Sanmina (NASDAQ:SANM) Board Announces Share Buyback Program

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

Sanmina Price Performance

Shares of NASDAQ SANM traded down $5.50 during trading hours on Monday, reaching $78.51. 708,188 shares of the stock traded hands, compared to its average volume of 333,616. Sanmina has a 52-week low of $49.57 and a 52-week high of $86.05. The company has a quick ratio of 1.25, a current ratio of 1.99 and a debt-to-equity ratio of 0.13. The company’s 50-day simple moving average is $79.08 and its two-hundred day simple moving average is $73.21. The company has a market capitalization of $4.23 billion, a P/E 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 EPS for the quarter, topping the consensus estimate of $1.36 by $0.07. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.96 billion. Sanmina had a net margin of 2.94% and a return on equity of 10.47%. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.20 earnings per share. Equities research analysts forecast that Sanmina will post 4.84 EPS for the current year.

Analysts Set New Price Targets

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