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

Sanmina Corporation (NASDAQ:SANM - Get Free Report)'s share price hit a new 52-week high during trading on Monday . The company traded as high as $91.39 and last traded at $91.00, with a volume of 119662 shares traded. The stock had previously closed at $89.85.

Analyst Ratings Changes

A number of equities analysts have commented on SANM shares. Wall Street Zen raised Sanmina from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Bank of America lifted their price target on Sanmina from $95.00 to $100.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th.

Sanmina Stock Up 1.8%

The company has a current ratio of 1.96, a quick ratio of 1.22 and a debt-to-equity ratio of 0.12. The stock has a 50 day simple moving average of $83.83 and a 200 day simple moving average of $81.08. The firm has a market capitalization of $5.19 billion, a PE ratio of 22.46, a PEG ratio of 1.47 and a beta of 1.14.

Sanmina (NASDAQ:SANM - Get Free Report) last posted its earnings results on Monday, April 28th. The electronics maker reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.03. Sanmina had a return on equity of 10.84% and a net margin of 3.09%. The firm had revenue of $1.98 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same period in the previous year, the firm earned $1.30 earnings per share. The business's revenue was up 8.1% 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 year.

Hedge Funds Weigh In On Sanmina

Hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its stake in shares of Sanmina by 32.4% during the fourth quarter. JPMorgan Chase & Co. now owns 675,191 shares of the electronics maker's stock valued at $51,092,000 after buying an additional 165,285 shares during the period. Squarepoint Ops LLC increased its stake in shares of Sanmina by 60.0% during the fourth quarter. Squarepoint Ops LLC now owns 40,546 shares of the electronics maker's stock valued at $3,068,000 after buying an additional 15,197 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Sanmina during the fourth quarter valued at approximately $2,644,000. PNC Financial Services Group Inc. increased its stake in shares of Sanmina by 24.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,000 shares of the electronics maker's stock valued at $454,000 after buying an additional 1,164 shares during the period. Finally, HighTower Advisors LLC purchased a new position in shares of Sanmina during the fourth quarter valued at approximately $392,000. 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.