Pictet Asset Management Holding SA Purchases 1,122 Shares of Sanmina Co. (NASDAQ:SANM)

Pictet Asset Management Holding SA raised its position in shares of Sanmina Co. (NASDAQ:SANM) by 16.0% in the fourth quarter, Holdings Channel reports. The fund owned 8,122 shares of the electronics maker’s stock after buying an additional 1,122 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Sanmina were worth $615,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank acquired a new position in Sanmina during the 4th quarter valued at $48,823,000. JPMorgan Chase & Co. raised its position in shares of Sanmina by 255.9% during the third quarter. JPMorgan Chase & Co. now owns 509,906 shares of the electronics maker’s stock valued at $34,903,000 after buying an additional 366,653 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Sanmina by 88.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 264,829 shares of the electronics maker’s stock valued at $20,040,000 after buying an additional 124,190 shares during the period. Allianz Asset Management GmbH increased its stake in Sanmina by 13.8% during the fourth quarter. Allianz Asset Management GmbH now owns 663,923 shares of the electronics maker’s stock valued at $50,239,000 after acquiring an additional 80,574 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Sanmina by 6.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,319,768 shares of the electronics maker’s stock valued at $89,018,000 after acquiring an additional 79,565 shares in the last quarter. 92.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Mario M. Rosati sold 11,391 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $86.02, for a total transaction of $979,853.82. Following the sale, the director now directly owns 80,295 shares in the company, valued at $6,906,975.90. This represents a 12.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eugene A. Delaney sold 11,712 shares of Sanmina stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $84.02, for a total value of $984,042.24. Following the completion of the transaction, the director now owns 65,408 shares of the company’s stock, valued at approximately $5,495,580.16. The trade was a 15.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,405 shares of company stock worth $2,821,682 over the last three months. 3.22% of the stock is currently owned by corporate insiders.

Sanmina Trading Down 0.1 %

Shares of SANM opened at $70.52 on Wednesday. The company has a current ratio of 2.06, a quick ratio of 1.30 and a debt-to-equity ratio of 0.12. The stock has a market cap of $3.83 billion, a PE ratio of 17.24, a PEG ratio of 1.29 and a beta of 1.00. Sanmina Co. has a 1 year low of $57.52 and a 1 year high of $91.12. The stock has a 50 day simple moving average of $80.33 and a 200-day simple moving average of $77.22.

Sanmina declared that its Board of Directors has initiated a stock buyback program on Monday, January 27th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the electronics maker to reacquire up to 7.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SANM shares. Bank of America upgraded Sanmina from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $58.00 to $92.00 in a research report on Wednesday, January 29th. StockNews.com cut shares of Sanmina from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th.

Sanmina Company Profile

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.