Norges Bank Purchases Shares of 645,213 Sanmina Co. (NASDAQ:SANM)

Norges Bank acquired a new stake in shares of Sanmina Co. (NASDAQ:SANM) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 645,213 shares of the electronics maker’s stock, valued at approximately $48,823,000.

Several other hedge funds and other institutional investors have also modified their holdings of SANM. Wilmington Savings Fund Society FSB bought a new position in Sanmina during the 3rd quarter valued at about $32,000. R Squared Ltd acquired a new position in shares of Sanmina in the 4th quarter worth approximately $58,000. GAMMA Investing LLC increased its holdings in Sanmina by 37.8% during 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 in the last quarter. Principal Securities Inc. raised its position in Sanmina by 13.6% in the 4th quarter. Principal Securities Inc. now owns 1,388 shares of the electronics maker’s stock valued at $105,000 after purchasing an additional 166 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in Sanmina by 283.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,428 shares of the electronics maker’s stock worth $108,000 after purchasing an additional 1,056 shares in the last quarter. Institutional investors own 92.71% of the company’s stock.

Analyst Ratings Changes

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

Insider Activity at Sanmina

In other news, Director Eugene A. Delaney sold 10,000 shares of the company’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 transaction of $835,000.00. Following the sale, the director now owns 77,120 shares in the company, valued at $6,439,520. This represents a 11.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Mario M. Rosati sold 11,391 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $86.02, for a total transaction of $979,853.82. Following the sale, the director now directly owns 80,295 shares in the company, valued at $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 quarter, insiders have sold 33,405 shares of company stock valued at $2,821,682. 3.22% of the stock is owned by insiders.

Sanmina Stock Down 2.7 %

Shares of Sanmina stock opened at $67.30 on Friday. Sanmina Co. has a 1 year low of $57.52 and a 1 year high of $91.12. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.06 and a quick ratio of 1.30. The company has a market capitalization of $3.66 billion, a P/E ratio of 16.45, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85. The business has a 50-day moving average of $80.94 and a two-hundred day moving average of $77.13.

Sanmina announced that its Board of Directors has initiated a stock repurchase plan on Monday, January 27th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the electronics maker to purchase up to 7.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

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.