Morgan Stanley Increases Stock Position in SYNNEX Co. (NYSE:SNX)

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Morgan Stanley boosted its stake in shares of SYNNEX Co. (NYSE:SNX) by 441.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102,449 shares of the business services provider’s stock after buying an additional 83,516 shares during the quarter. Morgan Stanley’s holdings in SYNNEX were worth $10,080,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. FMR LLC boosted its stake in SYNNEX by 17.8% during the first quarter. FMR LLC now owns 7,661,397 shares of the business services provider’s stock worth $730,821,000 after buying an additional 1,158,462 shares during the period. Prudential Financial Inc. boosted its stake in shares of SYNNEX by 20.6% in the second quarter. Prudential Financial Inc. now owns 742,424 shares of the business services provider’s stock valued at $73,055,000 after purchasing an additional 126,922 shares during the period. LSV Asset Management boosted its stake in shares of SYNNEX by 2.0% in the second quarter. LSV Asset Management now owns 641,526 shares of the business services provider’s stock valued at $63,126,000 after purchasing an additional 12,747 shares during the period. Clark Capital Management Group Inc. boosted its stake in shares of SYNNEX by 59.3% in the second quarter. Clark Capital Management Group Inc. now owns 334,737 shares of the business services provider’s stock valued at $32,938,000 after purchasing an additional 124,613 shares during the period. Finally, Copeland Capital Management LLC boosted its stake in shares of SYNNEX by 21.0% in the second quarter. Copeland Capital Management LLC now owns 332,943 shares of the business services provider’s stock valued at $32,761,000 after purchasing an additional 57,873 shares during the period. 76.94% of the stock is owned by institutional investors.

Shares of NYSE:SNX opened at $113.46 on Tuesday. The firm’s 50 day moving average price is $99.38 and its 200 day moving average price is $97.37. The stock has a market cap of $5.75 billion, a price-to-earnings ratio of 10.42, a price-to-earnings-growth ratio of 0.86 and a beta of 1.02. SYNNEX Co. has a fifty-two week low of $71.82 and a fifty-two week high of $115.72. The company has a quick ratio of 0.96, a current ratio of 1.57 and a debt-to-equity ratio of 0.77.

SYNNEX (NYSE:SNX) last issued its earnings results on Tuesday, September 24th. The business services provider reported $3.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.86 by $0.44. The firm had revenue of $6.20 billion for the quarter, compared to analysts’ expectations of $5.69 billion. SYNNEX had a net margin of 1.92% and a return on equity of 17.96%. The firm’s revenue was up 28.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.57 earnings per share. On average, equities analysts anticipate that SYNNEX Co. will post 12.61 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be issued a $0.375 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $1.50 annualized dividend and a yield of 1.32%. SYNNEX’s dividend payout ratio (DPR) is 13.77%.

In related news, CFO Marshall Witt sold 285 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $98.50, for a total value of $28,072.50. Following the sale, the chief financial officer now owns 15,008 shares of the company’s stock, valued at $1,478,288. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Simon Leung sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $100.64, for a total transaction of $100,640.00. Following the completion of the sale, the senior vice president now directly owns 19,307 shares in the company, valued at approximately $1,943,056.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,518 shares of company stock worth $1,828,178. 3.20% of the stock is owned by corporate insiders.

Several research firms have recently commented on SNX. ValuEngine lowered shares of SYNNEX from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 2nd. Bank of America began coverage on shares of SYNNEX in a research note on Friday, September 6th. They issued a “buy” rating and a $120.00 price objective for the company. TheStreet raised shares of SYNNEX from a “c+” rating to a “b-” rating in a research note on Friday, September 27th. Zacks Investment Research raised shares of SYNNEX from a “hold” rating to a “buy” rating and set a $126.00 price objective for the company in a research note on Tuesday, October 1st. Finally, Barrington Research reaffirmed a “buy” rating and issued a $118.00 target price on shares of SYNNEX in a report on Friday, September 20th. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $128.80.

SYNNEX Profile

SYNNEX Corporation provides business process services in the Americas, Asia-Pacific, Europe and Africa. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center servers and storage solutions; system components; software; networking, communications, and security equipment; consumer electronics; and complementary products.

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Institutional Ownership by Quarter for SYNNEX (NYSE:SNX)

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