Sanmina (NASDAQ:SANM) Reaches New 52-Week High - What's Next?

Key Points

• Sanmina Corporation shares reached a new 52-week high, trading at $121.98, and have shown an increase from a previous close of $119.02.
• Analysts have upgraded Sanmina's stock rating to "strong-buy", with Bank of America raising its target price from $100 to $120.
• In its latest earnings report, Sanmina surpassed estimates with an EPS of $1.53 and a quarterly revenue of $2.04 billion, marking a 10.9% increase year-over-year.

Sanmina Corporation (NASDAQ:SANM - Get Free Report)'s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $121.98 and last traded at $121.56, with a volume of 134064 shares changing hands. The stock had previously closed at $119.02.

Analyst Ratings Changes

SANM has been the subject of several analyst reports. Bank of America raised their price target on shares of Sanmina from $100.00 to $120.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Wall Street Zen downgraded shares of Sanmina from a "strong-buy" rating to a "buy" rating in a report on Saturday.

Sanmina Stock Performance

The company has a current ratio of 1.91, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $6.53 billion, a P/E ratio of 26.25, a P/E/G ratio of 1.78 and a beta of 1.14. The company's fifty day simple moving average is $100.30 and its 200 day simple moving average is $87.30.

Sanmina (NASDAQ:SANM - Get Free Report) last announced its earnings results on Monday, July 28th. The electronics maker reported $1.53 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $1.98 billion. During the same period in the previous year, the business earned $1.25 earnings per share. The firm's quarterly revenue was up 10.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Sanmina Corporation will post 5.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sanmina

Large investors have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of Sanmina by 34.1% during the 1st quarter. GAMMA Investing LLC now owns 1,720 shares of the electronics maker's stock valued at $131,000 after buying an additional 437 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Sanmina by 10.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 5,210 shares of the electronics maker's stock valued at $397,000 after buying an additional 476 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Sanmina by 87.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 10,311 shares of the electronics maker's stock valued at $785,000 after buying an additional 4,810 shares in the last quarter. Squarepoint Ops LLC lifted its stake in Sanmina by 60.0% in the fourth quarter. Squarepoint Ops LLC now owns 40,546 shares of the electronics maker's stock worth $3,068,000 after purchasing an additional 15,197 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Sanmina in the fourth quarter worth $2,644,000. 92.71% of the stock is owned by hedge funds and other institutional investors.

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.