Short Interest in Sanmina Co. (NASDAQ:SANM) Declines By 26.4%

Sanmina Co. (NASDAQ:SANM) was the target of a large decline in short interest in October. As of October 31st, there was short interest totalling 1,480,000 shares, a decline of 26.4% from the October 15th total of 2,010,000 shares. Currently, 2.8% of the shares of the stock are short sold. Based on an average trading volume of 405,400 shares, the days-to-cover ratio is currently 3.7 days.

Institutional Investors Weigh In On Sanmina

Hedge funds have recently modified their holdings of the company. GAMMA Investing LLC raised its position in shares of Sanmina by 108.4% in the second quarter. GAMMA Investing LLC now owns 494 shares of the electronics maker’s stock valued at $33,000 after buying an additional 257 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Sanmina by 24.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 845 shares of the electronics maker’s stock worth $56,000 after purchasing an additional 164 shares during the period. Innealta Capital LLC acquired a new stake in shares of Sanmina during the second quarter worth $116,000. CWM LLC grew its position in shares of Sanmina by 40.5% in the third quarter. CWM LLC now owns 1,781 shares of the electronics maker’s stock valued at $122,000 after purchasing an additional 513 shares during the period. Finally, KBC Group NV grew its position in shares of Sanmina by 25.5% in the third quarter. KBC Group NV now owns 1,811 shares of the electronics maker’s stock valued at $124,000 after purchasing an additional 368 shares during the period. 92.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SANM shares. StockNews.com raised Sanmina from a “hold” rating to a “buy” rating in a report on Thursday, November 7th. Craig Hallum increased their price objective on shares of Sanmina from $62.00 to $69.00 and gave the company a “hold” rating in a research note on Tuesday, November 5th.

Sanmina Price Performance

SANM stock traded down $0.69 on Friday, reaching $76.96. The company had a trading volume of 238,874 shares, compared to its average volume of 427,437. The company’s fifty day moving average is $69.97 and its 200 day moving average is $68.57. The company has a market cap of $4.21 billion, a P/E ratio of 19.68, a PEG ratio of 1.32 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.32 and a current ratio of 2.05. Sanmina has a 1 year low of $48.58 and a 1 year high of $86.05.

Sanmina (NASDAQ:SANM) last issued its quarterly earnings data on Monday, November 4th. The electronics maker reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.07. The business had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.96 billion. Sanmina had a return on equity of 10.47% and a net margin of 2.94%. The business’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.20 earnings per share. On average, research analysts forecast that Sanmina will post 4.84 earnings per share for the current year.

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.