Short Interest in Sanmina Corp (SANM) Decreases By 41.6%
Sanmina Corp (NASDAQ:SANM) was the recipient of a significant decrease in short interest in the month of December. As of December 29th, there was short interest totalling 623,326 shares, a decrease of 41.6% from the December 15th total of 1,068,052 shares. Based on an average trading volume of 763,068 shares, the days-to-cover ratio is presently 0.8 days. Approximately 0.9% of the shares of the company are short sold.
Shares of Sanmina (SANM) opened at $34.35 on Monday. Sanmina has a twelve month low of $29.95 and a twelve month high of $42.95. The stock has a market cap of $2,473.92, a price-to-earnings ratio of 19.19, a P/E/G ratio of 0.96 and a beta of 0.79. The company has a current ratio of 1.62, a quick ratio of 0.97 and a debt-to-equity ratio of 0.24.
Sanmina (NASDAQ:SANM) last announced 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 return on equity of 12.27% and a net margin of 2.02%. The firm had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.75 billion. During the same period last year, the company posted $0.72 earnings per share. The business’s quarterly revenue was up 5.4% on a year-over-year basis. analysts anticipate that Sanmina will post 3 EPS for the current fiscal year.
Sanmina announced that its Board of Directors has initiated a share buyback program on Monday, September 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the electronics maker to repurchase up to 77% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Riverhead Capital Management LLC boosted its holdings in Sanmina by 70.7% during the second quarter. Riverhead Capital Management LLC now owns 3,927 shares of the electronics maker’s stock worth $150,000 after buying an additional 1,627 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Sanmina during the second quarter worth $212,000. ETRADE Capital Management LLC purchased a new position in Sanmina during the third quarter valued at $228,000. BlueCrest Capital Management Ltd purchased a new position in Sanmina during the second quarter valued at $229,000. Finally, Catalyst Capital Advisors LLC purchased a new position in Sanmina during the third quarter valued at $267,000. 92.53% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have recently weighed in on SANM. Zacks Investment Research upgraded shares of Sanmina from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. ValuEngine lowered shares of Sanmina from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 2nd. Argus lowered shares of Sanmina from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd. BidaskClub lowered shares of Sanmina from a “buy” rating to a “hold” rating in a research note on Tuesday, December 12th. Finally, Bank of America lowered shares of Sanmina from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 31st. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Sanmina presently has an average rating of “Hold” and an average target price of $44.33.
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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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