Synnex Corporation (NYSE:SNX) CEO Kevin M. Murai sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $118.75, for a total value of $237,500.00. Following the completion of the transaction, the chief executive officer now directly owns 142,311 shares of the company’s stock, valued at approximately $16,899,431.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Shares of Synnex Corporation (SNX) traded down 0.10% during trading on Friday, hitting $116.29. The company had a trading volume of 124,599 shares. The firm has a market capitalization of $4.64 billion, a P/E ratio of 16.69 and a beta of 1.04. The company’s 50 day moving average is $120.28 and its 200 day moving average is $115.62. Synnex Corporation has a 1-year low of $100.06 and a 1-year high of $131.35.
Synnex Corporation (NYSE:SNX) last announced its quarterly earnings results on Thursday, June 22nd. The business services provider reported $2.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.29. Synnex Corporation had a return on equity of 16.29% and a net margin of 1.86%. The business had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same period last year, the business posted $1.37 EPS. The business’s revenue was up 16.5% compared to the same quarter last year. Analysts anticipate that Synnex Corporation will post $8.41 earnings per share for the current fiscal year.
Synnex Corporation declared that its Board of Directors has initiated a share buyback 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 repurchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, July 28th. Stockholders of record on Friday, July 14th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, July 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.86%. Synnex Corporation’s dividend payout ratio is presently 14.35%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Guggenheim Capital LLC increased its position in shares of Synnex Corporation by 36.7% in the fourth quarter. Guggenheim Capital LLC now owns 42,338 shares of the business services provider’s stock valued at $5,124,000 after buying an additional 11,374 shares during the period. DUPONT CAPITAL MANAGEMENT Corp increased its position in shares of 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 valued at $2,268,000 after buying an additional 12,873 shares during the period. Clinton Group Inc. purchased a new stake in shares of Synnex Corporation during the first quarter worth approximately $1,116,000. Jane Street Group LLC purchased a new stake in shares of Synnex Corporation during the first quarter worth approximately $228,000. Finally, Vanguard Group Inc. boosted its stake in shares of 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 in the last quarter. Hedge funds and other institutional investors own 70.97% of the company’s stock.
A number of analysts have weighed in on the stock. 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. BidaskClub upgraded Synnex Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Citigroup Inc. cut their price target on Synnex Corporation from $130.00 to $122.00 and set a “neutral” rating on the stock in a report on Friday, June 9th. Zacks Investment Research cut Synnex Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, May 30th. Finally, Raymond James Financial, Inc. upgraded Synnex Corporation from a “market perform” rating to a “strong-buy” rating and set a $122.00 price target on the stock in a report on Friday, May 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $126.67.
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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