANM) last issued its earnings results on Monday, November 4th. The electronics maker reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.07. Sanmina had a return on equity of 10.47% and a net margin of 2.94%. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.96 billion. During the same period in the prior year, the business posted $1.20 EPS. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, equities research analysts anticipate that Sanmina will post 4.84 earnings per share 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.