C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Acquires Shares of 10,834 Sanmina Co. (NASDAQ:SANM)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought 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 SEC. The firm bought 10,834 shares of the electronics maker’s stock, valued at approximately $820,000.

Several other institutional investors and hedge funds have also modified their holdings of SANM. JPMorgan Chase & Co. grew its position in Sanmina by 255.9% in the third quarter. JPMorgan Chase & Co. now owns 509,906 shares of the electronics maker’s stock worth $34,903,000 after acquiring an additional 366,653 shares in the last quarter. Weiss Asset Management LP increased its position in Sanmina by 590.7% during the third quarter. Weiss Asset Management LP now owns 381,158 shares of the electronics maker’s stock worth $26,090,000 after buying an additional 325,974 shares during the last quarter. Global Alpha Capital Management Ltd. raised its holdings in Sanmina by 19.4% during the third quarter. Global Alpha Capital Management Ltd. now owns 922,391 shares of the electronics maker’s stock valued at $63,138,000 after buying an additional 149,600 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Sanmina by 88.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 264,829 shares of the electronics maker’s stock worth $20,040,000 after buying an additional 124,190 shares during the last quarter. Finally, Royce & Associates LP boosted its stake in shares of Sanmina by 36.7% during the 3rd quarter. Royce & Associates LP now owns 402,098 shares of the electronics maker’s stock worth $27,524,000 after acquiring an additional 107,906 shares in the last quarter. 92.71% of the stock is currently owned by hedge funds and other institutional investors.

Sanmina Trading Up 0.9 %

Sanmina stock opened at $89.35 on Friday. The business’s 50-day simple moving average is $80.76 and its 200-day simple moving average is $74.39. Sanmina Co. has a 52 week low of $57.52 and a 52 week high of $90.78. The firm has a market capitalization of $4.85 billion, a PE ratio of 21.85, a PEG ratio of 1.28 and a beta of 0.92. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.30 and a current ratio of 2.06.

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

Insiders Place Their Bets

In other Sanmina news, Director Eugene A. Delaney sold 10,000 shares of the firm’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $83.50, for a total value of $835,000.00. Following the sale, the director now directly owns 77,120 shares in the company, valued at $6,439,520. This trade represents a 11.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 3.22% of the company’s stock.

Wall Street Analyst Weigh In

SANM has been the topic of a number of recent analyst reports. StockNews.com downgraded Sanmina from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Bank of America raised shares of 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 research report on Wednesday, January 29th. Finally, Craig Hallum boosted their price objective on shares of Sanmina from $62.00 to $69.00 and gave the stock a “hold” rating in a research note on Tuesday, November 5th.

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.