Sanmina Co. (NASDAQ:SANM - Get Free Report)'s share price reached a new 52-week high on Wednesday . The company traded as high as $91.08 and last traded at $90.86, with a volume of 260536 shares trading hands. The stock had previously closed at $90.14.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on SANM. Craig Hallum upped 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 raised shares of 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 note on Wednesday, January 29th. Finally, StockNews.com cut shares of Sanmina from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 6th.
Check Out Our Latest Stock Analysis on Sanmina
Sanmina Stock Down 3.2 %
The firm has a 50 day moving average of $81.96 and a two-hundred day moving average of $75.09. The company has a current ratio of 2.06, a quick ratio of 1.30 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $4.66 billion, a PE ratio of 20.96, a P/E/G ratio of 1.32 and a beta of 0.92.
Sanmina declared that its board has initiated a stock repurchase program on Monday, January 27th that permits the company to buyback $300.00 million in 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 leadership believes its stock is undervalued.
Insider Buying and Selling
In related news, Director Eugene A. Delaney sold 11,712 shares of Sanmina stock in a transaction that occurred 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 transaction, 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.22% of the company's stock.
Hedge Funds Weigh In On Sanmina
Several hedge funds have recently bought and sold shares of SANM. Citigroup Inc. lifted its position in shares of Sanmina by 64.6% in the third quarter. Citigroup Inc. now owns 73,938 shares of the electronics maker's stock valued at $5,061,000 after acquiring an additional 29,028 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Sanmina by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,515,128 shares of the electronics maker's stock valued at $103,727,000 after purchasing an additional 35,622 shares in the last quarter. Barclays PLC lifted its holdings in Sanmina by 296.3% in the 3rd quarter. Barclays PLC now owns 92,863 shares of the electronics maker's stock valued at $6,358,000 after purchasing an additional 69,431 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Sanmina during the 3rd quarter worth about $2,224,000. Finally, JPMorgan Chase & Co. grew 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. Hedge funds and other institutional investors own 92.71% of the company's stock.
Sanmina Company Profile
(
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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.
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