Principal Financial Group Inc. Lowers Position in Sanmina Co. (NASDAQ:SANM)

Principal Financial Group Inc. cut its position in shares of Sanmina Co. (NASDAQ:SANM) by 6.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 275,304 shares of the electronics maker’s stock after selling 19,448 shares during the quarter. Principal Financial Group Inc. owned approximately 0.51% of Sanmina worth $18,845,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. Citigroup Inc. increased its position in shares of Sanmina by 64.6% during 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 during the last quarter. Geode Capital Management LLC increased its position in shares of Sanmina by 2.4% during 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 during the last quarter. Barclays PLC raised its stake in shares of Sanmina by 296.3% during the 3rd quarter. Barclays PLC now owns 92,863 shares of the electronics maker’s stock worth $6,358,000 after purchasing an additional 69,431 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Sanmina in the 3rd quarter worth about $2,224,000. Finally, Oppenheimer Asset Management Inc. grew its position in Sanmina by 40.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 34,692 shares of the electronics maker’s stock valued at $2,298,000 after buying an additional 10,000 shares during the period. Institutional investors own 92.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SANM shares. Craig Hallum boosted their target price on shares of Sanmina from $62.00 to $69.00 and gave the company a “hold” rating in a research note on Tuesday, November 5th. StockNews.com upgraded Sanmina from a “hold” rating to a “buy” rating in a research note on Thursday, November 21st.

Sanmina Price Performance

NASDAQ SANM opened at $78.18 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.99 and a debt-to-equity ratio of 0.13. The company has a market cap of $4.22 billion, a PE ratio of 19.99, a price-to-earnings-growth ratio of 1.35 and a beta of 0.91. Sanmina Co. has a 52 week low of $48.83 and a 52 week high of $86.05. The firm’s 50-day simple moving average is $76.38 and its two-hundred day simple moving average is $71.17.

Sanmina (NASDAQ:SANM) last announced its quarterly earnings results on Monday, November 4th. The electronics maker reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.07. Sanmina had a net margin of 2.94% and a return on equity of 10.47%. The company had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $1.96 billion. During the same period in the prior year, the company posted $1.20 EPS. Sanmina’s revenue was down 1.6% compared to the same quarter last year. Research analysts predict that Sanmina Co. will post 4.84 earnings per share for the current year.

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.