Norges Bank Invests $48.82 Million in Sanmina Co. (NASDAQ:SANM)

Norges Bank purchased a new stake in shares of Sanmina Co. (NASDAQ:SANM) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 645,213 shares of the electronics maker’s stock, valued at approximately $48,823,000. Norges Bank owned 1.19% of Sanmina at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in 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 in the last quarter. EntryPoint Capital LLC bought a new position in Sanmina in the fourth quarter worth about $223,000. Prudential Financial Inc. grew its holdings in shares of Sanmina by 28.7% during the fourth quarter. Prudential Financial Inc. now owns 143,033 shares of the electronics maker’s stock valued at $10,823,000 after purchasing an additional 31,900 shares during the last quarter. LPL Financial LLC raised its position in shares of Sanmina by 17.9% during the 4th quarter. LPL Financial LLC now owns 17,157 shares of the electronics maker’s stock worth $1,298,000 after purchasing an additional 2,607 shares during the period. Finally, Fox Run Management L.L.C. acquired a new position in Sanmina during the 4th quarter valued at approximately $424,000. Hedge funds and other institutional investors own 92.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. StockNews.com cut shares of Sanmina from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Bank of America raised Sanmina from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $58.00 to $92.00 in a report on Wednesday, January 29th.

Insider Transactions at Sanmina

In related news, Director Eugene A. Delaney sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $83.50, for a total transaction of $835,000.00. Following the transaction, the director now directly owns 77,120 shares of the company’s stock, valued at approximately $6,439,520. The trade was a 11.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Mario M. Rosati sold 11,391 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $86.02, for a total transaction of $979,853.82. Following the transaction, the director now owns 80,295 shares in the company, valued at approximately $6,906,975.90. This represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,405 shares of company stock valued at $2,821,682 over the last quarter. Company insiders own 3.22% of the company’s stock.

Sanmina Stock Down 2.7 %

Shares of Sanmina stock opened at $67.30 on Friday. The company has a quick ratio of 1.30, a current ratio of 2.06 and a debt-to-equity ratio of 0.12. Sanmina Co. has a 12-month low of $57.52 and a 12-month high of $91.12. The firm has a market capitalization of $3.66 billion, a PE ratio of 16.45, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85. The stock’s fifty day moving average is $80.94 and its 200-day moving average is $77.13.

Sanmina declared that its board has approved a share buyback plan on Monday, January 27th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the electronics maker to reacquire up to 7.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

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.