Sanmina Co. (NASDAQ:SANM) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lessened its stake in Sanmina Co. (NASDAQ:SANM) by 7.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 28,634 shares of the electronics maker’s stock after selling 2,235 shares during the period. Corebridge Financial Inc.’s holdings in Sanmina were worth $2,167,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Citigroup Inc. grew its stake in shares of Sanmina by 64.6% in the 3rd quarter. Citigroup Inc. now owns 73,938 shares of the electronics maker’s stock valued at $5,061,000 after purchasing an additional 29,028 shares during the last quarter. FMR LLC grew its position in Sanmina by 5.0% in the 3rd quarter. FMR LLC now owns 1,715,767 shares of the electronics maker’s stock valued at $117,444,000 after buying an additional 82,409 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Sanmina by 4.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,341 shares of the electronics maker’s stock valued at $845,000 after buying an additional 541 shares during the period. Captrust Financial Advisors raised its position in Sanmina by 19.7% during the 3rd quarter. Captrust Financial Advisors now owns 7,689 shares of the electronics maker’s stock worth $526,000 after buying an additional 1,268 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new stake in shares of Sanmina in the 3rd quarter worth $425,000. 92.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Sanmina

In related news, Director Eugene A. Delaney sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $83.50, for a total value of $835,000.00. Following the completion of the transaction, the director now directly owns 77,120 shares of the company’s stock, valued at $6,439,520. This trade represents a 11.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mario M. Rosati sold 11,391 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $86.02, for a total value of $979,853.82. Following the sale, the director now owns 80,295 shares in the company, valued at approximately $6,906,975.90. The trade was a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,405 shares of company stock valued at $2,821,682. Corporate insiders own 3.22% of the company’s stock.

Wall Street Analyst Weigh In

SANM has been the topic of a number of recent analyst reports. Bank of America upgraded shares of Sanmina from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $58.00 to $92.00 in a research note on Wednesday, January 29th. StockNews.com cut Sanmina from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th.

Sanmina Stock Performance

Shares of SANM opened at $76.04 on Wednesday. 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 Co. has a 52-week low of $57.52 and a 52-week high of $91.12. The company has a 50-day simple moving average of $81.69 and a 200-day simple moving average of $77.18. The company has a market capitalization of $4.13 billion, a PE ratio of 18.59, a P/E/G ratio of 1.29 and a beta of 0.85.

Sanmina declared that its Board of Directors has initiated a share repurchase program on Monday, January 27th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the electronics maker to buy up to 7.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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.