Huntington National Bank trimmed its stake in SYNNEX Co. (NYSE:SNX) by 22.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 859 shares of the business services provider’s stock after selling 252 shares during the quarter. Huntington National Bank’s holdings in SYNNEX were worth $97,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. grew its stake in SYNNEX by 112.0% during the second quarter. Invesco Ltd. now owns 130,051 shares of the business services provider’s stock worth $12,797,000 after buying an additional 68,714 shares during the period. Copeland Capital Management LLC grew its stake in SYNNEX by 21.0% during the second quarter. Copeland Capital Management LLC now owns 332,943 shares of the business services provider’s stock worth $32,761,000 after buying an additional 57,873 shares during the period. Paradigm Capital Management Inc. NY grew its stake in SYNNEX by 2.1% during the second quarter. Paradigm Capital Management Inc. NY now owns 109,703 shares of the business services provider’s stock worth $10,795,000 after buying an additional 2,230 shares during the period. JPMorgan Chase & Co. grew its stake in SYNNEX by 5.3% during the second quarter. JPMorgan Chase & Co. now owns 105,680 shares of the business services provider’s stock worth $10,362,000 after buying an additional 5,346 shares during the period. Finally, Fox Run Management L.L.C. purchased a new stake in SYNNEX during the second quarter worth approximately $628,000. Hedge funds and other institutional investors own 77.01% of the company’s stock.
Several equities research analysts have issued reports on the stock. Bank of America assumed coverage on shares of SYNNEX in a research note on Friday, September 6th. They set a “buy” rating and a $120.00 price objective for the company. Zacks Investment Research upgraded shares of SYNNEX from a “hold” rating to a “buy” rating and set a $126.00 price objective for the company in a research note on Tuesday, October 1st. TheStreet upgraded shares of SYNNEX from a “c+” rating to a “b-” rating in a research note on Friday, September 27th. ValuEngine downgraded shares of SYNNEX from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 2nd. Finally, Barrington Research reiterated a “buy” rating and set a $118.00 price objective on shares of SYNNEX in a research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $128.80.
SYNNEX (NYSE:SNX) last posted its earnings results on Tuesday, September 24th. The business services provider reported $3.30 EPS for the quarter, topping analysts’ consensus estimates of $2.86 by $0.44. SYNNEX had a net margin of 1.92% and a return on equity of 17.96%. The business had revenue of $6.20 billion for the quarter, compared to analysts’ expectations of $5.69 billion. During the same period in the previous year, the company posted $2.57 earnings per share. The business’s revenue for the quarter was up 28.7% compared to the same quarter last year. As a group, sell-side analysts expect that SYNNEX Co. will post 12.61 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were given a dividend of $0.375 per share. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 1.26%. SYNNEX’s payout ratio is currently 13.77%.
In related news, Director Thomas S. Wurster sold 2,000 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $120.83, for a total value of $241,660.00. Also, CFO Marshall Witt sold 285 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $118.70, for a total transaction of $33,829.50. Following the completion of the sale, the chief financial officer now directly owns 15,642 shares in the company, valued at $1,856,705.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,902 shares of company stock worth $2,482,698. Corporate insiders own 3.20% of the company’s stock.
SYNNEX Corporation provides business process services in the Americas, Asia-Pacific, Europe and Africa. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center servers and storage solutions; system components; software; networking, communications, and security equipment; consumer electronics; and complementary products.
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