California State Teachers Retirement System lessened its holdings in shares of Synnex Corporation (NYSE:SNX) by 10.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 51,398 shares of the business services provider’s stock after selling 6,218 shares during the quarter. California State Teachers Retirement System owned 0.13% of Synnex Corporation worth $6,166,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of SNX. UBS Asset Management Americas Inc. raised its stake in Synnex Corporation by 22.2% during the 1st quarter. UBS Asset Management Americas Inc. now owns 15,693 shares of the business services provider’s stock worth $1,757,000 after buying an additional 2,854 shares during the period. Teachers Advisors LLC increased its holdings in Synnex Corporation by 15.2% during the 1st quarter. Teachers Advisors LLC now owns 86,597 shares of the business services provider’s stock worth $9,694,000 after purchasing an additional 11,454 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Synnex Corporation by 8.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,310 shares of the business services provider’s stock worth $147,000 after purchasing an additional 106 shares in the last quarter. Legal & General Group Plc increased its holdings in Synnex Corporation by 2.1% during the 1st quarter. Legal & General Group Plc now owns 35,186 shares of the business services provider’s stock worth $3,936,000 after purchasing an additional 709 shares in the last quarter. Finally, Thrivent Financial For Lutherans increased its holdings in Synnex Corporation by 9.3% during the 1st quarter. Thrivent Financial For Lutherans now owns 5,500 shares of the business services provider’s stock worth $616,000 after purchasing an additional 470 shares in the last quarter. 71.29% of the stock is currently owned by institutional investors and hedge funds.
In other news, CEO Kevin M. Murai sold 2,000 shares of the business’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $130.37, for a total transaction of $260,740.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Simon Leung sold 759 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $119.77, for a total transaction of $90,905.43. Following the sale, the senior vice president now directly owns 25,053 shares of the company’s stock, valued at $3,000,597.81. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,796 shares of company stock valued at $1,794,799. 3.20% of the stock is currently owned by insiders.
Synnex Corporation (NYSE:SNX) opened at 134.09 on Friday. The firm’s 50-day moving average price is $125.38 and its 200-day moving average price is $117.66. Synnex Corporation has a 12-month low of $100.06 and a 12-month high of $134.71. The company has a market cap of $5.36 billion, a PE ratio of 18.19 and a beta of 1.08.
Synnex Corporation (NYSE:SNX) last announced its quarterly earnings data on Monday, September 25th. The business services provider reported $2.16 earnings per share for the quarter, beating the consensus estimate of $1.97 by $0.19. Synnex Corporation had a net margin of 1.89% and a return on equity of 16.58%. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4 billion. During the same quarter in the prior year, the business earned $1.73 earnings per share. The business’s quarterly revenue was up 16.5% compared to the same quarter last year. Equities research analysts forecast that Synnex Corporation will post $8.76 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 27th. Stockholders of record on Friday, October 13th were given a dividend of $0.30 per share. The ex-dividend date was Thursday, October 12th. This is an increase from Synnex Corporation’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 0.89%. Synnex Corporation’s payout ratio is presently 16.28%.
A number of equities analysts have issued reports on SNX shares. ValuEngine upgraded Synnex Corporation from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Loop Capital increased their target price on Synnex Corporation from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, September 26th. Stifel Nicolaus reiterated a “buy” rating and set a $132.00 target price on shares of Synnex Corporation in a report on Thursday, August 3rd. Needham & Company LLC increased their target price on Synnex Corporation from $135.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, September 26th. Finally, Zacks Investment Research upgraded Synnex Corporation from a “hold” rating to a “buy” rating and set a $131.00 target price for the company in a report on Thursday, September 21st. One analyst has rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $135.13.
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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