Marshall Witt Sells 300 Shares of Synnex Corporation (SNX) Stock
Synnex Corporation (NYSE:SNX) CFO Marshall Witt sold 300 shares of Synnex Corporation stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $127.09, for a total transaction of $38,127.00. Following the completion of the sale, the chief financial officer now owns 20,200 shares in the company, valued at $2,567,218. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Synnex Corporation (NYSE SNX) opened at 128.72 on Thursday. The firm has a market cap of $5.14 billion, a PE ratio of 18.47 and a beta of 1.08. Synnex Corporation has a 1-year low of $100.06 and a 1-year high of $131.35. The firm’s 50-day moving average is $117.65 and its 200 day moving average is $115.25.
Synnex Corporation (NYSE:SNX) last issued its quarterly earnings results on Monday, September 25th. The business services provider reported $2.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.19. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4 billion. Synnex Corporation had a net margin of 1.89% and a return on equity of 16.58%. The firm’s quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.73 EPS. On average, equities analysts forecast that Synnex Corporation will post $8.76 earnings per share for the current fiscal 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 dividend of $0.30 per share. This is an increase from Synnex Corporation’s previous quarterly dividend of $0.25. The ex-dividend date is Thursday, October 12th. This represents a $1.20 annualized dividend and a yield of 0.93%. Synnex Corporation’s dividend payout ratio is 13.57%.
Synnex Corporation declared that its Board of Directors has initiated a stock buyback program on Thursday, June 22nd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the business services provider to reacquire up to 6.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
Several analysts recently weighed in on SNX shares. Zacks Investment Research downgraded shares of Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. Citigroup Inc. reiterated a “neutral” rating and issued a $133.00 price objective (up from $122.00) on shares of Synnex Corporation in a research report on Sunday, June 25th. BidaskClub cut shares of Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. ValuEngine cut shares of Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, September 6th. Finally, Needham & Company LLC raised their target price on shares of Synnex Corporation from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $134.86.
A number of hedge funds and other institutional investors have recently modified their holdings of SNX. State Board of Administration of Florida Retirement System lifted its position in Synnex Corporation by 26.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 15,622 shares of the business services provider’s stock worth $1,749,000 after buying an additional 3,278 shares in the last quarter. First Trust Advisors LP lifted its position in Synnex Corporation by 3.1% during the 1st quarter. First Trust Advisors LP now owns 21,722 shares of the business services provider’s stock worth $2,432,000 after buying an additional 659 shares in the last quarter. US Bancorp DE lifted its position in Synnex Corporation by 34.3% during the 1st quarter. US Bancorp DE now owns 1,112 shares of the business services provider’s stock worth $124,000 after buying an additional 284 shares in the last quarter. World Asset Management Inc lifted its position in Synnex Corporation by 0.8% during the 1st quarter. World Asset Management Inc now owns 2,086 shares of the business services provider’s stock worth $234,000 after buying an additional 17 shares in the last quarter. Finally, UBS Asset Management Americas Inc. lifted its position in Synnex Corporation by 22.2% during the 1st quarter. UBS Asset Management Americas Inc. now owns 15,693 shares of the business services provider’s stock worth $1,757,000 after buying an additional 2,854 shares in the last quarter. Institutional investors and hedge funds own 71.26% of the company’s stock.
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.
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