Rhumbline Advisers decreased its position in Synnex Corporation (NYSE:SNX) by 1.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 66,302 shares of the business services provider’s stock after selling 1,295 shares during the period. Rhumbline Advisers owned 0.17% of Synnex Corporation worth $7,954,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Synnex Corporation by 3.1% in the first quarter. Vanguard Group Inc. now owns 3,150,496 shares of the business services provider’s stock worth $352,667,000 after buying an additional 95,341 shares during the period. DUPONT CAPITAL MANAGEMENT Corp increased its stake in Synnex Corporation by 174.2% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 20,264 shares of the business services provider’s stock worth $2,268,000 after buying an additional 12,873 shares during the period. Clinton Group Inc. purchased a new stake in Synnex Corporation during the first quarter worth $1,116,000. Jane Street Group LLC purchased a new stake in Synnex Corporation during the first quarter worth $228,000. Finally, Liberty Mutual Group Asset Management Inc. increased its stake in Synnex Corporation by 3.2% in the first quarter. Liberty Mutual Group Asset Management Inc. now owns 13,176 shares of the business services provider’s stock worth $1,474,000 after buying an additional 405 shares during the period. 71.27% of the stock is currently owned by institutional investors and hedge funds.
Shares of Synnex Corporation (NYSE SNX) opened at 116.43 on Friday. Synnex Corporation has a 12-month low of $100.06 and a 12-month high of $131.35. The firm’s 50-day moving average price is $118.53 and its 200-day moving average price is $115.29. The firm has a market capitalization of $4.65 billion, a P/E ratio of 16.71 and a beta of 1.04.
Synnex Corporation (NYSE:SNX) last posted its earnings results on Thursday, June 22nd. The business services provider reported $2.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.79 by $0.29. The business had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.79 billion. Synnex Corporation had a net margin of 1.86% and a return on equity of 16.29%. Synnex Corporation’s revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.37 EPS. Equities analysts predict that Synnex Corporation will post $8.41 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 14th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Wednesday, July 12th. Synnex Corporation’s dividend payout ratio (DPR) is presently 14.35%.
Synnex Corporation declared that its Board of Directors has approved a share buyback program on Thursday, June 22nd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the business services provider to buy up to 6.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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A number of equities research analysts recently weighed in on SNX shares. Raymond James Financial, Inc. raised Synnex Corporation from a “market perform” rating to a “strong-buy” rating and set a $122.00 target price on the stock in a research report on Friday, May 19th. Zacks Investment Research downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. Citigroup Inc. reissued a “neutral” rating and set a $133.00 target price (up from $122.00) on shares of Synnex Corporation in a research report on Sunday, June 25th. BidaskClub downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $132.00 target price on shares of Synnex Corporation in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $128.57.
In related news, CEO Kevin M. Murai sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $118.83, for a total transaction of $237,660.00. Following the sale, the chief executive officer now owns 142,311 shares of the company’s stock, valued at approximately $16,910,816.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Simon Leung sold 856 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $112.37, for a total transaction of $96,188.72. Following the sale, the senior vice president now directly owns 27,078 shares in the company, valued at approximately $3,042,754.86. The disclosure for this sale can be found here. Insiders have sold a total of 27,028 shares of company stock worth $3,226,618 in the last ninety days. 3.20% of the stock is currently owned by insiders.
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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