Corebridge Financial Inc. Cuts Stock Position in Sanmina Co. (NASDAQ:SANM)

Corebridge Financial Inc. decreased its holdings in Sanmina Co. (NASDAQ:SANM) by 7.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 28,634 shares of the electronics maker’s stock after selling 2,235 shares during the quarter. Corebridge Financial Inc. owned 0.05% of Sanmina worth $2,167,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Citigroup Inc. boosted its position in Sanmina by 64.6% in the 3rd quarter. Citigroup Inc. now owns 73,938 shares of the electronics maker’s stock valued at $5,061,000 after buying an additional 29,028 shares during the period. FMR LLC grew its stake in Sanmina by 5.0% during the 3rd quarter. FMR LLC now owns 1,715,767 shares of the electronics maker’s stock worth $117,444,000 after purchasing an additional 82,409 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Sanmina by 4.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,341 shares of the electronics maker’s stock worth $845,000 after purchasing an additional 541 shares during the period. Captrust Financial Advisors raised its position in Sanmina by 19.7% in the 3rd quarter. Captrust Financial Advisors now owns 7,689 shares of the electronics maker’s stock valued at $526,000 after purchasing an additional 1,268 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new position in shares of Sanmina in the 3rd quarter valued at about $425,000. Institutional investors and hedge funds own 92.71% of the company’s stock.

Analyst Ratings Changes

SANM has been the topic of several analyst reports. StockNews.com cut shares of Sanmina from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Bank of America raised shares of Sanmina from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $58.00 to $92.00 in a research report on Wednesday, January 29th.

Insiders Place Their Bets

In other Sanmina news, Director Eugene A. Delaney sold 11,712 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The stock was 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 of the company’s stock, valued at approximately $5,495,580.16. This trade represents a 15.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mario M. Rosati sold 11,391 shares of Sanmina stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $86.02, for a total value of $979,853.82. Following the sale, the director now owns 80,295 shares in the company, valued at $6,906,975.90. This trade represents a 12.42 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,405 shares of company stock valued at $2,821,682. 3.22% of the stock is owned by corporate insiders.

Sanmina Price Performance

SANM stock opened at $76.04 on Wednesday. The business has a 50 day moving average price of $81.69 and a 200 day moving average price of $77.18. The company has a quick ratio of 1.30, a current ratio of 2.06 and a debt-to-equity ratio of 0.12. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 1.29 and a beta of 0.85. Sanmina Co. has a fifty-two week low of $57.52 and a fifty-two week high of $91.12.

Sanmina declared that its Board of Directors has approved a share repurchase plan 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

About Sanmina

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.