Sanmina (NASDAQ:SANM) Hits New 1-Year High on Analyst Upgrade

Sanmina Corporation (NASDAQ:SANM - Get Free Report) hit a new 52-week high during mid-day trading on Monday after Bank of America raised their price target on the stock from $100.00 to $120.00. Bank of America currently has a neutral rating on the stock. Sanmina traded as high as $105.74 and last traded at $105.44, with a volume of 172984 shares trading hands. The stock had previously closed at $104.17.

Separately, Wall Street Zen upgraded shares of Sanmina from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th.

Institutional Trading of Sanmina

Hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. raised its holdings in Sanmina by 265.0% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 365 shares of the electronics maker's stock worth $28,000 after buying an additional 265 shares during the period. Banque Transatlantique SA acquired a new stake in Sanmina during the 1st quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd raised its holdings in Sanmina by 200.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 405 shares of the electronics maker's stock worth $31,000 after buying an additional 270 shares during the period. Quarry LP raised its holdings in Sanmina by 5,883.3% during the 1st quarter. Quarry LP now owns 718 shares of the electronics maker's stock worth $55,000 after buying an additional 706 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Sanmina during the 4th quarter worth approximately $90,000. 92.71% of the stock is currently owned by institutional investors and hedge funds.

Sanmina Stock Up 0.7%

The stock's fifty day moving average price is $89.95 and its 200-day moving average price is $83.18. The company has a quick ratio of 1.22, a current ratio of 1.96 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $5.61 billion, a price-to-earnings ratio of 24.29, a P/E/G ratio of 1.60 and a beta of 1.17.

Sanmina (NASDAQ:SANM - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The electronics maker reported $1.41 EPS for the quarter, topping analysts' consensus estimates of $1.38 by $0.03. The business had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. Sanmina had a net margin of 3.09% and a return on equity of 10.84%. The firm's revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.30 earnings per share. On average, sell-side analysts predict that Sanmina Corporation will post 5.15 earnings per share for the current fiscal year.

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.