Sanmina Corp (NASDAQ:SANM) has reported a significant transaction by its Chairman and CEO, Sola Jure. According to the latest filings, Jure sold a substantial number of shares in the company, totaling over $10 million. The transactions occurred over a series of days, with the share prices for the sales ranging between $69.00 and $69.667.
The filings indicate that on August 9, the CEO sold 82,328 shares at an average price of approximately $69.667, and on August 13, another 71,749 shares were sold at prices ranging from $69.000 to $69.310. These sales resulted in a total value of approximately $10,688,590 for the sold shares.
In addition to the sales, Jure also acquired shares through the exercise of options. The transactions, classified as "M" for acquisition due to option exercise, were executed at a price of $24.65 per share. On August 9, Jure acquired 120,756 shares, followed by a single share on August 12 and another 71,749 shares on August 13. The total value for the acquired shares through option exercises amounted to $4,745,272.
The SEC filing also included a footnote clarifying a previous administrative error regarding the reporting of shares owned by Jure. The corrected number of shares directly beneficially owned was reported as 1,160,166, as opposed to the previously stated 1,278,984.
These transactions are part of the routine financial activities of corporate executives, who often exercise options and sell shares for various personal financial planning reasons. Investors typically monitor these transactions for insights into executives' perspectives on their company's future performance.
Sanmina Corp, a leading manufacturer in the printed circuit boards industry, continues to operate under the leadership of Jure, and the company's stock transactions can be followed under the ticker NASDAQ:SANM.
In other recent news, Sanmina Corporation announced steady Q3 fiscal 2024 earnings, with revenues reaching $1.84 billion, a slight 0.4% sequential increase. The communications networks and cloud infrastructure segments witnessed an 8.3% growth, however, this was partially offset by declines in the industrial and automotive sectors. The company's non-GAAP gross margin and operating margin were slightly below and at the low end of the outlook, respectively.
Sanmina's Q4 revenue is projected to be between $1.9 billion and $2 billion. The firm also anticipates revenue growth in the fourth quarter of fiscal 2024 and signals demand stabilization and improvement for fiscal 2025. Sanmina's solid balance sheet, strong cash flow, and a focus on cash management and capital allocation position it for potential profitable growth in the coming years.
These are recent developments that investors may find significant. While the company experienced declines in industrial and automotive markets, strong performance was noted in communications networks and cloud infrastructure end markets. As the company prepares for the fourth quarter, stakeholders will be closely watching for signs of the anticipated stabilization and growth in fiscal 2025.
InvestingPro Insights
Amidst the recent transactions by Sanmina Corp's (NASDAQ:SANM) Chairman and CEO, Sola Jure, investors are keen to understand the broader financial health and market position of the company. According to InvestingPro, Sanmina's management has been actively involved in share buybacks, signaling confidence in the company's value. This is complemented by the fact that Sanmina holds more cash than debt on its balance sheet, presenting a solid financial footing for the company.
InvestingPro data shows that Sanmina has a market capitalization of approximately $3.76 billion, with a P/E ratio of 17.43. The company's revenue for the last twelve months as of Q3 2024 stands at $7.6 billion, despite a decline of 16.52% in revenue growth during the same period. Additionally, the gross profit margin is currently at 8.45%, which may reflect the weak gross profit margins highlighted by InvestingPro Tips. Nevertheless, analysts predict that the company will remain profitable this year.
In terms of stock performance, Sanmina has seen a year-to-date price total return of 34.32%, with a one-year price total return of 25.11%, indicating strong returns over the past year. The company's shares are currently trading at 89.8% of their 52-week high, with a previous close price of $68.14. For investors seeking more in-depth analysis, there are over 10 additional InvestingPro Tips available at https://www.investing.com/pro/SANM, which can offer further insights into Sanmina's performance and potential investment opportunities.
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