Suntrust Banks Inc. lessened its position in Sanmina Corporation (NASDAQ:SANM) by 7.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,469 shares of the electronics maker’s stock after selling 1,047 shares during the quarter. Suntrust Banks Inc.’s holdings in Sanmina Corporation were worth $474,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hanseatic Management Services Inc. lifted its stake in shares of Sanmina Corporation by 1.2% in the 2nd quarter. Hanseatic Management Services Inc. now owns 9,654 shares of the electronics maker’s stock valued at $368,000 after purchasing an additional 116 shares during the period. New York State Common Retirement Fund lifted its stake in shares of Sanmina Corporation by 0.5% in the 2nd quarter. New York State Common Retirement Fund now owns 448,472 shares of the electronics maker’s stock valued at $17,087,000 after purchasing an additional 2,099 shares during the period. Thrivent Financial For Lutherans lifted its stake in shares of Sanmina Corporation by 9.4% in the 2nd quarter. Thrivent Financial For Lutherans now owns 45,700 shares of the electronics maker’s stock valued at $1,741,000 after purchasing an additional 3,930 shares during the period. Lingohr & Partner Asset Management GmbH purchased a new position in shares of Sanmina Corporation in the 2nd quarter valued at approximately $808,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Sanmina Corporation by 0.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 199,797 shares of the electronics maker’s stock valued at $7,613,000 after purchasing an additional 1,738 shares during the period. Institutional investors own 92.75% of the company’s stock.
Sanmina Corporation (NASDAQ:SANM) opened at 38.45 on Wednesday. The company’s 50-day moving average price is $37.18 and its 200-day moving average price is $37.80. The company has a market cap of $2.90 billion, a price-to-earnings ratio of 14.04 and a beta of 0.79. Sanmina Corporation has a 52-week low of $26.70 and a 52-week high of $42.95.
Sanmina Corporation (NASDAQ:SANM) last issued its quarterly earnings results on Monday, July 24th. The electronics maker reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.01). The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.74 billion. Sanmina Corporation had a return on equity of 12.35% and a net margin of 3.15%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.63 earnings per share. Equities research analysts expect that Sanmina Corporation will post $3.01 EPS for the current fiscal year.
Sanmina Corporation declared that its Board of Directors has initiated a share repurchase program on Monday, September 18th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the electronics maker to repurchase up to 77% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, VP Robert K. Eulau sold 10,000 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $36.95, for a total transaction of $369,500.00. Following the transaction, the vice president now directly owns 190,000 shares of the company’s stock, valued at $7,020,500. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.96% of the company’s stock.
A number of research analysts have recently commented on SANM shares. Bank of America Corporation restated a “buy” rating and issued a $48.00 target price on shares of Sanmina Corporation in a research note on Thursday, June 15th. Royal Bank Of Canada reduced their price objective on Sanmina Corporation from $42.00 to $40.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $45.00 price objective on shares of Sanmina Corporation in a research report on Tuesday, July 25th. ValuEngine raised Sanmina Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. Finally, Zacks Investment Research lowered Sanmina Corporation from a “hold” rating to a “strong sell” rating in a research report on Friday, July 28th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $43.25.
Sanmina Corporation Profile
Sanmina Corporation is a provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides its offerings primarily to original equipment manufacturers (OEMs) in various industries, including communications networks, storage, industrial, defense and aerospace, medical and energy.
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