Sanmina Corporation $SANM Shares Sold by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors reduced its Sanmina stake by 3.8% in the third quarter, selling 13,200 shares and retaining 334,200 shares worth approximately $71.8 million. Sanmina remains 2.6% of the fund’s holdings and its second-largest position.
• Institutional ownership is substantial at 92.71%, with BlackRock, Bank of America, Alyeska Investment Group, Bank of New York Mellon, and Connor Clark & Lunn among firms recently acquiring or increasing positions.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an average price target of $198.33. Sanmina opened at $165.57, compared with a 12-month range of $118.10 to $288.68.

Hennessy Advisors Inc. reduced its stake in shares of Sanmina Corporation (NASDAQ:SANM - Free Report) by 3.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 334,200 shares of the electronics maker's stock after selling 13,200 shares during the quarter. Sanmina makes up 2.6% of Hennessy Advisors Inc.'s holdings, making the stock its 2nd largest position. Hennessy Advisors Inc. owned 0.62% of Sanmina worth $71,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in SANM. BlackRock Inc. purchased a new stake in shares of Sanmina during the second quarter valued at about $1,390,702,000. Bank of America Corp DE acquired a new stake in Sanmina in the second quarter valued at approximately $189,012,000. Alyeska Investment Group L.P. boosted its stake in Sanmina by 365.4% in the second quarter. Alyeska Investment Group L.P. now owns 504,067 shares of the electronics maker's stock valued at $127,569,000 after acquiring an additional 395,764 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Sanmina in the second quarter valued at approximately $87,522,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Sanmina in the second quarter worth $71,410,000. Institutional investors own 92.71% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on SANM shares. Zacks Research lowered shares of Sanmina from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 28th. Weiss Ratings cut Sanmina from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, September 18th. Wall Street Zen upgraded shares of Sanmina from a "buy" rating to a "strong-buy" rating in a research report on Sunday, October 11th. Finally, JPMorgan Chase & Co. reduced their price objective on Sanmina from $275.00 to $260.00 and set a "neutral" rating for the company in a research note on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $198.33.

Sanmina Price Performance

SANM stock opened at $165.57 on Monday. The company has a current ratio of 1.78, a quick ratio of 1.06 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $8.87 billion, a PE ratio of 29.62, a P/E/G ratio of 0.46 and a beta of 1.72. Sanmina Corporation has a 12-month low of $118.10 and a 12-month high of $288.68. The business's fifty day moving average price is $197.96 and its 200 day moving average price is $191.36.

Sanmina Profile

Sanmina Corporation is an electronics manufacturing services and integrated manufacturing solutions provider headquartered in San Jose, California. The company works with original equipment manufacturers to design, engineer, manufacture, assemble, test, and distribute complex electronic and mechanical products.

Its capabilities include printed circuit board assembly, backplanes, cable and wire harnesses, enclosures, precision machining, optical and radio-frequency components, and complete systems integration.

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