Two 59%+ winners, four above 25% in Aug – How this AI model keeps picking winners
Sanmina Corporation stock reached a new 52-week high, touching $103.16, marking a significant milestone for the electronics manufacturing services provider with a market capitalization of $5.5 billion. According to InvestingPro analysis, the stock’s RSI indicates overbought territory, suggesting careful consideration for new positions. Over the past year, Sanmina’s stock has experienced a robust increase, with a 1-year change of 51.72% and an impressive year-to-date return of 35.1%. This notable growth reflects investor confidence and the company’s strong performance in the market, trading at a P/E ratio of 23. The stock’s ascent to this new high underscores Sanmina’s resilience and strategic positioning in a competitive industry landscape. Unlock 15+ additional key insights and detailed technical analysis with InvestingPro’s comprehensive research report.
In other recent news, Sanmina Corporation reported its second-quarter earnings and revenue, both of which surpassed expectations. The company achieved an adjusted earnings per share of $1.41, slightly above the analyst consensus of $1.38. Revenue for the quarter reached $1.98 billion, exceeding projections of $1.96 billion and marking an 8.1% increase year over year. However, Sanmina’s guidance for the third quarter fell short of analyst predictions, with expected adjusted EPS between $1.35 and $1.45, compared to the anticipated $1.53. Revenue guidance was also below expectations, projected to be between $1.925 billion and $2.025 billion, missing the consensus estimate of $2.066 billion. Despite the company’s solid financial performance in the second quarter, the weaker guidance raised concerns about potential slowing growth. Sanmina generated $157 million in cash flow from operations and $126 million in free cash flow, while repurchasing 1.03 million shares for $84 million. The company plans to discuss these results and its future outlook further in a scheduled conference call.
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