C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Purchases New Shares in Sanmina Co. (NASDAQ:SANM)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Sanmina Co. (NASDAQ:SANM) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 10,834 shares of the electronics maker’s stock, valued at approximately $820,000.

Several other institutional investors have also recently made changes to their positions in the company. Empower Advisory Group LLC boosted its holdings in Sanmina by 1.8% during the fourth quarter. Empower Advisory Group LLC now owns 267,063 shares of the electronics maker’s stock worth $20,209,000 after purchasing an additional 4,811 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Sanmina by 3.8% in the 4th quarter. Principal Financial Group Inc. now owns 285,846 shares of the electronics maker’s stock worth $21,630,000 after buying an additional 10,542 shares during the last quarter. Principal Securities Inc. grew its holdings in shares of Sanmina by 13.6% in the fourth quarter. Principal Securities Inc. now owns 1,388 shares of the electronics maker’s stock valued at $105,000 after acquiring an additional 166 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Sanmina by 9.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 106,247 shares of the electronics maker’s stock valued at $8,018,000 after acquiring an additional 8,962 shares during the last quarter. Finally, TFG Advisers LLC raised its stake in shares of Sanmina by 4.8% during the 4th quarter. TFG Advisers LLC now owns 4,381 shares of the electronics maker’s stock worth $332,000 after purchasing an additional 202 shares during the period. Institutional investors own 92.71% of the company’s stock.

Insiders Place Their Bets

In related news, Director Eugene A. Delaney sold 11,712 shares of the business’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $84.02, for a total transaction of $984,042.24. Following the sale, the director now directly owns 65,408 shares in the company, valued at approximately $5,495,580.16. The trade was a 15.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.22% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Sanmina from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Bank of America raised Sanmina from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $58.00 to $92.00 in a research report on Wednesday, January 29th. Finally, Craig Hallum upped their price target on Sanmina from $62.00 to $69.00 and gave the company a “hold” rating in a research report on Tuesday, November 5th.

Sanmina Stock Performance

Shares of SANM stock opened at $90.52 on Thursday. Sanmina Co. has a 12 month low of $57.52 and a 12 month high of $91.12. The stock has a market capitalization of $4.92 billion, a P/E ratio of 22.13, a PEG ratio of 1.31 and a beta of 0.92. 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 firm’s 50 day moving average is $81.81 and its 200 day moving average is $75.00.

Sanmina announced that its Board of Directors has authorized a stock buyback plan on Monday, January 27th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the electronics maker to purchase up to 7.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

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.