Bank of America Corp DE raised its position in shares of Synnex Corporation (NYSE:SNX) by 16.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 157,125 shares of the business services provider’s stock after buying an additional 22,525 shares during the period. Bank of America Corp DE owned about 0.39% of Synnex Corporation worth $17,589,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sawgrass Asset Management LLC bought a new stake in Synnex Corporation during the first quarter worth about $384,000. Retirement Systems of Alabama increased its stake in Synnex Corporation by 0.3% in the first quarter. Retirement Systems of Alabama now owns 37,626 shares of the business services provider’s stock worth $4,212,000 after buying an additional 129 shares in the last quarter. Oakbrook Investments LLC bought a new stake in Synnex Corporation during the first quarter worth about $235,000. Affinity Wealth Management bought a new stake in Synnex Corporation during the first quarter worth about $205,000. Finally, Louisiana State Employees Retirement System increased its stake in Synnex Corporation by 2.8% in the first quarter. Louisiana State Employees Retirement System now owns 7,400 shares of the business services provider’s stock worth $828,000 after buying an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 70.99% of the company’s stock.
Shares of Synnex Corporation (SNX) traded up 0.17% during trading on Friday, hitting $118.24. 116,308 shares of the company traded hands. Synnex Corporation has a 52 week low of $99.75 and a 52 week high of $131.35. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of 16.97 and a beta of 1.04. The company has a 50 day moving average price of $120.39 and a 200 day moving average price of $115.66.
Synnex Corporation (NYSE:SNX) last issued its earnings results on Thursday, June 22nd. The business services provider reported $2.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.79 by $0.29. The firm had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.79 billion. Synnex Corporation had a net margin of 1.86% and a return on equity of 16.29%. The firm’s revenue was up 16.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.37 earnings per share. On average, analysts expect that Synnex Corporation will post $8.41 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Friday, July 14th were paid a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, July 12th. This represents a $1.00 annualized dividend and a yield of 0.85%. Synnex Corporation’s dividend payout ratio is currently 14.35%.
Synnex Corporation declared that its Board of Directors has initiated a share repurchase 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 purchase up to 6.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
A number of analysts have recently issued reports on the stock. Stifel Nicolaus reissued a “buy” rating and issued a $132.00 price target on shares of Synnex Corporation in a research note on Thursday. BidaskClub raised shares of Synnex Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Citigroup Inc. lowered their price target on shares of Synnex Corporation from $130.00 to $122.00 and set a “neutral” rating for the company in a research note on Friday, June 9th. Zacks Investment Research downgraded shares of Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, May 30th. 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 objective for the company in a research note on Friday, May 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $126.67.
In other Synnex Corporation news, COO Dennis Polk sold 1,500 shares of the 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 directly owns 35,468 shares in the company, valued at $3,955,036.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kevin M. Murai sold 2,000 shares of the stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $108.68, for a total transaction of $217,360.00. Following the completion of the transaction, the chief executive officer now owns 142,311 shares in the company, valued at $15,466,359.48. The disclosure for this sale can be found here. Insiders sold 27,028 shares of company stock worth $3,206,318 over the last quarter. 3.20% of the stock is currently owned by 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.
Receive News & Ratings for Synnex Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synnex Corporation and related companies with our FREE daily email newsletter.