PNC Financial Services Group Inc. Increases Position in Sanmina Co. (NASDAQ:SANM)

PNC Financial Services Group Inc. boosted its holdings in Sanmina Co. (NASDAQ:SANM) by 24.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,000 shares of the electronics maker’s stock after purchasing an additional 1,164 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Sanmina were worth $454,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Wilmington Savings Fund Society FSB bought a new position in shares of Sanmina in the third quarter worth approximately $32,000. R Squared Ltd bought a new position in shares of Sanmina in the fourth quarter worth approximately $58,000. GAMMA Investing LLC lifted its stake in shares of Sanmina by 37.8% in the fourth quarter. GAMMA Investing LLC now owns 1,283 shares of the electronics maker’s stock worth $97,000 after buying an additional 352 shares in the last quarter. Principal Securities Inc. lifted its stake in shares of Sanmina by 13.6% in the fourth quarter. Principal Securities Inc. now owns 1,388 shares of the electronics maker’s stock worth $105,000 after buying an additional 166 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Sanmina by 283.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,428 shares of the electronics maker’s stock worth $108,000 after buying an additional 1,056 shares in the last quarter. Hedge funds and other institutional investors own 92.71% of the company’s stock.

Sanmina Stock Up 2.7 %

Shares of Sanmina stock opened at $78.25 on Thursday. The company has a market cap of $4.25 billion, a price-to-earnings ratio of 19.13, a price-to-earnings-growth ratio of 1.29 and a beta of 0.85. The company’s 50 day moving average is $82.30 and its 200 day moving average is $76.34. Sanmina Co. has a twelve month low of $57.52 and a twelve month high of $91.12. 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 declared that its board has authorized a stock buyback program on Monday, January 27th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the electronics maker to purchase up to 7.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity at Sanmina

In related news, Director Eugene A. Delaney sold 11,712 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $84.02, for a total transaction of $984,042.24. Following the transaction, the director now owns 65,408 shares in the company, valued at $5,495,580.16. This represents a 15.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mario M. Rosati sold 11,391 shares of the stock in a transaction that occurred 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 trade represents a 12.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,405 shares of company stock worth $2,821,682 over the last quarter. Company insiders own 3.22% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SANM. Bank of America upgraded shares of Sanmina from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $58.00 to $92.00 in a research note on Wednesday, January 29th. StockNews.com downgraded shares of Sanmina from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th.

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.