Synnex Corporation (NYSE:SNX) Position Lowered by Public Employees Retirement Association of Colorado
Public Employees Retirement Association of Colorado decreased its stake in Synnex Corporation (NYSE:SNX) by 16.3% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 108,200 shares of the business services provider’s stock after selling 21,100 shares during the period. Public Employees Retirement Association of Colorado owned about 0.27% of Synnex Corporation worth $12,980,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of SNX. DUPONT CAPITAL MANAGEMENT Corp raised 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 about $1,116,000. Jane Street Group LLC purchased a new stake in shares of Synnex Corporation during the first quarter worth about $228,000. Vanguard Group Inc. raised 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 during the last quarter. Finally, Liberty Mutual Group Asset Management Inc. raised its stake in shares of 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 last quarter. 70.97% of the stock is currently owned by institutional investors.
Synnex Corporation (NYSE:SNX) traded down 0.10% during mid-day trading on Friday, reaching $116.29. 124,599 shares of the company’s stock were exchanged. Synnex Corporation has a 1-year low of $100.06 and a 1-year high of $131.35. The firm’s 50-day moving average is $120.12 and its 200 day moving average is $115.59. The stock has a market capitalization of $4.64 billion, a PE ratio of 16.69 and a beta of 1.04.
Synnex Corporation (NYSE:SNX) last announced its earnings results on Thursday, June 22nd. The business services provider reported $2.08 EPS for the quarter, topping the consensus estimate of $1.79 by $0.29. Synnex Corporation had a net margin of 1.86% and a return on equity of 16.29%. The company had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $3.79 billion. During the same period last year, the company posted $1.37 earnings per share. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. Analysts forecast that Synnex Corporation will post $8.41 earnings per share for the current fiscal year.
Synnex Corporation announced that its board has authorized a share buyback program on Thursday, June 22nd that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the business services provider to reacquire up to 6.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared 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 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend was Wednesday, July 12th. Synnex Corporation’s dividend payout ratio is currently 14.35%.
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A number of research firms have weighed in on SNX. Zacks Investment Research lowered Synnex Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, May 30th. BidaskClub downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Stifel Nicolaus reaffirmed a “buy” rating and set a $132.00 price target on shares of Synnex Corporation in a research report on Thursday, August 3rd. Citigroup Inc. reissued a “neutral” rating and issued a $133.00 target price (up from $122.00) on shares of Synnex Corporation in a research report on Sunday, June 25th. Finally, Raymond James Financial, Inc. raised shares of 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 given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $126.67.
In related news, COO Dennis Polk sold 1,500 shares of the firm’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 transaction of $167,265.00. Following the transaction, the chief operating officer now owns 35,468 shares of the company’s stock, valued at $3,955,036.68. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Simon Leung sold 856 shares of Synnex Corporation stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $112.37, for a total transaction of $96,188.72. Following the completion of the transaction, 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. Over the last 90 days, insiders have sold 27,028 shares of company stock valued at $3,226,618. 3.20% of the stock is currently owned by corporate insiders.
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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