Avantax Advisory Services Inc. Has $1.49 Million Stake in Sanmina Corporation (NASDAQ:SANM)

Key Points

• Avantax Advisory Services Inc. has reduced its stake in Sanmina Corporation by 19.8%, owning 19,598 shares following the sale of 4,835 shares in the first quarter.
• Sanmina Corporation reported earnings of $1.53 EPS for the last quarter, exceeding analyst expectations of $1.42 EPS, with revenues reaching $2.04 billion.
• Brokerages have recently upgraded Sanmina's stock rating, with Bank of America raising its target price from $100.00 to $120.00 and changing its rating to "neutral".

Avantax Advisory Services Inc. trimmed its position in shares of Sanmina Corporation (NASDAQ:SANM - Free Report) by 19.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 19,598 shares of the electronics maker's stock after selling 4,835 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Sanmina were worth $1,493,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SANM. LPL Financial LLC boosted its position in Sanmina by 17.9% during the fourth quarter. LPL Financial LLC now owns 17,157 shares of the electronics maker's stock worth $1,298,000 after acquiring an additional 2,607 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Sanmina by 32.4% during the fourth quarter. JPMorgan Chase & Co. now owns 675,191 shares of the electronics maker's stock worth $51,092,000 after buying an additional 165,285 shares during the period. Norges Bank acquired a new position in shares of Sanmina during the 4th quarter valued at about $48,823,000. Pictet Asset Management Holding SA boosted its position in shares of Sanmina by 16.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 8,122 shares of the electronics maker's stock worth $615,000 after acquiring an additional 1,122 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Sanmina during the fourth quarter worth approximately $1,395,000. 92.71% of the stock is currently owned by hedge funds and other institutional investors.

Sanmina Price Performance

NASDAQ:SANM traded up $4.18 during trading hours on Monday, reaching $115.14. 183,414 shares of the company's stock were exchanged, compared to its average volume of 492,345. The business's 50-day simple moving average is $96.28 and its two-hundred day simple moving average is $85.84. The company has a quick ratio of 1.21, a current ratio of 1.91 and a debt-to-equity ratio of 0.12. Sanmina Corporation has a 12 month low of $61.52 and a 12 month high of $121.70. The company has a market capitalization of $6.13 billion, a P/E ratio of 24.65, a price-to-earnings-growth ratio of 1.64 and a beta of 1.14.

Sanmina (NASDAQ:SANM - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The electronics maker reported $1.53 earnings per share for the quarter, beating analysts' consensus estimates of $1.42 by $0.11. The business had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.98 billion. Sanmina had a return on equity of 11.30% and a net margin of 3.22%. Sanmina's revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 earnings per share. Sell-side analysts expect that Sanmina Corporation will post 5.15 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Wall Street Zen raised Sanmina from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Bank of America upped their price target on Sanmina from $100.00 to $120.00 and gave the company a "neutral" rating in a research report on Friday, July 11th.

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.