Norges Bank Invests $48.82 Million in Sanmina Co. (NASDAQ:SANM)

Norges Bank bought a new stake in Sanmina Co. (NASDAQ:SANM - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 645,213 shares of the electronics maker's stock, valued at approximately $48,823,000. Norges Bank owned approximately 1.19% of Sanmina at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in SANM. Wilmington Savings Fund Society FSB acquired a new stake in shares of Sanmina in the third quarter valued at $32,000. R Squared Ltd acquired a new stake in Sanmina in the 4th quarter valued at about $58,000. GAMMA Investing LLC raised its stake in shares of Sanmina by 37.8% in the fourth quarter. GAMMA Investing LLC now owns 1,283 shares of the electronics maker's stock worth $97,000 after acquiring an additional 352 shares during the last quarter. Principal Securities Inc. lifted its position in shares of Sanmina by 13.6% during the fourth quarter. Principal Securities Inc. now owns 1,388 shares of the electronics maker's stock worth $105,000 after purchasing an additional 166 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in shares of Sanmina by 283.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,428 shares of the electronics maker's stock valued at $108,000 after purchasing an additional 1,056 shares during the last quarter. 92.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Bank of America upgraded shares of Sanmina from an "underperform" rating to a "neutral" rating and boosted their price objective for the stock from $58.00 to $92.00 in a research report on Wednesday, January 29th. StockNews.com lowered Sanmina from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 6th.

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Sanmina Trading Up 10.3 %

Shares of NASDAQ:SANM traded up $7.27 during trading on Wednesday, hitting $77.79. 613,423 shares of the company's stock were exchanged, compared to its average volume of 393,116. The firm has a 50-day moving average price of $80.08 and a two-hundred day moving average price of $77.29. Sanmina Co. has a 1-year low of $57.52 and a 1-year high of $91.12. The firm has a market cap of $4.23 billion, a P/E ratio of 19.02, a PEG ratio of 1.29 and a beta of 1.00. The company has a current ratio of 2.06, a quick ratio of 1.30 and a debt-to-equity ratio of 0.12.

Sanmina declared that its board has authorized a stock repurchase 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 reacquire up to 7.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Sanmina news, Director Eugene A. Delaney sold 11,712 shares of the firm's stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $84.02, for a total transaction of $984,042.24. Following the transaction, the director now owns 65,408 shares in the company, valued at approximately $5,495,580.16. This trade represents a 15.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mario M. Rosati sold 11,391 shares of the business's stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $86.02, for a total value of $979,853.82. Following the transaction, the director now owns 80,295 shares of the company's stock, valued at $6,906,975.90. The trade was a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,405 shares of company stock valued at $2,821,682. Company insiders own 3.22% of the company's stock.

Sanmina Company Profile

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.