Bessemer Group Inc. raised its position in Synnex Corporation (NYSE:SNX) by 2.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,400 shares of the business services provider’s stock after buying an additional 600 shares during the period. Bessemer Group Inc. owned approximately 0.06% of Synnex Corporation worth $2,687,000 as of its most recent filing with the SEC.
A number of other institutional investors have also made changes to their positions in SNX. World Asset Management Inc raised its position in shares of Synnex Corporation by 0.8% in the first quarter. World Asset Management Inc now owns 2,086 shares of the business services provider’s stock worth $234,000 after buying an additional 17 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in shares of Synnex Corporation by 0.4% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 5,023 shares of the business services provider’s stock worth $562,000 after buying an additional 19 shares in the last quarter. Regentatlantic Capital LLC raised its position in shares of Synnex Corporation by 1.5% in the second quarter. Regentatlantic Capital LLC now owns 2,085 shares of the business services provider’s stock worth $250,000 after buying an additional 30 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Synnex Corporation by 0.5% in the second quarter. Nisa Investment Advisors LLC now owns 11,160 shares of the business services provider’s stock worth $1,339,000 after buying an additional 50 shares in the last quarter. Finally, Oakbrook Investments LLC raised its position in shares of Synnex Corporation by 2.4% in the second quarter. Oakbrook Investments LLC now owns 2,150 shares of the business services provider’s stock worth $258,000 after buying an additional 50 shares in the last quarter. Institutional investors and hedge funds own 71.27% of the company’s stock.
Shares of Synnex Corporation (NYSE:SNX) traded down 0.72% during midday trading on Friday, reaching $114.40. The company had a trading volume of 92,121 shares. Synnex Corporation has a 52 week low of $100.06 and a 52 week high of $131.35. The firm has a market capitalization of $4.57 billion, a price-to-earnings ratio of 16.42 and a beta of 1.04. The stock has a 50-day moving average of $119.11 and a 200 day moving average of $115.45.
Synnex Corporation (NYSE:SNX) last issued its quarterly earnings data on Thursday, June 22nd. The business services provider reported $2.08 earnings per share for the quarter, topping the Thomson Reuters’ 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 company had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same period in the previous year, the firm posted $1.37 earnings per share. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. On average, analysts anticipate that Synnex Corporation will post $8.41 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Friday, July 14th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, July 12th. This represents a $1.00 annualized dividend and a yield of 0.87%. Synnex Corporation’s payout ratio is currently 14.35%.
Synnex Corporation announced that its Board of Directors has initiated a share repurchase plan on Thursday, June 22nd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the business services provider to buy up to 6.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
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A number of equities analysts have weighed in on the company. Stifel Nicolaus restated a “buy” rating and issued a $128.00 target price (up from $120.00) on shares of Synnex Corporation in a research note on Friday, June 9th. BidaskClub upgraded Synnex Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Citigroup Inc. cut their price objective on Synnex Corporation from $130.00 to $122.00 and set a “neutral” rating for the company 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 objective for the company in a report on Friday, May 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $126.67.
In other Synnex Corporation 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 completion of the transaction, the director now owns 14,922 shares in the company, valued at $1,880,172. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Dennis Polk sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $111.51, for a total value of $167,265.00. Following the transaction, the chief operating officer now owns 35,468 shares of the company’s stock, valued at approximately $3,955,036.68. The disclosure for this sale can be found here. Insiders have sold 27,028 shares of company stock valued at $3,226,618 in the last 90 days. Company insiders own 3.20% of the company’s stock.
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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