Sanmina (NASDAQ:SANM) Reaches New 52-Week High - Here's Why

Key Points

• Sanmina Corporation's stock hit a new 52-week high of $125.76 during trading, closing at $120.34 with a volume of 769,058 shares.
• Wall Street analysts have shown mixed sentiments, with a downgrade to a "buy" rating from Wall Street Zen and a price target increase from Bank of America from $100 to $120.
• The company reported a 10.9% year-over-year revenue increase to $2.04 billion, surpassing estimates, alongside a quarterly EPS of $1.53.

Sanmina Corporation (NASDAQ:SANM - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $125.76 and last traded at $120.34, with a volume of 769058 shares traded. The stock had previously closed at $123.84.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Wall Street Zen downgraded shares of Sanmina from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Bank of America increased their price objective on shares of Sanmina from $100.00 to $120.00 and gave the company a "neutral" rating in a research report on Friday, July 11th.

Sanmina Stock Down 2.8%

The company's 50-day moving average is $101.66 and its 200 day moving average is $87.78. The company has a market capitalization of $6.41 billion, a PE ratio of 25.77, a P/E/G ratio of 1.81 and a beta of 1.14. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.91.

Sanmina (NASDAQ:SANM - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The electronics maker reported $1.53 EPS for the quarter, beating the consensus estimate of $1.42 by $0.11. Sanmina had a net margin of 3.22% and a return on equity of 11.30%. The company had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.98 billion. During the same period in the prior year, the firm posted $1.25 EPS. Sanmina's revenue for the quarter was up 10.9% on a year-over-year basis. As a group, analysts anticipate that Sanmina Corporation will post 5.15 EPS for the current year.

Institutional Trading of Sanmina

Institutional investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Sanmina by 265.0% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 365 shares of the electronics maker's stock valued at $28,000 after acquiring an additional 265 shares during the last quarter. Banque Transatlantique SA purchased a new stake in shares of Sanmina during the 1st quarter valued at about $29,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Sanmina by 200.0% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 405 shares of the electronics maker's stock worth $31,000 after purchasing an additional 270 shares during the period. TD Waterhouse Canada Inc. lifted its stake in shares of Sanmina by 27.2% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 398 shares of the electronics maker's stock worth $39,000 after purchasing an additional 85 shares during the period. Finally, MAI Capital Management bought a new position in shares of Sanmina in the 2nd quarter worth approximately $41,000. Hedge funds and other institutional investors own 92.71% of the company's stock.

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.

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