Ameriprise Financial Inc. Cuts Stock Position in Sanmina Co. (NASDAQ:SANM)

Ameriprise Financial Inc. lowered its position in shares of Sanmina Co. (NASDAQ:SANM - Free Report) by 5.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 170,186 shares of the electronics maker's stock after selling 10,085 shares during the quarter. Ameriprise Financial Inc. owned 0.31% of Sanmina worth $12,878,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Barclays PLC grew its stake in shares of Sanmina by 296.3% during the 3rd quarter. Barclays PLC now owns 92,863 shares of the electronics maker's stock valued at $6,358,000 after buying an additional 69,431 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Sanmina by 32.4% in the fourth quarter. JPMorgan Chase & Co. now owns 675,191 shares of the electronics maker's stock valued at $51,092,000 after purchasing an additional 165,285 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Sanmina by 6.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,200 shares of the electronics maker's stock worth $166,000 after buying an additional 125 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Sanmina in the 4th quarter worth approximately $2,644,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Sanmina by 9.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 106,247 shares of the electronics maker's stock worth $8,018,000 after acquiring an additional 8,962 shares in the last quarter. Hedge funds and other institutional investors own 92.71% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on SANM shares. Wall Street Zen downgraded shares of Sanmina from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 6th. Bank of America raised 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.

Sanmina Price Performance

Shares of SANM stock traded up $2.34 during trading hours on Thursday, reaching $84.45. The company's stock had a trading volume of 600,587 shares, compared to its average volume of 396,716. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 20.65, a PEG ratio of 1.29 and a beta of 1.10. The company has a quick ratio of 1.30, a current ratio of 2.06 and a debt-to-equity ratio of 0.12. The firm's 50 day simple moving average is $77.79 and its 200-day simple moving average is $79.58. Sanmina Co. has a fifty-two week low of $61.52 and a fifty-two week high of $91.12.

Sanmina (NASDAQ:SANM - Get Free Report) last announced its earnings results on Monday, April 28th. The electronics maker reported $1.41 EPS for the quarter, beating the consensus estimate of $1.38 by $0.03. The company had revenue of $1.98 billion for the quarter, compared to analyst estimates of $1.97 billion. Sanmina had a return on equity of 10.61% and a net margin of 2.99%. The firm's revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.30 EPS. Sell-side analysts forecast that Sanmina Co. will post 5.15 earnings per share for the current year.

Sanmina announced that its board has authorized a stock repurchase program on Monday, January 27th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the electronics maker to reacquire up to 7.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other Sanmina news, Director Mario M. Rosati sold 11,391 shares of Sanmina 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 completion of the sale, the director now owns 80,295 shares of the company's stock, valued at $6,906,975.90. The trade was a 12.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.22% of the stock is owned by insiders.

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.