Sanmina Corp. (NASDAQ:SANM) shares dropped 16% on Tuesday . The stock traded as low as $23.50 and last traded at $24.47, with a volume of 2,467,692 shares traded. The stock had previously closed at $29.14.

SANM has been the topic of a number of analyst reports. B. Riley restated a “buy” rating and set a $29.00 target price on shares of Sanmina Corp. in a research note on Monday, May 23rd. Zacks Investment Research cut shares of Sanmina Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, March 30th. RBC Capital Markets restated an “in-line” rating on shares of Sanmina Corp. in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and set a $32.00 target price (up previously from $27.00) on shares of Sanmina Corp. in a research note on Tuesday, May 31st. Finally, Royal Bank Of Canada lifted their target price on shares of Sanmina Corp. from $22.00 to $25.00 and gave the company a “sector perform” rating in a research note on Tuesday, April 26th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $26.88.

The company has a market cap of $1.82 billion and a P/E ratio of 5.10. The stock’s 50 day moving average price is $27.65 and its 200 day moving average price is $23.35.

Sanmina Corp. (NASDAQ:SANM) last announced its quarterly earnings results on Monday, July 25th. The company reported $0.63 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.63. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the business earned $0.53 earnings per share. Sanmina Corp.’s revenue was up 8.5% on a year-over-year basis. Analysts predict that Sanmina Corp. will post $2.50 earnings per share for the current year.

In related news, Director John Goldsberry sold 11,047 shares of Sanmina Corp. stock in a transaction that occurred on Tuesday, May 3rd. The shares were sold at an average price of $24.04, for a total value of $265,569.88. Following the completion of the transaction, the director now owns 39,510 shares in the company, valued at $949,820.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Charles Kostalnick II sold 15,834 shares of Sanmina Corp. stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $25.24, for a total transaction of $399,650.16. Following the completion of the transaction, the executive vice president now owns 63,334 shares of the company’s stock, valued at approximately $1,598,550.16. The disclosure for this sale can be found here.

Other hedge funds and institutional investors have made changes to their positions in the company. New York State Common Retirement Fund boosted its position in shares of Sanmina Corp. by 1.6% in the fourth quarter. New York State Common Retirement Fund now owns 421,278 shares of the company’s stock worth $8,670,000 after buying an additional 6,500 shares during the period. Towle & Co. boosted its position in shares of Sanmina Corp. by 0.5% in the fourth quarter. Towle & Co. now owns 941,828 shares of the company’s stock worth $19,383,000 after buying an additional 4,324 shares during the period. Cornerstone Capital Management Holdings LLC. boosted its position in shares of Sanmina Corp. by 11.2% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 297,634 shares of the company’s stock worth $6,125,000 after buying an additional 30,084 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Sanmina Corp. by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,830,810 shares of the company’s stock worth $140,579,000 after buying an additional 67,813 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of Sanmina Corp. by 1.9% in the fourth quarter. Principal Financial Group Inc. now owns 534,121 shares of the company’s stock worth $10,992,000 after buying an additional 9,971 shares during the period.

Sanmina Corporation is a provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides these offerings primarily to original equipment manufacturers (OEMs), in the communications networks, computing and storage, multimedia, industrial and semiconductor capital equipment, defense and aerospace, medical, clean technology (CleanTech) and automotive industries.

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