Stock Buyback Program Authorized by Sanmina (NASDAQ:SANM) Board

Sanmina (NASDAQ:SANM) announced that its board has approved a share repurchase plan on Monday, January 27th, RTT News reports. The company plans to buyback $300.00 million in shares. This buyback authorization permits the electronics maker to reacquire up to 7.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.

Sanmina Price Performance

SANM stock traded down $5.50 during midday trading on Monday, hitting $78.51. The company’s stock had a trading volume of 708,188 shares, compared to its average volume of 333,616. The company has a quick ratio of 1.25, a current ratio of 1.99 and a debt-to-equity ratio of 0.13. Sanmina has a 12 month low of $49.57 and a 12 month high of $86.05. The company has a 50 day moving average of $79.08 and a two-hundred day moving average of $73.21. The firm has a market capitalization of $4.23 billion, a price-to-earnings ratio of 20.08, a price-to-earnings-growth ratio of 1.41 and a beta of 0.91.

Sanmina (NASDAQ:SANM) last issued its earnings results on Monday, November 4th. The electronics maker reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.07. Sanmina had a return on equity of 10.47% and a net margin of 2.94%. The firm had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.96 billion. During the same period in the previous year, the firm posted $1.20 earnings per share. The business’s revenue was down 1.6% compared to the same quarter last year. On average, analysts expect that Sanmina will post 4.84 EPS for the current year.

Analyst Upgrades and Downgrades

SANM has been the topic of several research reports. Craig Hallum raised their target price on Sanmina from $62.00 to $69.00 and gave the stock a “hold” rating in a research report on Tuesday, November 5th. StockNews.com upgraded shares of Sanmina from a “hold” rating to a “buy” rating in a research note on Thursday, November 21st.

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.