Short Interest in Sanmina Corp (SANM) Decreases By 41.6%
Sanmina Corp (NASDAQ:SANM) was the recipient of a large decline in short interest in December. As of December 29th, there was short interest totalling 623,326 shares, a decline of 41.6% from the December 15th total of 1,068,052 shares. Approximately 0.9% of the company’s stock are short sold. Based on an average trading volume of 763,068 shares, the days-to-cover ratio is currently 0.8 days.
A number of institutional investors have recently modified their holdings of SANM. Royce & Associates LP increased its stake in shares of Sanmina by 55.5% in the third quarter. Royce & Associates LP now owns 781,567 shares of the electronics maker’s stock worth $29,035,000 after acquiring an additional 278,944 shares during the period. WINTON GROUP Ltd acquired a new stake in shares of Sanmina in the third quarter worth $4,928,000. Balyasny Asset Management LLC increased its stake in shares of Sanmina by 930.0% in the second quarter. Balyasny Asset Management LLC now owns 110,000 shares of the electronics maker’s stock worth $4,191,000 after acquiring an additional 99,320 shares during the period. DekaBank Deutsche Girozentrale increased its stake in shares of Sanmina by 516.4% in the third quarter. DekaBank Deutsche Girozentrale now owns 111,642 shares of the electronics maker’s stock worth $4,064,000 after acquiring an additional 93,531 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Sanmina by 14.7% in the second quarter. Wells Fargo & Company MN now owns 609,566 shares of the electronics maker’s stock worth $23,224,000 after acquiring an additional 78,005 shares during the period. Institutional investors and hedge funds own 92.53% of the company’s stock.
SANM has been the subject of several recent analyst reports. Zacks Investment Research lowered shares of Sanmina from a “hold” rating to a “strong sell” rating in a research note on Friday, November 3rd. Craig Hallum upgraded shares of Sanmina from a “hold” rating to a “buy” rating in a research note on Monday, December 18th. BidaskClub lowered shares of Sanmina from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 2nd. Bank of America lowered shares of Sanmina from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 31st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $45.00 price objective on shares of Sanmina in a research note on Wednesday, October 4th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $44.33.
Sanmina (NASDAQ:SANM) last issued its quarterly earnings results on Monday, October 30th. The electronics maker reported $0.64 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.12). Sanmina had a net margin of 2.02% and a return on equity of 12.27%. The company had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.75 billion. During the same quarter in the previous year, the company posted $0.72 EPS. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. equities research analysts expect that Sanmina will post 3 earnings per share for the current fiscal year.
Sanmina declared that its Board of Directors has initiated a share buyback plan on Monday, September 18th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the electronics maker to buy up to 77% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
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Sanmina Company 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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