Geode Capital Management LLC Increases Holdings in Sanmina Co. (NASDAQ:SANM)

Geode Capital Management LLC lifted its stake in Sanmina Co. (NASDAQ:SANM - Free Report) by 1.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,536,367 shares of the electronics maker's stock after purchasing an additional 21,239 shares during the quarter. Geode Capital Management LLC owned about 2.83% of Sanmina worth $116,277,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Sanmina in the fourth quarter worth about $48,823,000. Franklin Resources Inc. raised its position in shares of Sanmina by 39.6% in the 4th quarter. Franklin Resources Inc. now owns 1,842,302 shares of the electronics maker's stock worth $139,407,000 after acquiring an additional 522,534 shares in the last quarter. JPMorgan Chase & Co. lifted its position 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. Assenagon Asset Management S.A. grew its position in shares of Sanmina by 88.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 264,829 shares of the electronics maker's stock worth $20,040,000 after buying an additional 124,190 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its position in Sanmina by 13.8% during the fourth quarter. Allianz Asset Management GmbH now owns 663,923 shares of the electronics maker's stock valued at $50,239,000 after acquiring an additional 80,574 shares during the last quarter. Hedge funds and other institutional investors own 92.71% of the company's stock.

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Sanmina Stock Performance

Shares of SANM stock traded up $0.19 during mid-day trading on Monday, reaching $76.14. The stock had a trading volume of 27,620 shares, compared to its average volume of 392,263. 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 Co. has a 1-year low of $57.52 and a 1-year high of $91.12. The firm has a market cap of $4.14 billion, a price-to-earnings ratio of 18.62, a PEG ratio of 1.29 and a beta of 1.00. The business's fifty day moving average is $79.70 and its 200-day moving average is $77.44.

Sanmina declared that its Board of Directors has authorized a share repurchase program on Monday, January 27th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the electronics maker to buy up to 7.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other Sanmina news, Director Mario M. Rosati sold 11,391 shares of the company's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $86.02, for a total value of $979,853.82. Following the sale, the director now directly owns 80,295 shares of the company's stock, valued at approximately $6,906,975.90. This represents a 12.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 completion of the transaction, the director now directly owns 65,408 shares of the company's stock, valued at approximately $5,495,580.16. This trade represents a 15.19 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,405 shares of company stock valued at $2,821,682. 3.22% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SANM. Bank of America raised Sanmina from an "underperform" rating to a "neutral" rating and upped their price target for the stock from $58.00 to $92.00 in a research report on Wednesday, January 29th. StockNews.com lowered shares of Sanmina from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 6th.

Sanmina 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.