CIBC Asset Management Inc Acquires Shares of 1,864 SYNNEX Co. (NYSE:SNX)

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CIBC Asset Management Inc acquired a new stake in SYNNEX Co. (NYSE:SNX) during the 3rd quarter, Holdings Channel reports. The institutional investor acquired 1,864 shares of the business services provider’s stock, valued at approximately $210,000.

A number of other large investors have also added to or reduced their stakes in SNX. Amundi Pioneer Asset Management Inc. raised its stake in SYNNEX by 6.2% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 48,980 shares of the business services provider’s stock valued at $4,672,000 after buying an additional 2,881 shares during the period. Private Trust Co. NA raised its stake in SYNNEX by 2.8% in the second quarter. Private Trust Co. NA now owns 5,531 shares of the business services provider’s stock valued at $544,000 after buying an additional 151 shares during the period. Investors Research Corp raised its stake in SYNNEX by 17.6% in the second quarter. Investors Research Corp now owns 843 shares of the business services provider’s stock valued at $83,000 after buying an additional 126 shares during the period. Campbell & CO Investment Adviser LLC bought a new stake in SYNNEX in the second quarter valued at approximately $295,000. Finally, CENTRAL TRUST Co raised its stake in SYNNEX by 290.7% in the second quarter. CENTRAL TRUST Co now owns 336 shares of the business services provider’s stock valued at $32,000 after buying an additional 250 shares during the period. Hedge funds and other institutional investors own 77.01% of the company’s stock.

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

In other news, Director Thomas S. Wurster sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $120.83, for a total value of $241,660.00. Also, SVP Simon Leung sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $105.66, for a total value of $105,660.00. Following the completion of the transaction, the senior vice president now directly owns 17,357 shares in the company, valued at approximately $1,833,940.62. The disclosure for this sale can be found here. Insiders sold 21,902 shares of company stock worth $2,482,698 in the last ninety days. 3.20% of the stock is owned by company insiders.

SYNNEX stock opened at $119.22 on Friday. SYNNEX Co. has a 12 month low of $71.82 and a 12 month high of $122.43. The stock’s 50 day moving average is $113.83 and its 200-day moving average is $99.33. The company has a current ratio of 1.57, a quick ratio of 0.96 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $6.17 billion, a price-to-earnings ratio of 10.95, a PEG ratio of 0.92 and a beta of 1.01.

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

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were given a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 1.26%. The ex-dividend date was Thursday, October 10th. SYNNEX’s payout ratio is 13.77%.

About SYNNEX

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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Want to see what other hedge funds are holding SNX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SYNNEX Co. (NYSE:SNX).

Institutional Ownership by Quarter for SYNNEX (NYSE:SNX)

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