Empower Advisory Group LLC Sells 242,864 Shares of Sanmina Corporation (NASDAQ:SANM)

Key Points

• Empower Advisory Group LLC has significantly reduced its stake in Sanmina Corporation, trimming its holdings by 90.9% to 24,199 shares, valued at approximately $1.84 million.
• Despite this reduction, institutional investors still hold 92.71% of Sanmina's stock, with FMR LLC increasing its stake by 14.2% in the last quarter.
• Sanmina reported a quarterly earnings per share of $1.53, surpassing estimates, with revenue of $2.04 billion, reflecting a 10.9% increase compared to the same period last year.

Empower Advisory Group LLC cut its stake in shares of Sanmina Corporation (NASDAQ:SANM - Free Report) by 90.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,199 shares of the electronics maker's stock after selling 242,864 shares during the period. Empower Advisory Group LLC's holdings in Sanmina were worth $1,844,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in SANM. Meeder Asset Management Inc. acquired a new stake in Sanmina during the first quarter worth approximately $90,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Sanmina in the fourth quarter valued at $90,000. CWM LLC raised its position in shares of Sanmina by 26.1% during the first quarter. CWM LLC now owns 1,466 shares of the electronics maker's stock worth $112,000 after acquiring an additional 303 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Sanmina by 34.1% in the 1st quarter. GAMMA Investing LLC now owns 1,720 shares of the electronics maker's stock worth $131,000 after purchasing an additional 437 shares during the period. Finally, Sterling Capital Management LLC increased its position in shares of Sanmina by 843.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,726 shares of the electronics maker's stock worth $131,000 after buying an additional 1,543 shares during the period. Institutional investors own 92.71% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on SANM. Wall Street Zen upgraded shares of Sanmina from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Bank of America lifted their price target on shares of Sanmina from $100.00 to $120.00 and gave the company a "neutral" rating in a research note on Friday, July 11th.

Sanmina Stock Up 0.4%

Shares of NASDAQ SANM traded up $0.46 during midday trading on Wednesday, hitting $117.51. 607,380 shares of the stock traded hands, compared to its average volume of 950,343. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.91. Sanmina Corporation has a one year low of $62.76 and a one year high of $121.70. The business has a 50 day moving average price of $97.54 and a two-hundred day moving average price of $86.29. The company has a market cap of $6.26 billion, a PE ratio of 25.16, a P/E/G ratio of 1.73 and a beta of 1.14.

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

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.