Phocas Financial Corp. Purchases 10,348 Shares of Sanmina Corporation (NASDAQ:SANM)

Key Points

• Phocas Financial Corp. increased its stake in Sanmina Corporation by 13.4% during the first quarter, raising its holdings to approximately $6.68 million with 87,649 shares owned.
• Sanmina reported earnings of $1.53 EPS for the latest quarter, beating expectations, and achieved revenue of $2.04 billion, reflecting a 10.9% year-over-year growth.
• Institutional investors now own 92.71% of Sanmina's stock, indicating strong institutional confidence in the company's performance.

Phocas Financial Corp. lifted its stake in Sanmina Corporation (NASDAQ:SANM - Free Report) by 13.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 87,649 shares of the electronics maker's stock after acquiring an additional 10,348 shares during the quarter. Phocas Financial Corp. owned approximately 0.16% of Sanmina worth $6,677,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in Sanmina by 15.7% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 14,029 shares of the electronics maker's stock worth $1,069,000 after buying an additional 1,907 shares during the last quarter. Foster & Motley Inc. acquired a new position in Sanmina during the first quarter worth $994,000. Natixis Advisors LLC increased its position in Sanmina by 8.9% during the first quarter. Natixis Advisors LLC now owns 17,322 shares of the electronics maker's stock worth $1,320,000 after buying an additional 1,414 shares during the last quarter. Bayforest Capital Ltd increased its position in Sanmina by 228.9% during the first quarter. Bayforest Capital Ltd now owns 3,457 shares of the electronics maker's stock worth $263,000 after buying an additional 2,406 shares during the last quarter. Finally, XTX Topco Ltd increased its position in Sanmina by 1.2% during the first quarter. XTX Topco Ltd now owns 11,886 shares of the electronics maker's stock worth $905,000 after buying an additional 140 shares during the last quarter. 92.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SANM has been the topic of several analyst reports. Bank of America increased their target price on shares of Sanmina from $100.00 to $120.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Wall Street Zen raised Sanmina from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th.

Sanmina Stock Performance

Shares of NASDAQ SANM traded down $1.00 during trading hours on Wednesday, hitting $116.06. 128,521 shares of the company's stock were exchanged, compared to its average volume of 499,747. Sanmina Corporation has a 1-year low of $62.76 and a 1-year high of $121.70. The stock has a market capitalization of $6.18 billion, a price-to-earnings ratio of 24.85, a PEG ratio of 1.73 and a beta of 1.14. The company's 50-day moving average price is $97.54 and its 200-day moving average price is $86.29. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.91 and a quick ratio of 1.21.

Sanmina (NASDAQ:SANM - Get Free Report) last released its 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. Sanmina had a return on equity of 11.30% and a net margin of 3.22%. The business had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $1.98 billion. During the same period last year, the business earned $1.25 earnings per share. The firm's revenue for the quarter was up 10.9% compared to the same quarter last year. On average, sell-side analysts expect that Sanmina Corporation will post 5.15 earnings per share for the current fiscal year.

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.