Sanmina (NASDAQ:SANM) Hits New 1-Year High – Here’s Why

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

Analyst Ratings Changes

SANM has been the subject of a number of research analyst reports. Craig Hallum boosted their price objective on Sanmina from $62.00 to $69.00 and gave the stock a “hold” rating in a report on Tuesday, November 5th. Bank of America upgraded Sanmina from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $58.00 to $92.00 in a research note on Wednesday, January 29th. Finally, StockNews.com lowered Sanmina from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th.

Sanmina Trading Down 3.2 %

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 capitalization of $4.66 billion, a price-to-earnings ratio of 20.96, a P/E/G ratio of 1.32 and a beta of 0.92. The business’s 50-day moving average price is $81.96 and its two-hundred day moving average price is $75.09.

Sanmina declared that its Board of Directors has approved a stock repurchase plan on Monday, January 27th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the electronics maker to purchase up to 7.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Eugene A. Delaney sold 11,712 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $84.02, for a total transaction of $984,042.24. Following the completion of the sale, the director now directly owns 65,408 shares in the company, valued at $5,495,580.16. This represents a 15.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.22% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SANM. Norges Bank bought a new stake in shares of Sanmina during the 4th quarter valued at approximately $48,823,000. Franklin Resources Inc. boosted its position in Sanmina by 39.6% in the fourth quarter. Franklin Resources Inc. now owns 1,842,302 shares of the electronics maker’s stock valued at $139,407,000 after buying an additional 522,534 shares in the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of Sanmina during the fourth quarter worth $34,868,000. JPMorgan Chase & Co. increased its holdings in shares of Sanmina by 255.9% during the third quarter. JPMorgan Chase & Co. now owns 509,906 shares of the electronics maker’s stock worth $34,903,000 after buying an additional 366,653 shares in the last quarter. Finally, Weiss Asset Management LP lifted its stake in shares of Sanmina by 590.7% in the 3rd quarter. Weiss Asset Management LP now owns 381,158 shares of the electronics maker’s stock valued at $26,090,000 after acquiring an additional 325,974 shares during the last quarter. Institutional investors and hedge funds 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.