Insider Selling: Sanmina Co. (NASDAQ:SANM) Director Sells 11,712 Shares of Stock

Sanmina Co. (NASDAQ:SANM) Director Eugene A. Delaney sold 11,712 shares of the 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 $5,495,580.16. This represents a 15.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Sanmina Price Performance

Shares of NASDAQ SANM opened at $86.33 on Friday. 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 company has a market capitalization of $4.69 billion, a price-to-earnings ratio of 21.11, a price-to-earnings-growth ratio of 1.22 and a beta of 0.92. Sanmina Co. has a twelve month low of $57.28 and a twelve month high of $90.78. The business has a 50 day simple moving average of $80.08 and a 200-day simple moving average of $73.96.

Sanmina announced that its board has authorized a stock repurchase plan on Monday, January 27th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the electronics maker to reacquire up to 7.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Sanmina

A number of institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. grew its position in shares of Sanmina by 255.9% during the 3rd 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. Weiss Asset Management LP boosted its stake in Sanmina by 590.7% in the third quarter. Weiss Asset Management LP now owns 381,158 shares of the electronics maker’s stock valued at $26,090,000 after acquiring an additional 325,974 shares during the period. Global Alpha Capital Management Ltd. grew its holdings in shares of Sanmina by 19.4% during the third quarter. Global Alpha Capital Management Ltd. now owns 922,391 shares of the electronics maker’s stock valued at $63,138,000 after purchasing an additional 149,600 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Sanmina by 88.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 264,829 shares of the electronics maker’s stock worth $20,040,000 after purchasing an additional 124,190 shares during the period. Finally, Royce & Associates LP lifted its holdings in shares of Sanmina by 36.7% in the 3rd quarter. Royce & Associates LP now owns 402,098 shares of the electronics maker’s stock worth $27,524,000 after purchasing an additional 107,906 shares during the last quarter. 92.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SANM has been the subject of several research analyst reports. Bank of America upgraded Sanmina from an “underperform” rating to a “neutral” rating and increased their target price for the company from $58.00 to $92.00 in a research note on Wednesday, January 29th. Craig Hallum raised their price objective on shares of Sanmina from $62.00 to $69.00 and gave the stock a “hold” rating in a report on Tuesday, November 5th. Finally, StockNews.com downgraded shares of Sanmina from a “strong-buy” rating to a “buy” rating in a research report on Thursday.

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.