Avantax Advisory Services Inc. Trims Stock Holdings 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. cut its position in Sanmina Corporation (NASDAQ:SANM - Free Report) by 19.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SANM. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Sanmina during the 4th quarter valued at approximately $90,000. CWM LLC raised its stake in Sanmina by 26.1% during the 1st quarter. CWM LLC now owns 1,466 shares of the electronics maker's stock valued at $112,000 after acquiring an additional 303 shares during the last quarter. Sterling Capital Management LLC raised its stake in Sanmina by 843.2% during the 4th quarter. Sterling Capital Management LLC now owns 1,726 shares of the electronics maker's stock valued at $131,000 after acquiring an additional 1,543 shares during the last quarter. GAMMA Investing LLC raised its stake in Sanmina by 34.1% during the 1st quarter. GAMMA Investing LLC now owns 1,720 shares of the electronics maker's stock valued at $131,000 after acquiring an additional 437 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Sanmina by 15.5% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,542 shares of the electronics maker's stock valued at $194,000 after acquiring an additional 342 shares during the last quarter. Hedge funds and other institutional investors own 92.71% of the company's stock.

Sanmina Price Performance

Shares of SANM traded down $5.08 on Friday, reaching $110.96. The stock had a trading volume of 1,826,938 shares, compared to its average volume of 801,562. The firm has a market capitalization of $5.91 billion, a PE ratio of 23.76, a PEG ratio of 1.72 and a beta of 1.14. The company has a quick ratio of 1.22, a current ratio of 1.91 and a debt-to-equity ratio of 0.12. The firm has a 50-day moving average of $96.28 and a 200 day moving average of $85.80. Sanmina Corporation has a twelve month low of $61.52 and a twelve month high of $121.70.

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

Analyst Upgrades and Downgrades

Several research firms have commented on SANM. Wall Street Zen raised Sanmina from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Bank of America increased their target price on Sanmina from $100.00 to $120.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th.

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.