Benchmark Electronics (NYSE:BHE) Shares Down 9.3% - Here's What Happened

Key Points

• Benchmark Electronics' stock fell 9.3% during mid-day trading, dropping to a low of $34.44, with trading volume down 84% from average levels.
• Despite the stock's recent decline, multiple brokerages have set a "buy" rating for the stock, with revised price targets ranging from $46.00 to $48.00.
• The company reported earnings of $0.55 per share for the last quarter, exceeding expectations, although revenue declined by 3.6% compared to the same quarter last year.

Benchmark Electronics, Inc. (NYSE:BHE - Get Free Report) fell 9.3% during mid-day trading on Thursday . The company traded as low as $34.44 and last traded at $35.63. 52,569 shares were traded during mid-day trading, a decline of 84% from the average session volume of 322,473 shares. The stock had previously closed at $39.26.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BHE. Wall Street Zen raised Benchmark Electronics from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Needham & Company LLC cut their price objective on Benchmark Electronics from $50.00 to $48.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. Finally, Lake Street Capital cut their price objective on Benchmark Electronics from $52.00 to $46.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th.

Benchmark Electronics Stock Performance

The company has a quick ratio of 1.48, a current ratio of 2.37 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $1.39 billion, a PE ratio of 26.38 and a beta of 0.95. The stock's fifty day simple moving average is $38.49 and its 200-day simple moving average is $39.07.

Benchmark Electronics (NYSE:BHE - Get Free Report) last issued its earnings results on Wednesday, July 30th. The technology company reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.54 by $0.01. Benchmark Electronics had a net margin of 2.03% and a return on equity of 6.37%. The company had revenue of $642.34 million during the quarter, compared to analysts' expectations of $638.67 million. During the same period last year, the company posted $0.57 earnings per share. The firm's quarterly revenue was down 3.6% compared to the same quarter last year.

Benchmark Electronics Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Monday, June 30th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Monday, June 30th. Benchmark Electronics's dividend payout ratio (DPR) is 46.90%.

Hedge Funds Weigh In On Benchmark Electronics

Hedge funds have recently made changes to their positions in the stock. KLP Kapitalforvaltning AS acquired a new position in shares of Benchmark Electronics during the 4th quarter valued at $701,000. LPL Financial LLC lifted its holdings in shares of Benchmark Electronics by 8.3% during the 4th quarter. LPL Financial LLC now owns 15,067 shares of the technology company's stock valued at $684,000 after acquiring an additional 1,156 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Benchmark Electronics by 45.2% during the 4th quarter. JPMorgan Chase & Co. now owns 815,499 shares of the technology company's stock valued at $37,024,000 after acquiring an additional 253,730 shares in the last quarter. Norges Bank acquired a new position in shares of Benchmark Electronics during the 4th quarter valued at $5,302,000. Finally, Wellington Management Group LLP lifted its holdings in shares of Benchmark Electronics by 1.9% during the 4th quarter. Wellington Management Group LLP now owns 436,181 shares of the technology company's stock valued at $19,803,000 after acquiring an additional 8,000 shares in the last quarter. Institutional investors and hedge funds own 92.29% of the company's stock.

Benchmark Electronics Company Profile

Benchmark Electronics, Inc, together with its subsidiaries, offers product design, engineering services, technology solutions, and manufacturing services in the Americas, Asia, and Europe. The company provides engineering services and technology solutions, including new product design, prototype, testing, and related engineering services; and custom testing and technology solutions, as well as automation equipment design and build services.

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