Sanmina Corporation (NASDAQ:SANM) Trading Down 11.4% After Earnings Miss

Sanmina Corporation (NASDAQ:SANM) shares traded down 11.4% on Tuesday following a dissappointing earnings announcement. The company traded as low as $36.25 and last traded at $37.63, with a volume of 2,595,209 shares. The stock had previously closed at $42.45.

The electronics maker reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.75 by $0.01. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.74 billion. Sanmina Corporation had a return on equity of 12.35% and a net margin of 3.15%. The business’s revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.63 earnings per share.

Several analysts have recently commented on SANM shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 target price on shares of Sanmina Corporation in a research report on Tuesday, April 25th. Bank of America Corporation reaffirmed a “buy” rating and issued a $48.00 target price on shares of Sanmina Corporation in a research report on Thursday, June 15th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $42.00 target price (up previously from $39.00) on shares of Sanmina Corporation in a research report on Tuesday, April 25th. Zacks Investment Research cut Sanmina Corporation from a “hold” rating to a “strong sell” rating in a research report on Friday, July 28th. Finally, ValuEngine raised Sanmina Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Sanmina Corporation currently has a consensus rating of “Hold” and a consensus target price of $42.80.

In related news, VP Robert K. Eulau sold 10,000 shares of Sanmina Corporation stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $38.40, for a total transaction of $384,000.00. Following the completion of the sale, the vice president now owns 200,000 shares of the company’s stock, valued at $7,680,000. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.96% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Sanmina Corporation by 20,899.1% in the first quarter. BlackRock Inc. now owns 11,067,786 shares of the electronics maker’s stock valued at $449,352,000 after buying an additional 11,015,080 shares during the period. Ardevora Asset Management LLP bought a new position in Sanmina Corporation during the second quarter valued at $36,256,000. Vanguard Group Inc. raised its position in Sanmina Corporation by 8.2% in the first quarter. Vanguard Group Inc. now owns 7,218,202 shares of the electronics maker’s stock valued at $293,059,000 after buying an additional 548,729 shares during the period. Bank of America Corp DE raised its position in Sanmina Corporation by 98.2% in the first quarter. Bank of America Corp DE now owns 758,708 shares of the electronics maker’s stock valued at $30,804,000 after buying an additional 375,871 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Sanmina Corporation by 29.4% in the first quarter. Bank of New York Mellon Corp now owns 1,218,908 shares of the electronics maker’s stock valued at $49,487,000 after buying an additional 276,942 shares during the period. 94.14% of the stock is owned by hedge funds and other institutional investors.

The company has a market cap of $2.69 billion, a P/E ratio of 13.06 and a beta of 0.78. The firm’s 50-day moving average is $38.68 and its 200-day moving average is $38.59.

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Sanmina Corporation Company Profile

Sanmina Corporation is a provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides its offerings primarily to original equipment manufacturers (OEMs) in various industries, including communications networks, storage, industrial, defense and aerospace, medical and energy.