Credit Suisse AG decreased its position in Synnex Corporation (NYSE:SNX) by 20.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,983 shares of the business services provider’s stock after selling 12,299 shares during the period. Credit Suisse AG owned about 0.12% of Synnex Corporation worth $5,483,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its position in shares of Synnex Corporation by 9,152.6% in the first quarter. BlackRock Inc. now owns 3,655,501 shares of the business services provider’s stock worth $409,198,000 after buying an additional 3,615,993 shares during the period. Kennedy Capital Management Inc. raised its position in shares of Synnex Corporation by 74.4% in the first quarter. Kennedy Capital Management Inc. now owns 286,482 shares of the business services provider’s stock worth $32,069,000 after buying an additional 122,187 shares during the period. Vanguard Group Inc. raised its position 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 period. IronBridge Capital Management LP acquired a new position in shares of Synnex Corporation during the first quarter worth approximately $5,734,000. Finally, Exchange Capital Management Inc. acquired a new position in shares of Synnex Corporation during the first quarter worth approximately $4,788,000. Institutional investors own 71.71% of the company’s stock.
Synnex Corporation (SNX) opened at 119.82 on Friday. The company has a market cap of $4.79 billion, a P/E ratio of 17.20 and a beta of 1.05. Synnex Corporation has a 52 week low of $98.07 and a 52 week high of $131.35. The company’s 50-day moving average is $119.25 and its 200-day moving average is $115.90.
Synnex Corporation (NYSE:SNX) last announced its quarterly earnings data on Thursday, June 22nd. The business services provider reported $2.08 earnings per share (EPS) for the quarter, beating the Zacks’ 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 quarter in the prior year, the company earned $1.37 EPS. The firm’s revenue was up 16.5% on a year-over-year basis. On average, analysts anticipate that Synnex Corporation will post $8.41 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Friday, July 14th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $1.00 annualized dividend and a yield of 0.83%. Synnex Corporation’s payout ratio is currently 14.35%.
Synnex Corporation announced that its Board of Directors has authorized a stock buyback plan on Thursday, June 22nd that permits the company to buyback $300.00 million in shares. This buyback authorization permits the business services provider to buy up to 6.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
SNX has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Synnex Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, May 30th. Citigroup Inc. reiterated a “neutral” rating and set a $133.00 price target (up previously from $122.00) on shares of Synnex Corporation in a report on Sunday, June 25th. Stifel Nicolaus upgraded shares of Synnex Corporation from a “hold” rating to a “buy” rating and set a $120.00 price target on the stock in a report on Wednesday, April 12th. They noted that the move was a valuation call. Raymond James Financial, Inc. upgraded 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. Finally, BidaskClub upgraded shares of Synnex Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Synnex Corporation has an average rating of “Buy” and a consensus target price of $126.00.
In other Synnex Corporation news, CEO Kevin M. Murai sold 2,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 142,311 shares of the company’s stock, valued at approximately $15,466,359.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Andrea M. Zulberti sold 2,500 shares of the stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $126.00, for a total transaction of $315,000.00. Following the sale, the director now directly owns 14,922 shares of the company’s stock, valued at approximately $1,880,172. The disclosure for this sale can be found here. Insiders have sold a total of 23,324 shares of company stock valued at $2,733,063 in the last three months. 3.20% of the stock is currently owned by corporate insiders.
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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