SAN JOSE, Calif.—Eugene A. Delaney, a director at Sanmina Corp (NASDAQ:SANM), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Delaney sold 5,079 shares of common stock on November 7, 2024, at a price of $83.07 per share. This transaction totaled $421,912.
Following this sale, Delaney retains ownership of 87,120 shares of Sanmina. The shares were sold at an exact price, as noted in the filing. This transaction was conducted with direct ownership, and the sale was executed by Christopher K. Sadeghian, acting as attorney-in-fact for Delaney.
In other recent news, Sanmina Corporation reported strong Q4 earnings, 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 ended the fiscal year with a robust financial position, including $626 million in cash and no outstanding debt. Looking ahead, Sanmina anticipates high-single-digit revenue growth in fiscal 2025, driven by diversified markets and new programs. The company also aims for operating margins of 5% to 6% in the short term. Despite a decline in the cloud segment's revenue, Sanmina maintains a positive outlook for the sector's recovery. In addition, Sanmina is investing in AI to enhance manufacturing efficiency and supply chain operations. Lastly, the company's joint venture with Reliance Industries (NS:RELI) in India is expected to capitalize on growth opportunities as India becomes a major exporter of high-tech products.
InvestingPro Insights
Eugene A. Delaney's recent sale of Sanmina Corp (NASDAQ:SANM) shares comes at a time when the company's stock is showing strong performance. According to InvestingPro data, Sanmina's stock has seen impressive returns, with a 76.96% price total return over the past year and a 62.35% return year-to-date. The stock is currently trading near its 52-week high, with the price at 96.56% of its highest point over the past year.
Despite Delaney's sale, there are positive indicators for Sanmina. An InvestingPro Tip highlights that management has been aggressively buying back shares, which can be a sign of confidence in the company's future prospects. Additionally, Sanmina holds more cash than debt on its balance sheet, suggesting a strong financial position.
However, investors should note that Sanmina's revenue growth has been negative, with a 15.3% decline in the last twelve months as of Q4 2024. The company's P/E ratio stands at 20.75, which may be a consideration for value-oriented investors.
For those seeking a more comprehensive analysis, InvestingPro offers 17 additional tips on Sanmina, providing deeper insights into the company's financial health and market position.
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