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

Sanmina Co. (NASDAQ:SANM)’s share price hit 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. The stock had previously closed at $90.14.

Analysts Set New Price Targets

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

Sanmina Price Performance

The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.30 and a current ratio of 2.06. The firm’s fifty day simple moving average is $81.39 and its 200 day simple moving average is $74.71. The firm has a market cap of $4.92 billion, a P/E ratio of 22.13, a P/E/G ratio of 1.31 and a beta of 0.92.

Sanmina announced that its Board of Directors has initiated a stock buyback program on Monday, January 27th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the electronics maker to purchase up to 7.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, Director Eugene A. Delaney sold 11,712 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $84.02, for a total value of $984,042.24. Following the sale, the director now directly owns 65,408 shares in the company, valued at $5,495,580.16. The trade was a 15.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 3.22% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SANM. Norges Bank bought a new position in shares of Sanmina during the fourth quarter valued at approximately $48,823,000. Franklin Resources Inc. grew its stake in shares of Sanmina by 39.6% during 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 during the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Sanmina during the fourth quarter valued at approximately $34,868,000. JPMorgan Chase & Co. grew its stake 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 valued at $34,903,000 after buying an additional 366,653 shares during the last quarter. Finally, Weiss Asset Management LP grew its stake in shares of Sanmina by 590.7% during the third quarter. Weiss Asset Management LP now owns 381,158 shares of the electronics maker’s stock valued at $26,090,000 after buying an additional 325,974 shares during the last quarter. 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.