Synnex Corporation (NYSE:SNX) Stake Cut by Strs Ohio
Strs Ohio lowered its position in Synnex Corporation (NYSE:SNX) by 4.4% during the second quarter, Holdings Channel reports. The institutional investor owned 13,000 shares of the business services provider’s stock after selling 600 shares during the period. Strs Ohio’s holdings in Synnex Corporation were worth $1,559,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of SNX. US Bancorp DE increased its position 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 buying an additional 284 shares during the period. PNC Financial Services Group Inc. increased its position in Synnex Corporation by 8.8% in the first quarter. PNC Financial Services Group Inc. now owns 1,310 shares of the business services provider’s stock valued at $147,000 after buying an additional 106 shares during the period. Invictus RG purchased a new position in Synnex Corporation during the first quarter valued at $196,000. Affinity Wealth Management purchased a new position in Synnex Corporation during the first quarter valued at $205,000. Finally, Jane Street Group LLC purchased a new position in Synnex Corporation during the first quarter valued at $228,000. Institutional investors own 70.97% of the company’s stock.
Synnex Corporation (NYSE:SNX) opened at 116.29 on Friday. Synnex Corporation has a 52-week low of $100.06 and a 52-week high of $131.35. The stock has a 50 day moving average price of $120.12 and a 200 day moving average price of $115.59. The stock has a market cap of $4.64 billion, a P/E ratio of 16.69 and a beta of 1.04.
Synnex Corporation (NYSE:SNX) last announced its quarterly earnings results on Thursday, June 22nd. The business services provider reported $2.08 EPS for the quarter, topping the Thomson Reuters’ 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 return on equity of 16.29% and a net margin of 1.86%. The company’s quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.37 EPS. On average, equities research analysts forecast that Synnex Corporation will post $8.41 EPS for the current year.
Synnex Corporation announced that its board has initiated a share repurchase plan 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 reacquire up to 6.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Friday, July 14th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.86%. The ex-dividend date was Wednesday, July 12th. Synnex Corporation’s dividend payout ratio (DPR) is 14.35%.
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Several equities analysts have recently weighed in on the company. BidaskClub downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Stifel Nicolaus restated a “buy” rating and issued a $132.00 target price on shares of Synnex Corporation in a research report on Thursday, August 3rd. Citigroup Inc. decreased their target price on Synnex Corporation from $130.00 to $122.00 and set a “neutral” rating on the stock in a research report on Friday, June 9th. Raymond James Financial, Inc. upgraded 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. Finally, Zacks Investment Research downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $126.67.
In other news, Director Andrea M. Zulberti sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $126.00, for a total transaction of $315,000.00. Following the sale, the director now owns 14,922 shares of the company’s stock, valued at approximately $1,880,172. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Simon Leung sold 856 shares of the business’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 value 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 three months. Corporate insiders own 3.20% of the company’s stock.
About Synnex Corporation
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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