Cibc World Markets Corp Takes Position in Sanmina Co. (NASDAQ:SANM)

Cibc World Markets Corp purchased a new position in Sanmina Co. (NASDAQ:SANM) in the fourth quarter, HoldingsChannel reports. The fund purchased 5,026 shares of the electronics maker’s stock, valued at approximately $380,000.

Other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its holdings in Sanmina by 255.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 509,906 shares of the electronics maker’s stock worth $34,903,000 after acquiring an additional 366,653 shares in the last quarter. Weiss Asset Management LP lifted its position in shares of Sanmina by 590.7% during 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 during the last quarter. Assenagon Asset Management S.A. grew its stake in 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. FMR LLC increased its holdings in Sanmina by 5.0% in the third 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. Finally, Allianz Asset Management GmbH raised its stake in Sanmina by 13.8% during the fourth quarter. Allianz Asset Management GmbH now owns 663,923 shares of the electronics maker’s stock valued at $50,239,000 after buying an additional 80,574 shares in the last quarter. 92.71% of the stock is owned by institutional investors and hedge funds.

Sanmina Stock Performance

Shares of SANM stock opened at $78.31 on Monday. The company has a market cap of $4.25 billion, a P/E ratio of 19.15, a PEG ratio of 1.29 and a beta of 0.85. The business has a 50 day moving average of $82.34 and a two-hundred day moving average of $76.56. Sanmina Co. has a 52 week low of $57.52 and a 52 week high of $91.12. 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 has authorized a share buyback plan on Monday, January 27th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the electronics maker to reacquire up to 7.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Bank of America upgraded Sanmina from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $58.00 to $92.00 in a research report on Wednesday, January 29th. StockNews.com lowered shares of Sanmina from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th.

Insider Buying and Selling

In related news, Director Mario M. Rosati sold 11,391 shares of the stock in a transaction dated Friday, February 21st. The shares were 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 of the company’s stock, valued at $6,906,975.90. This trade represents a 12.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eugene A. Delaney sold 11,712 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $84.02, for a total transaction of $984,042.24. Following the transaction, the director now directly owns 65,408 shares of the company’s stock, valued at $5,495,580.16. The trade was a 15.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,405 shares of company stock valued at $2,821,682. Insiders own 3.22% of the company’s stock.

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.