Sanmina (NASDAQ:SANM) Reaches New 1-Year High - Still a Buy?

Sanmina Co. (NASDAQ:SANM - Get Free Report) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $86.51 and last traded at $86.54, with a volume of 316161 shares traded. The stock had previously closed at $82.22.

Analyst Ratings Changes

SANM has been the topic of a number of recent research reports. Craig Hallum raised their target price on Sanmina from $62.00 to $69.00 and gave the company a "hold" rating in a research note on Tuesday, November 5th. StockNews.com cut shares of Sanmina from a "strong-buy" rating to a "buy" rating in a research report on Thursday. Finally, Bank of America raised Sanmina from an "underperform" rating to a "neutral" rating and lifted their price target for the company from $58.00 to $92.00 in a report on Wednesday, January 29th.

Sanmina Stock Down 1.7 %

The stock has a market cap of $4.69 billion, a P/E ratio of 21.11, a price-to-earnings-growth ratio of 1.28 and a beta of 0.92. The stock's 50-day moving average is $80.22 and its 200-day moving average is $74.05. 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 announced that its board has approved a share repurchase program on Monday, January 27th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the electronics maker to purchase up to 7.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Eugene A. Delaney sold 10,000 shares of the company's 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 transaction, the director now directly owns 77,120 shares of the company's stock, valued at approximately $6,439,520. The trade was a 11.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.22% of the stock is currently owned by insiders.

Institutional Trading of Sanmina

A number of institutional investors have recently bought and sold shares of SANM. Wilmington Savings Fund Society FSB bought a new position in shares of Sanmina in the third quarter worth about $32,000. Northwestern Mutual Wealth Management Co. increased its position in Sanmina by 24.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 845 shares of the electronics maker's stock worth $56,000 after buying an additional 164 shares during the period. R Squared Ltd acquired a new position in shares of Sanmina during the fourth quarter worth approximately $58,000. GAMMA Investing LLC boosted its position in shares of Sanmina by 88.5% in the third quarter. GAMMA Investing LLC now owns 931 shares of the electronics maker's stock valued at $64,000 after acquiring an additional 437 shares during the period. Finally, Principal Securities Inc. grew its stake in shares of Sanmina by 13.6% in the fourth quarter. Principal Securities Inc. now owns 1,388 shares of the electronics maker's stock worth $105,000 after acquiring an additional 166 shares during the last quarter. Institutional investors and hedge funds own 92.71% 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.