Sanmina (NASDAQ:SANM) to Buyback $300.00 million in Shares

Sanmina (NASDAQ:SANM) declared that its board has initiated a stock repurchase plan on Monday, January 27th, RTT News reports. The company plans to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the electronics maker to buy up to 7.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Sanmina Stock Performance

Shares of NASDAQ SANM opened at $82.83 on Thursday. Sanmina has a 1 year low of $57.28 and a 1 year high of $86.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.25 and a current ratio of 1.99. The company’s fifty day moving average price is $79.19 and its 200 day moving average price is $73.34. The company has a market capitalization of $4.47 billion, a PE ratio of 21.18, a price-to-earnings-growth ratio of 1.41 and a beta of 0.91.

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Craig Hallum upped their price target on Sanmina from $62.00 to $69.00 and gave the stock a “hold” rating in a research report on Tuesday, November 5th. Bank of America raised Sanmina from an “underperform” rating to a “neutral” rating and upped their target price for the company from $58.00 to $92.00 in a research report on Wednesday. Finally, StockNews.com raised Sanmina from a “buy” rating to a “strong-buy” rating in a report on Wednesday.

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.