Sanmina (NASDAQ:SANM) Lowered to “Buy” Rating by StockNews.com

Sanmina (NASDAQ:SANM) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Thursday.

A number of other equities analysts also recently weighed in on SANM. Bank of America raised Sanmina from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $58.00 to $92.00 in a research report on Wednesday, January 29th. Craig Hallum raised their target price on shares of Sanmina from $62.00 to $69.00 and gave the company a “hold” rating in a research report on Tuesday, November 5th.

Sanmina Stock Performance

Shares of Sanmina stock opened at $86.33 on Thursday. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.06 and a quick ratio of 1.30. The firm has a market cap of $4.69 billion, a price-to-earnings ratio of 21.11, a price-to-earnings-growth ratio of 1.22 and a beta of 0.92. The stock’s 50-day moving average is $80.08 and its 200-day moving average is $73.96. Sanmina has a one year low of $57.28 and a one year high of $90.78.

Sanmina announced that its Board of Directors has initiated a share repurchase program on Monday, January 27th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the electronics maker to reacquire up to 7.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Sanmina news, Director Eugene A. Delaney sold 11,712 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $84.02, for a total transaction of $984,042.24. Following the sale, the director now directly owns 65,408 shares of the company’s stock, valued at approximately $5,495,580.16. This represents a 15.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.22% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SANM. FMR LLC grew its holdings in Sanmina by 5.0% during the third quarter. FMR LLC now owns 1,715,767 shares of the electronics maker’s stock worth $117,444,000 after purchasing an additional 82,409 shares during the period. Geode Capital Management LLC lifted its position in shares of Sanmina by 2.4% in the third quarter. Geode Capital Management LLC now owns 1,515,128 shares of the electronics maker’s stock valued at $103,727,000 after buying an additional 35,622 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Sanmina by 6.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,319,768 shares of the electronics maker’s stock worth $89,018,000 after acquiring an additional 79,565 shares during the period. Global Alpha Capital Management Ltd. increased its holdings in shares of Sanmina by 19.4% during the 3rd quarter. Global Alpha Capital Management Ltd. now owns 922,391 shares of the electronics maker’s stock worth $63,138,000 after acquiring an additional 149,600 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its stake in Sanmina by 13.8% in the 4th quarter. Allianz Asset Management GmbH now owns 663,923 shares of the electronics maker’s stock valued at $50,239,000 after acquiring an additional 80,574 shares during the period. 92.71% of the stock is currently owned by institutional investors and hedge funds.

Sanmina Company Profile

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.