Insider Selling: Sanmina Co. (NASDAQ:SANM) Director Sells $979,853.82 in Stock

Sanmina Co. (NASDAQ:SANM) Director Mario M. Rosati sold 11,391 shares of the stock in a transaction dated 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 represents a 12.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Sanmina Stock Up 0.6 %

SANM stock opened at $84.28 on Thursday. Sanmina Co. has a fifty-two week low of $57.52 and a fifty-two week high of $91.12. The company’s 50 day moving average price is $82.38 and its 200 day moving average price is $75.61. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.30 and a current ratio of 2.06. The firm has a market capitalization of $4.58 billion, a price-to-earnings ratio of 20.61, a PEG ratio of 1.29 and a beta of 0.92.

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SANM shares. Craig Hallum upped their target price on shares of Sanmina from $62.00 to $69.00 and gave the stock a “hold” rating in a research note on Tuesday, November 5th. StockNews.com lowered Sanmina from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Finally, Bank of America upgraded 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 research note on Wednesday, January 29th.

Institutional Investors Weigh In On Sanmina

Several institutional investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new position in Sanmina in the third quarter valued at $32,000. R Squared Ltd acquired a new position in shares of Sanmina during the 4th quarter worth about $58,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Sanmina in the 4th quarter valued at about $90,000. GAMMA Investing LLC raised its position in shares of Sanmina by 37.8% during the 4th quarter. GAMMA Investing LLC now owns 1,283 shares of the electronics maker’s stock worth $97,000 after acquiring an additional 352 shares in the last quarter. Finally, Principal Securities Inc. lifted its stake in Sanmina by 13.6% during the fourth quarter. Principal Securities Inc. now owns 1,388 shares of the electronics maker’s stock worth $105,000 after purchasing an additional 166 shares during the last quarter. 92.71% of the stock is owned by hedge funds and other institutional investors.

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.