Picton Mahoney Asset Management Has $433,000 Stock Holdings in Sanmina Corporation (NASDAQ:SANM)

Key Points

• Picton Mahoney Asset Management significantly increased its stake in Sanmina Corporation by over 33,358.8% during the first quarter, now holding 5,688 shares valued at approximately $433,000.
• Sanmina reported a better-than-expected quarterly earnings of $1.53 per share, beating the consensus estimate of $1.42, with revenues of $2.04 billion for the quarter.
• Analysts have raised their price targets for Sanmina, with Bank of America increasing its target from $100.00 to $120.00 and reaffirming a "neutral" rating.

Picton Mahoney Asset Management grew its holdings in Sanmina Corporation (NASDAQ:SANM - Free Report) by 33,358.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,688 shares of the electronics maker's stock after acquiring an additional 5,671 shares during the quarter. Picton Mahoney Asset Management's holdings in Sanmina were worth $433,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of SANM. Commonwealth Equity Services LLC boosted its position in shares of Sanmina by 1.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 11,429 shares of the electronics maker's stock valued at $865,000 after acquiring an additional 204 shares during the period. LPL Financial LLC boosted its position in shares of Sanmina by 17.9% in the fourth quarter. LPL Financial LLC now owns 17,157 shares of the electronics maker's stock valued at $1,298,000 after acquiring an additional 2,607 shares during the period. JPMorgan Chase & Co. boosted its position 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 acquiring an additional 165,285 shares during the period. Norges Bank bought a new stake in shares of Sanmina in the fourth quarter valued at approximately $48,823,000. Finally, 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 valued at $615,000 after acquiring an additional 1,122 shares during the period. 92.71% of the stock is owned by institutional investors.

Sanmina Stock Performance

SANM stock traded down $5.08 during midday trading on Friday, hitting $110.96. The stock had a trading volume of 1,826,938 shares, compared to its average volume of 494,567. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of 23.76, a P/E/G ratio of 1.78 and a beta of 1.17. Sanmina Corporation has a 52 week low of $61.52 and a 52 week high of $121.70. The stock has a 50-day simple moving average of $95.74 and a 200 day simple moving average of $85.59. The company has a current ratio of 1.91, a quick ratio of 1.22 and a debt-to-equity ratio of 0.12.

Sanmina (NASDAQ:SANM - Get Free Report) last issued its earnings results on Monday, July 28th. The electronics maker reported $1.53 EPS for the quarter, topping the consensus estimate of $1.42 by $0.11. Sanmina had a return on equity of 11.30% and a net margin of 3.22%. The firm had revenue of $2.04 billion during the quarter, compared to analysts' expectations of $1.98 billion. During the same period last year, the business earned $1.25 earnings per share. Sanmina's quarterly revenue was up 10.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Sanmina Corporation will post 5.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SANM shares. 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 raised their target price on Sanmina from $100.00 to $120.00 and gave the stock a "neutral" rating in a research report 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.