Benchmark Electronics, Inc. (NYSE:BHE)’s share price fell 12.9% on Thursday . The stock traded as low as $29.95 and last traded at $31.00. 1,303,442 shares changed hands during trading, an increase of 422% from the average session volume of 249,928 shares. The stock had previously closed at $35.60.
BHE has been the topic of several research analyst reports. Needham & Company LLC downgraded shares of Benchmark Electronics from a “buy” rating to a “hold” rating in a report on Thursday. Royal Bank Of Canada boosted their target price on shares of Benchmark Electronics from $33.00 to $37.00 and gave the stock a “sector perform” rating in a report on Thursday, July 20th. Citigroup Inc. reissued a “neutral” rating and issued a $36.00 target price (up previously from $32.00) on shares of Benchmark Electronics in a report on Friday, July 21st. Finally, BidaskClub downgraded shares of Benchmark Electronics from a “hold” rating to a “sell” rating in a report on Tuesday, August 8th. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Benchmark Electronics presently has a consensus rating of “Hold” and a consensus target price of $33.25.
The firm has a 50 day moving average of $33.79 and a 200 day moving average of $32.77. The firm has a market cap of $1.52 billion, a P/E ratio of 22.43 and a beta of 0.55.
Benchmark Electronics (NYSE:BHE) last issued its earnings results on Wednesday, October 18th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.05. Benchmark Electronics had a return on equity of 5.62% and a net margin of 2.63%. The business had revenue of $604.00 million during the quarter, compared to the consensus estimate of $584.50 million. During the same period last year, the company earned $0.36 EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, equities analysts forecast that Benchmark Electronics, Inc. will post $1.49 EPS for the current fiscal year.
In related news, VP Scott R. Peterson sold 1,000 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $32.06, for a total transaction of $32,060.00. Following the completion of the sale, the vice president now directly owns 18,893 shares of the company’s stock, valued at approximately $605,709.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Donald Francis Adam sold 61,572 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $33.60, for a total value of $2,068,819.20. Following the sale, the chief financial officer now directly owns 112,856 shares of the company’s stock, valued at $3,791,961.60. The disclosure for this sale can be found here. Insiders sold a total of 68,494 shares of company stock valued at $2,289,850 over the last ninety days. Corporate insiders own 0.90% of the company’s stock.
Several large investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Benchmark Electronics by 2.8% during the 2nd quarter. BlackRock Inc. now owns 6,276,449 shares of the technology company’s stock worth $202,730,000 after purchasing an additional 173,604 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Benchmark Electronics by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 4,650,069 shares of the technology company’s stock worth $150,198,000 after purchasing an additional 121,337 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Benchmark Electronics by 8.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,656,154 shares of the technology company’s stock worth $85,795,000 after purchasing an additional 201,945 shares during the last quarter. Northern Trust Corp increased its position in shares of Benchmark Electronics by 1.5% during the 2nd quarter. Northern Trust Corp now owns 1,712,212 shares of the technology company’s stock worth $55,304,000 after purchasing an additional 24,840 shares during the last quarter. Finally, State Street Corp grew its position in Benchmark Electronics by 3.8% in the 2nd quarter. State Street Corp now owns 1,396,274 shares of the technology company’s stock valued at $45,103,000 after acquiring an additional 50,606 shares in the last quarter. 94.98% of the stock is owned by hedge funds and other institutional investors.
Benchmark Electronics Company Profile
Benchmark Electronics, Inc is a provider of electronic manufacturing services. The Company operates through three segments: the Americas, Asia and Europe. It provides services to original equipment manufacturers of industrial control equipment, including equipment for the aerospace and defense industry; telecommunication equipment; computers and related products for business enterprises; medical devices, and testing and instrumentation products.
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