Sanmina (NASDAQ:SANM) Sets New 12-Month High – Here’s What Happened

Sanmina Co. (NASDAQ:SANM)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $91.08 and last traded at $90.86, with a volume of 260536 shares. The stock had previously closed at $90.14.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SANM shares. Bank of America raised Sanmina from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $58.00 to $92.00 in a research note on Wednesday, January 29th. Craig Hallum upped their target price on Sanmina from $62.00 to $69.00 and gave the stock a “hold” rating in a report on Tuesday, November 5th. Finally, StockNews.com lowered Sanmina from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th.

Sanmina Stock Performance

The business has a fifty day simple moving average of $81.39 and a two-hundred day simple moving average of $74.71. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.06 and a quick ratio of 1.30. The company has a market cap of $4.92 billion, a PE ratio of 22.13, a price-to-earnings-growth ratio of 1.31 and a beta of 0.92.

Sanmina announced that its board has authorized a share repurchase program on Monday, January 27th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the electronics maker to reacquire up to 7.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, Director Eugene A. Delaney sold 10,000 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $83.50, for a total transaction of $835,000.00. Following the completion of the sale, the director now owns 77,120 shares in the company, valued at approximately $6,439,520. This represents a 11.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.22% of the company’s stock.

Institutional Trading of Sanmina

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Kendall Capital Management lifted its holdings in shares of Sanmina by 2.0% during the 4th quarter. Kendall Capital Management now owns 6,205 shares of the electronics maker’s stock valued at $470,000 after purchasing an additional 120 shares during the last quarter. Summit Investment Advisors Inc. raised its stake in Sanmina by 2.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 5,620 shares of the electronics maker’s stock worth $425,000 after acquiring an additional 121 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Sanmina by 6.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,200 shares of the electronics maker’s stock worth $166,000 after acquiring an additional 125 shares during the last quarter. Park Avenue Securities LLC raised its stake in Sanmina by 3.3% in the 4th quarter. Park Avenue Securities LLC now owns 4,008 shares of the electronics maker’s stock worth $303,000 after acquiring an additional 129 shares during the last quarter. Finally, Mariner LLC raised its stake in Sanmina by 3.5% in the 4th quarter. Mariner LLC now owns 4,510 shares of the electronics maker’s stock worth $341,000 after acquiring an additional 152 shares during the last quarter. Hedge funds and other institutional investors own 92.71% of the company’s stock.

About Sanmina

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.