San Jose, CA - On December 17, 2024, Hedley David V III, a director at Sanmina Corp (NASDAQ:SANM), a prominent player in the Electronic Equipment industry with a market capitalization of $4.2 billion, sold 302 shares of the company's common stock. The shares were sold at an exact price of $79.55 per share, resulting in a total transaction value of $24,024. According to InvestingPro analysis, the stock appears fairly valued at current levels, having delivered an impressive 54% return year-to-date. Following this sale, Hedley retains ownership of 5,170 shares in the company. The transaction was executed under a prearranged trading plan, and while this insider sold shares, it's worth noting that management has been actively buying back shares. For comprehensive insider trading patterns and 12 additional ProTips, including detailed financial health metrics showing a "Good" overall score, consider exploring InvestingPro's full analysis.
In other recent news, Sanmina Corporation has been making significant strides in its financial performance and strategic positioning. The company recently reported robust Q4 results, with revenue reaching $2.02 billion, surpassing the expected range of $1.9 billion to $2.0 billion. The company's non-GAAP earnings per share (EPS) also exceeded forecasts at $1.43, compared to the anticipated $1.30 to $1.40.
Sanmina closed the fiscal year with a strong financial position, including $626 million in cash and cash equivalents and no outstanding debt. Looking forward, the company anticipates high-single-digit revenue growth in fiscal 2025, driven by diversified markets and new programs.
In recent developments, Sanmina appointed a new Global Controller and Chief Accounting Officer, demonstrating its commitment to maintaining a strong leadership structure. The company's partnership with Reliance Industries (NS:RELI) in India is progressing well, with Sanmina managing operations and Reliance holding a majority stake. This joint venture aims to capitalize on growth opportunities in India as it becomes a major exporter of high-tech products.
Additionally, Sanmina has been investing in AI to enhance manufacturing efficiency and supply chain operations, reflecting its commitment to innovation. Despite a decline in the cloud segment's revenue, the management maintains a positive outlook for the sector's recovery.
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