Shelton Capital Management Invests $281,000 in Sanmina Corporation (SANM) Stock
Shelton Capital Management purchased a new position in Sanmina Corporation (NASDAQ:SANM) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 7,381 shares of the electronics maker’s stock, valued at approximately $281,000.
A number of other institutional investors and hedge funds also recently modified their holdings of SANM. BlackRock Inc. increased its stake in Sanmina Corporation by 20,899.1% in the 1st quarter. BlackRock Inc. now owns 11,067,786 shares of the electronics maker’s stock worth $449,352,000 after purchasing an additional 11,015,080 shares in the last quarter. Ardevora Asset Management LLP acquired a new stake in Sanmina Corporation during the 2nd quarter worth about $36,256,000. Vanguard Group Inc. boosted its position in Sanmina Corporation by 8.2% during the 1st quarter. Vanguard Group Inc. now owns 7,218,202 shares of the electronics maker’s stock worth $293,059,000 after acquiring an additional 548,729 shares during the period. Bank of America Corp DE boosted its position in Sanmina Corporation by 98.2% during the 1st quarter. Bank of America Corp DE now owns 758,708 shares of the electronics maker’s stock worth $30,804,000 after acquiring an additional 375,871 shares during the period. Finally, Victory Capital Management Inc. boosted its position in Sanmina Corporation by 281.3% during the 2nd quarter. Victory Capital Management Inc. now owns 381,105 shares of the electronics maker’s stock worth $14,520,000 after acquiring an additional 281,166 shares during the period. 92.71% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Robert K. Eulau sold 10,000 shares of Sanmina Corporation stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $37.21, for a total value of $372,100.00. Following the transaction, the vice president now owns 180,000 shares in the company, valued at approximately $6,697,800. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 4.96% of the stock is owned by company insiders.
A number of brokerages have commented on SANM. Needham & Company LLC restated a “buy” rating and set a $45.00 price objective on shares of Sanmina Corporation in a research report on Tuesday, July 25th. ValuEngine upgraded Sanmina Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Zacks Investment Research upgraded Sanmina Corporation from a “sell” rating to a “hold” rating in a report on Friday, September 8th. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $40.00 price target on shares of Sanmina Corporation in a report on Friday, September 1st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $43.25.
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Shares of Sanmina Corporation (NASDAQ SANM) opened at 38.50 on Monday. The company has a market capitalization of $2.90 billion, a PE ratio of 14.06 and a beta of 0.79. The stock’s 50 day moving average price is $37.43 and its 200-day moving average price is $37.77. Sanmina Corporation has a 52-week low of $26.95 and a 52-week high of $42.95.
Sanmina Corporation (NASDAQ:SANM) last released its quarterly earnings results on Monday, July 24th. The electronics maker reported $0.74 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.01). The firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.74 billion. Sanmina Corporation had a return on equity of 12.35% and a net margin of 3.15%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.63 earnings per share. On average, analysts expect that Sanmina Corporation will post $3.01 earnings per share for the current year.
Sanmina Corporation announced that its board has authorized a stock buyback plan on Monday, September 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the electronics maker to reacquire up to 77% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
Sanmina Corporation Profile
Sanmina Corporation is a provider of integrated manufacturing solutions, components, products and repair, logistics and after-market services. The Company provides its offerings primarily to original equipment manufacturers (OEMs) in various industries, including communications networks, storage, industrial, defense and aerospace, medical and energy.
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