Bank of New York Mellon Corp Has $37.90 Million Holdings in Sanmina Co. (NASDAQ:SANM)

Posted by Defense World Staff on Aug 24th, 2023

Bank of New York Mellon Corp cut its stake in Sanmina Co. (NASDAQ:SANM – Free Report) by 2.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 621,420 shares of the electronics maker’s stock after selling 15,540 shares during the period. Bank of New York Mellon Corp owned approximately 1.06% of Sanmina worth $37,900,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SANM. Citigroup Inc. boosted its stake in Sanmina by 3.2% in the 1st quarter. Citigroup Inc. now owns 66,456 shares of the electronics maker’s stock worth $2,686,000 after purchasing an additional 2,060 shares during the period. MetLife Investment Management LLC boosted its stake in shares of Sanmina by 43.6% during the 1st quarter. MetLife Investment Management LLC now owns 32,196 shares of the electronics maker’s stock worth $1,301,000 after buying an additional 9,768 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Sanmina by 12.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 54,791 shares of the electronics maker’s stock worth $2,215,000 after buying an additional 6,135 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Sanmina by 2.2% during the 1st quarter. Great West Life Assurance Co. Can now owns 56,784 shares of the electronics maker’s stock worth $2,356,000 after buying an additional 1,216 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its stake in shares of Sanmina by 8.6% during the 1st quarter. Allianz Asset Management GmbH now owns 200,520 shares of the electronics maker’s stock worth $8,105,000 after buying an additional 15,959 shares during the last quarter. 93.55% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Jure Sola sold 129,762 shares of the company’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $54.20, for a total value of $7,033,100.40. Following the sale, the chief executive officer now directly owns 1,038,144 shares of the company’s stock, valued at approximately $56,267,404.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Sanmina news, Director Eugene A. Delaney sold 1,366 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $55.19, for a total value of $75,389.54. Following the transaction, the director now directly owns 97,867 shares of the company’s stock, valued at approximately $5,401,279.73. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jure Sola sold 129,762 shares of the stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $54.20, for a total transaction of $7,033,100.40. Following the completion of the transaction, the chief executive officer now directly owns 1,038,144 shares in the company, valued at $56,267,404.80. The disclosure for this sale can be found here. 3.03% of the stock is owned by insiders.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on shares of Sanmina in a research note on Thursday, August 17th. They set a “buy” rating for the company.

Check Out Our Latest Analysis on SANM

Sanmina Trading Up 0.7 %

Sanmina stock opened at $55.66 on Thursday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.83 and a quick ratio of 1.14. The firm has a 50-day moving average of $58.18 and a 200-day moving average of $57.26. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 10.77 and a beta of 1.19. Sanmina Co. has a one year low of $44.29 and a one year high of $69.28.

Sanmina (NASDAQ:SANM – Get Free Report) last issued its earnings results on Monday, July 31st. The electronics maker reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.53 by $0.02. The company had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Sanmina had a net margin of 3.40% and a return on equity of 15.77%. Sanmina’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.17 EPS.

Sanmina declared that its board has authorized a stock buyback plan on Thursday, May 11th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the electronics maker to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

About Sanmina

(Free Report)

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.