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Sanmina (NASDAQ:SANM) Sets New 52-Week High on Better-Than-Expected Earnings

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Key Points

  • Sanmina Corporation shares hit a new 52-week high of $112.41 after reporting earnings of $1.53 per share, surpassing estimates of $1.42.
  • Analysts have upgraded Sanmina's rating from "buy" to "strong-buy," and Bank of America increased its price target from $100 to $120.
  • Institutional investors hold 92.71% of Sanmina’s stock, with significant new stakes acquired by firms such as Nuveen LLC and Norges Bank.
  • Five stocks we like better than Sanmina.
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Sanmina Corporation (NASDAQ:SANM - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $110.39 and last traded at $112.41, with a volume of 148760 shares trading hands. The stock had previously closed at $98.35.

The electronics maker reported $1.53 earnings per share for the quarter, beating analysts' consensus estimates of $1.42 by $0.11. The firm had revenue of $2.04 billion for the quarter, compared to analysts' expectations of $1.98 billion. Sanmina had a net margin of 3.22% and a return on equity of 11.30%. The company's quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.25 earnings per share.

Analyst Upgrades and Downgrades

SANM has been the topic of a number of research analyst reports. Bank of America increased their price target on shares of Sanmina from $100.00 to $120.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Wall Street Zen raised shares of Sanmina from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th.

View Our Latest Report on SANM

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. FMR LLC increased its stake in shares of Sanmina by 14.2% in the 4th quarter. FMR LLC now owns 1,959,025 shares of the electronics maker's stock worth $148,239,000 after acquiring an additional 243,258 shares in the last quarter. Franklin Resources Inc. increased its stake in Sanmina by 39.6% during the 4th quarter. Franklin Resources Inc. now owns 1,842,302 shares of the electronics maker's stock valued at $139,407,000 after purchasing an additional 522,534 shares in the last quarter. Geode Capital Management LLC increased its stake in Sanmina by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 1,536,367 shares of the electronics maker's stock valued at $116,277,000 after purchasing an additional 21,239 shares in the last quarter. Earnest Partners LLC increased its stake in Sanmina by 1.8% during the 4th quarter. Earnest Partners LLC now owns 1,073,818 shares of the electronics maker's stock valued at $81,256,000 after purchasing an additional 19,144 shares in the last quarter. Finally, Frontier Capital Management Co. LLC increased its stake in Sanmina by 9.9% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,005,158 shares of the electronics maker's stock valued at $76,060,000 after purchasing an additional 90,627 shares in the last quarter. 92.71% of the stock is currently owned by institutional investors.

Sanmina Stock Performance

The firm has a market capitalization of $6.18 billion, a P/E ratio of 24.82, a price-to-earnings-growth ratio of 1.86 and a beta of 1.17. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 0.12. The business's 50 day simple moving average is $95.11 and its two-hundred day simple moving average is $85.34.

About Sanmina

(Get Free Report)

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.

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