Raymond James Financial Inc. Takes $2.64 Million Position in Sanmina Co. (NASDAQ:SANM)

Raymond James Financial Inc. purchased a new position in shares of Sanmina Co. (NASDAQ:SANM) during the 4th quarter, Holdings Channel.com reports. The firm purchased 34,947 shares of the electronics maker’s stock, valued at approximately $2,644,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB purchased a new position in shares of Sanmina during the third quarter worth about $32,000. R Squared Ltd purchased a new stake in shares of Sanmina in the 4th quarter valued at about $58,000. GAMMA Investing LLC boosted its position in shares of Sanmina by 37.8% in the 4th quarter. GAMMA Investing LLC now owns 1,283 shares of the electronics maker’s stock valued at $97,000 after purchasing an additional 352 shares during the period. Principal Securities Inc. grew its stake in Sanmina by 13.6% during the 4th quarter. Principal Securities Inc. now owns 1,388 shares of the electronics maker’s stock worth $105,000 after buying an additional 166 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in Sanmina by 283.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,428 shares of the electronics maker’s stock worth $108,000 after buying an additional 1,056 shares during the period. 92.71% of the stock is owned by hedge funds and other institutional investors.

Sanmina Stock Performance

NASDAQ SANM opened at $76.65 on Friday. The firm has a market cap of $4.16 billion, a P/E ratio of 18.74, a P/E/G ratio of 1.29 and a beta of 0.85. Sanmina Co. has a 52-week low of $57.52 and a 52-week high of $91.12. The business’s 50-day moving average price is $81.99 and its 200 day moving average price is $76.96. The company has a quick ratio of 1.30, a current ratio of 2.06 and a debt-to-equity ratio of 0.12.

Sanmina announced that its Board of Directors has authorized a share buyback plan on Monday, January 27th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the electronics maker to reacquire up to 7.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Eugene A. Delaney sold 11,712 shares of the company’s 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 sale, the director now owns 65,408 shares in the company, valued at $5,495,580.16. This 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 Sanmina 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 completion of the transaction, the director now owns 80,295 shares in the company, valued at approximately $6,906,975.90. This trade represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,405 shares of company stock valued at $2,821,682. 3.22% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SANM. Bank of America raised Sanmina from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $58.00 to $92.00 in a report on Wednesday, January 29th. StockNews.com downgraded shares of Sanmina from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th.

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.