Denali Advisors LLC bought a new stake in SYNNEX Co. (NYSE:SNX) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 26,100 shares of the business services provider’s stock, valued at approximately $2,947,000. Denali Advisors LLC owned 0.05% of SYNNEX at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC boosted its stake in shares of SYNNEX by 17.8% during the 1st quarter. FMR LLC now owns 7,661,397 shares of the business services provider’s stock worth $730,821,000 after acquiring an additional 1,158,462 shares in the last quarter. Northern Trust Corp raised its position in shares of SYNNEX by 0.9% in the 1st quarter. Northern Trust Corp now owns 1,180,762 shares of the business services provider’s stock worth $112,634,000 after acquiring an additional 10,106 shares in the last quarter. Prudential Financial Inc. raised its position in shares of SYNNEX by 20.6% in the 2nd quarter. Prudential Financial Inc. now owns 742,424 shares of the business services provider’s stock worth $73,055,000 after acquiring an additional 126,922 shares in the last quarter. LSV Asset Management raised its position in shares of SYNNEX by 2.0% in the 2nd quarter. LSV Asset Management now owns 641,526 shares of the business services provider’s stock worth $63,126,000 after acquiring an additional 12,747 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its position in shares of SYNNEX by 23.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 463,550 shares of the business services provider’s stock worth $45,614,000 after acquiring an additional 88,012 shares in the last quarter. Hedge funds and other institutional investors own 76.70% of the company’s stock.
Several research analysts have recently issued reports on the company. Zacks Investment Research raised SYNNEX from a “hold” rating to a “buy” rating and set a $126.00 target price for the company in a research report on Tuesday, October 1st. TheStreet raised SYNNEX from a “c+” rating to a “b-” rating in a research report on Friday, September 27th. Bank of America initiated coverage on SYNNEX in a research report on Friday, September 6th. They set a “buy” rating and a $120.00 price objective for the company. Barrington Research reaffirmed a “buy” rating and set a $118.00 price objective on shares of SYNNEX in a research report on Friday, September 20th. Finally, ValuEngine lowered SYNNEX from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating and six have given a buy rating to the company. SYNNEX currently has an average rating of “Buy” and an average target price of $128.80.
In related news, SVP Simon Leung sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $113.02, for a total value of $113,020.00. Following the completion of the transaction, the senior vice president now owns 17,257 shares of the company’s stock, valued at $1,950,386.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Marshall Witt sold 285 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $98.50, for a total transaction of $28,072.50. Following the completion of the transaction, the chief financial officer now directly owns 15,008 shares of the company’s stock, valued at approximately $1,478,288. The disclosure for this sale can be found here. Insiders sold 16,518 shares of company stock valued at $1,828,178 in the last three months. 3.20% of the stock is currently owned by insiders.
SNX stock traded up $0.63 on Wednesday, reaching $111.60. 177,820 shares of the company traded hands, compared to its average volume of 386,953. SYNNEX Co. has a one year low of $71.82 and a one year high of $115.56. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.57 and a quick ratio of 0.96. The company has a market cap of $5.68 billion, a P/E ratio of 10.25, a price-to-earnings-growth ratio of 0.86 and a beta of 1.02. The firm has a fifty day simple moving average of $95.95 and a 200-day simple moving average of $96.74.
SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Tuesday, September 24th. The business services provider reported $3.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.86 by $0.44. The company had revenue of $6.20 billion during the quarter, compared to analyst estimates of $5.69 billion. SYNNEX had a return on equity of 17.96% and a net margin of 1.92%. The firm’s revenue for the quarter was up 28.7% on a year-over-year basis. During the same quarter last year, the company earned $2.57 EPS. On average, sell-side analysts forecast that SYNNEX Co. will post 12.61 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend is Thursday, October 10th. SYNNEX’s dividend payout ratio (DPR) is 13.77%.
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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