Cornerstone Capital Management Holdings LLC. Cuts Stake in Sanmina Corporation (SANM)

Cornerstone Capital Management Holdings LLC. lessened its holdings in Sanmina Corporation (NASDAQ:SANM) by 39.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,740 shares of the electronics maker’s stock after selling 78,100 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned 0.16% of Sanmina Corporation worth $4,638,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in SANM. LS Investment Advisors LLC lifted its position in shares of Sanmina Corporation by 4.1% in the second quarter. LS Investment Advisors LLC now owns 3,498 shares of the electronics maker’s stock worth $133,000 after purchasing an additional 138 shares in the last quarter. Riverhead Capital Management LLC lifted its position in shares of Sanmina Corporation by 70.7% in the second quarter. Riverhead Capital Management LLC now owns 3,927 shares of the electronics maker’s stock worth $150,000 after purchasing an additional 1,627 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in shares of Sanmina Corporation in the second quarter worth $203,000. Nisa Investment Advisors LLC lifted its position in shares of Sanmina Corporation by 3.8% in the second quarter. Nisa Investment Advisors LLC now owns 5,440 shares of the electronics maker’s stock worth $207,000 after purchasing an additional 200 shares in the last quarter. Finally, Menta Capital LLC bought a new stake in shares of Sanmina Corporation in the first quarter worth $219,000. 92.75% of the stock is currently owned by institutional investors and hedge funds.

Shares of Sanmina Corporation (NASDAQ:SANM) opened at 38.45 on Friday. Sanmina Corporation has a 12 month low of $26.95 and a 12 month high of $42.95. The company has a market cap of $2.90 billion, a price-to-earnings ratio of 14.04 and a beta of 0.79. The stock has a 50 day moving average of $37.32 and a 200-day moving average of $37.81.

Sanmina Corporation (NASDAQ:SANM) last posted its quarterly earnings results on Monday, July 24th. The electronics maker reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.01). Sanmina Corporation had a net margin of 3.15% and a return on equity of 12.35%. The business had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.74 billion. During the same period in the previous year, the business posted $0.63 EPS. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, analysts forecast that Sanmina Corporation will post $3.01 EPS for the current year.

Sanmina Corporation announced that its board has initiated a stock repurchase plan on Monday, September 18th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the electronics maker to reacquire up to 77% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

A number of brokerages have recently commented on SANM. Bank of America Corporation reissued a “buy” rating and issued a $48.00 price objective on shares of Sanmina Corporation in a research report on Thursday, June 15th. Needham & Company LLC reissued a “buy” rating and issued a $45.00 price objective on shares of Sanmina Corporation in a research report on Tuesday, July 25th. ValuEngine raised shares of Sanmina Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Zacks Investment Research raised shares of Sanmina Corporation from a “sell” rating to a “hold” rating in a research report on Friday, September 8th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $40.00 price objective on shares of Sanmina Corporation in a research report on Friday, September 1st. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $43.25.

In related news, VP Robert K. Eulau sold 10,000 shares of Sanmina Corporation stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $37.21, for a total value of $372,100.00. Following the completion of the sale, the vice president now owns 180,000 shares of the company’s stock, valued at approximately $6,697,800. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 4.96% of the company’s stock.

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About Sanmina Corporation

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.

Institutional Ownership by Quarter for Sanmina Corporation (NASDAQ:SANM)

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