IndexIQ Advisors LLC Sells 8,924 Shares of Sanmina Corp (NASDAQ:SANM)
IndexIQ Advisors LLC lowered its stake in shares of Sanmina Corp (NASDAQ:SANM) by 24.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 28,115 shares of the electronics maker’s stock after selling 8,924 shares during the quarter. IndexIQ Advisors LLC’s holdings in Sanmina were worth $963,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of SANM. First Trust Advisors LP bought a new stake in Sanmina during the 1st quarter worth about $405,000. BlackRock Inc. grew its holdings in Sanmina by 4.4% during the 2nd quarter. BlackRock Inc. now owns 11,043,399 shares of the electronics maker’s stock worth $334,393,000 after acquiring an additional 467,702 shares during the last quarter. Pacer Advisors Inc. bought a new stake in Sanmina during the 3rd quarter worth about $526,000. Meeder Asset Management Inc. grew its holdings in Sanmina by 23.6% during the 3rd quarter. Meeder Asset Management Inc. now owns 10,950 shares of the electronics maker’s stock worth $352,000 after acquiring an additional 2,089 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Sanmina by 10.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 42,825 shares of the electronics maker’s stock worth $1,375,000 after acquiring an additional 3,916 shares during the last quarter. 92.18% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have issued reports on SANM. Zacks Investment Research upgraded shares of Sanmina from a “hold” rating to a “strong-buy” rating and set a $38.00 target price on the stock in a research report on Thursday, January 30th. Citigroup upped their target price on shares of Sanmina from $33.00 to $35.00 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. BidaskClub downgraded shares of Sanmina from a “hold” rating to a “sell” rating in a research report on Saturday, February 1st. Finally, TheStreet downgraded shares of Sanmina from a “b” rating to a “c+” rating in a research report on Monday, October 28th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a strong buy rating to the company’s stock. Sanmina presently has an average rating of “Hold” and a consensus price target of $36.50.
Sanmina (NASDAQ:SANM) last released its earnings results on Monday, January 27th. The electronics maker reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.24. Sanmina had a net margin of 1.80% and a return on equity of 13.53%. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the prior year, the company posted $0.83 EPS. The company’s revenue was down 15.9% compared to the same quarter last year. Research analysts forecast that Sanmina Corp will post 2.94 EPS for the current year.
In related news, VP Dennis Young sold 30,933 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $32.35, for a total value of $1,000,682.55. Following the sale, the vice president now directly owns 27,157 shares in the company, valued at approximately $878,528.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alan Mcwilliams Reid sold 8,503 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $32.26, for a total transaction of $274,306.78. Following the completion of the sale, the executive vice president now owns 37,195 shares in the company, valued at $1,199,910.70. The disclosure for this sale can be found here. Corporate insiders own 3.73% of the company’s stock.
Sanmina Company Profile
Sanmina Corporation provides integrated manufacturing solutions, components, products and repair, logistics, and after-market services worldwide. It operates in two segments, Integrated Manufacturing Solutions; and Components, Products and Services. The company offers product design and engineering, including concept development, detailed design, prototyping, validation, preproduction, and manufacturing design release; manufacturing solutions of components, subassemblies, and complete systems; final system assembly and test services; direct order fulfillment and logistics services; after-market product service and support; and supply chain management services.
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