361 Capital LLC boosted its position in Synnex Corporation (NYSE:SNX) by 95.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,676 shares of the business services provider’s stock after acquiring an additional 6,662 shares during the quarter. 361 Capital LLC’s holdings in Synnex Corporation were worth $1,641,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of SNX. US Bancorp DE boosted its holdings in Synnex Corporation by 34.3% in the first quarter. US Bancorp DE now owns 1,112 shares of the business services provider’s stock valued at $124,000 after acquiring an additional 284 shares during the last quarter. UBS Asset Management Americas Inc. boosted its holdings in Synnex Corporation by 22.2% in the first quarter. UBS Asset Management Americas Inc. now owns 15,693 shares of the business services provider’s stock valued at $1,757,000 after acquiring an additional 2,854 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Synnex Corporation by 2.2% in the first quarter. Parametric Portfolio Associates LLC now owns 69,109 shares of the business services provider’s stock valued at $7,736,000 after acquiring an additional 1,474 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Synnex Corporation by 48.0% in the first quarter. Victory Capital Management Inc. now owns 11,112 shares of the business services provider’s stock valued at $1,244,000 after acquiring an additional 3,604 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in Synnex Corporation by 39.3% in the first quarter. Neuberger Berman Group LLC now owns 4,854 shares of the business services provider’s stock valued at $543,000 after acquiring an additional 1,369 shares during the last quarter. Hedge funds and other institutional investors own 71.23% of the company’s stock.
In other Synnex Corporation news, Director Fred A. Breidenbach sold 1,321 shares of the stock in a transaction on Thursday, September 28th. The shares were sold at an average price of $127.92, for a total transaction of $168,982.32. Following the transaction, the director now directly owns 18,087 shares of the company’s stock, valued at $2,313,689.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Kevin M. Murai sold 2,000 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $113.66, for a total transaction of $227,320.00. Following the transaction, the chief executive officer now directly owns 142,311 shares in the company, valued at $16,175,068.26. The disclosure for this sale can be found here. Insiders have sold 17,796 shares of company stock worth $2,135,669 over the last three months. Company insiders own 3.20% of the company’s stock.
A number of brokerages recently weighed in on SNX. Loop Capital began coverage on Synnex Corporation in a report on Thursday, August 24th. They issued a “buy” rating and a $140.00 target price on the stock. Pivotal Research began coverage on Synnex Corporation in a report on Friday, October 6th. They issued a “hold” rating and a $137.00 target price on the stock. ValuEngine upgraded Synnex Corporation from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. BidaskClub cut Synnex Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $132.00 target price on shares of Synnex Corporation in a report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $135.13.
Shares of Synnex Corporation (NYSE:SNX) traded up 1.158% on Wednesday, hitting $132.385. The company’s stock had a trading volume of 34,495 shares. The stock’s 50 day moving average price is $119.36 and its 200 day moving average price is $115.63. Synnex Corporation has a 52 week low of $100.06 and a 52 week high of $133.05. The stock has a market capitalization of $5.29 billion, a P/E ratio of 17.963 and a beta of 1.08.
Synnex Corporation (NYSE:SNX) last posted its earnings results on Monday, September 25th. The business services provider reported $2.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.19. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4 billion. Synnex Corporation had a net margin of 1.89% and a return on equity of 16.58%. The business’s quarterly revenue was up 16.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.73 earnings per share. On average, analysts forecast that Synnex Corporation will post $8.76 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.92%. This is an increase from Synnex Corporation’s previous quarterly dividend of $0.25. The ex-dividend date is Thursday, October 12th. Synnex Corporation’s dividend payout ratio is presently 13.57%.
Synnex Corporation declared that its board has approved a stock buyback program on Thursday, June 22nd that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the business services provider to repurchase up to 6.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
Synnex Corporation Company Profile
Synnex Corporation is a business process services company. The Company provides a range of distribution, logistics and integration services for the technology industry and providing outsourced services focused on customer engagement strategy. The Company operates in two segments: Technology Solutions and Concentrix.
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