PNC Financial Services Group Inc. Acquires 1,164 Shares of Sanmina Co. (NASDAQ:SANM)

PNC Financial Services Group Inc. grew its holdings in Sanmina Co. (NASDAQ:SANM) by 24.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,000 shares of the electronics maker’s stock after acquiring an additional 1,164 shares during the period. PNC Financial Services Group Inc.’s holdings in Sanmina were worth $454,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SANM. JPMorgan Chase & Co. increased its stake in shares of Sanmina by 255.9% in the third quarter. JPMorgan Chase & Co. now owns 509,906 shares of the electronics maker’s stock worth $34,903,000 after purchasing an additional 366,653 shares in the last quarter. Weiss Asset Management LP increased its stake in shares of Sanmina by 590.7% in the third quarter. Weiss Asset Management LP now owns 381,158 shares of the electronics maker’s stock worth $26,090,000 after purchasing an additional 325,974 shares in the last quarter. Global Alpha Capital Management Ltd. increased its stake in shares of Sanmina by 19.4% in the third quarter. Global Alpha Capital Management Ltd. now owns 922,391 shares of the electronics maker’s stock worth $63,138,000 after purchasing an additional 149,600 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Sanmina by 88.3% in the fourth 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 in the last quarter. Finally, FMR LLC increased its stake in shares of Sanmina by 5.0% in the third quarter. FMR LLC now owns 1,715,767 shares of the electronics maker’s stock worth $117,444,000 after purchasing an additional 82,409 shares in the last quarter. 92.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Sanmina

In other Sanmina news, Director Eugene A. Delaney sold 11,712 shares of the stock in a transaction on Tuesday, February 4th. The shares were 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 owns 65,408 shares in the company, valued at $5,495,580.16. This trade represents a 15.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mario M. Rosati sold 11,391 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $86.02, for a total transaction of $979,853.82. Following the transaction, the director now owns 80,295 shares of the company’s stock, valued at $6,906,975.90. This trade represents a 12.42 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,405 shares of company stock valued at $2,821,682. Corporate insiders own 3.22% of the company’s stock.

Sanmina Stock Performance

SANM opened at $78.25 on Thursday. The stock has a market capitalization of $4.25 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 1.29 and a beta of 0.85. The company has a fifty day moving average of $82.30 and a 200 day moving average of $76.34. Sanmina Co. has a fifty-two week low of $57.52 and a fifty-two week high of $91.12. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.30 and a current ratio of 2.06.

Sanmina declared that its board has approved a stock buyback 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 usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SANM. StockNews.com cut shares of Sanmina from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Bank of America raised shares of Sanmina from an “underperform” rating to a “neutral” rating and raised their target price for the company from $58.00 to $92.00 in a research note on Wednesday, January 29th.

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.