Synnex Corporation (NYSE:SNX) COO Dennis Polk Sells 1,500 Shares
Synnex Corporation (NYSE:SNX) COO Dennis Polk sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $126.91, for a total transaction of $190,365.00. Following the completion of the sale, the chief operating officer now directly owns 22,468 shares of the company’s stock, valued at approximately $2,851,413.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Dennis Polk also recently made the following trade(s):
- On Friday, September 1st, Dennis Polk sold 1,500 shares of Synnex Corporation stock. The shares were sold at an average price of $115.06, for a total transaction of $172,590.00.
- On Tuesday, August 1st, Dennis Polk sold 3,416 shares of Synnex Corporation stock. The stock was sold at an average price of $119.47, for a total transaction of $408,109.52.
Synnex Corporation (NYSE:SNX) traded up 0.11% on Friday, hitting $132.78. 136,841 shares of the stock traded hands. The stock has a 50 day moving average of $120.90 and a 200 day moving average of $115.98. Synnex Corporation has a 52 week low of $100.06 and a 52 week high of $133.44. The firm has a market capitalization of $5.31 billion, a PE ratio of 18.02 and a beta of 1.08.
Synnex Corporation (NYSE:SNX) last posted its earnings results on Monday, September 25th. The business services provider reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $1.97 by $0.19. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4 billion. Synnex Corporation had a return on equity of 16.58% and a net margin of 1.89%. The company’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.73 EPS. Equities research analysts anticipate that Synnex Corporation will post $8.76 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 13th will be given a $0.30 dividend. The ex-dividend date of this dividend is Thursday, October 12th. This is an increase from Synnex Corporation’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a yield of 0.90%. Synnex Corporation’s dividend payout ratio (DPR) is currently 16.28%.
Synnex Corporation announced that its Board of Directors has initiated a share repurchase program on Thursday, June 22nd that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the business services provider to repurchase up to 6.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its stake in 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 purchasing an additional 3,615,993 shares during the period. FMR LLC increased its stake in Synnex Corporation by 5.7% in the second quarter. FMR LLC now owns 5,587,157 shares of the business services provider’s stock worth $670,236,000 after purchasing an additional 302,301 shares during the period. Teachers Advisors LLC increased its stake in Synnex Corporation by 190.5% in the second quarter. Teachers Advisors LLC now owns 251,605 shares of the business services provider’s stock worth $30,183,000 after purchasing an additional 165,008 shares during the period. Goldman Sachs Group Inc. increased its stake in Synnex Corporation by 13.3% in the second quarter. Goldman Sachs Group Inc. now owns 1,315,521 shares of the business services provider’s stock worth $157,810,000 after purchasing an additional 154,174 shares during the period. Finally, Victory Capital Management Inc. increased its stake in Synnex Corporation by 1,268.6% in the second quarter. Victory Capital Management Inc. now owns 152,081 shares of the business services provider’s stock worth $18,244,000 after purchasing an additional 140,969 shares during the period. Institutional investors own 71.23% of the company’s stock.
A number of brokerages have recently weighed in on SNX. Pivotal Research began coverage on shares of Synnex Corporation in a research report on Friday, October 6th. They set a “hold” rating and a $137.00 price target on the stock. Citigroup Inc. restated a “neutral” rating and set a $133.00 price objective (up from $122.00) on shares of Synnex Corporation in a report on Sunday, June 25th. ValuEngine upgraded shares of Synnex Corporation from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. BidaskClub lowered shares of Synnex Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Stifel Nicolaus restated a “buy” rating and set a $132.00 price objective on shares of Synnex Corporation in a report on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $135.13.
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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