Synnex Corporation (SNX) Shares Bought by GSA Capital Partners LLP
GSA Capital Partners LLP lifted its stake in Synnex Corporation (NYSE:SNX) by 155.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,933 shares of the business services provider’s stock after acquiring an additional 4,215 shares during the period. GSA Capital Partners LLP’s holdings in Synnex Corporation were worth $832,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in SNX. US Bancorp DE increased its stake in Synnex Corporation by 34.3% during the first quarter. US Bancorp DE now owns 1,112 shares of the business services provider’s stock valued at $124,000 after acquiring an additional 284 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Synnex Corporation by 9.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the business services provider’s stock valued at $135,000 after acquiring an additional 96 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Synnex Corporation by 8.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,310 shares of the business services provider’s stock valued at $147,000 after acquiring an additional 106 shares in the last quarter. Invictus RG bought a new stake in shares of Synnex Corporation in the 1st quarter worth approximately $196,000. Finally, Ronald Blue & Co. LLC bought a new stake in shares of Synnex Corporation in the 2nd quarter worth approximately $203,000. 71.26% of the stock is currently owned by institutional investors and hedge funds.
In other news, CFO Marshall Witt sold 300 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $127.09, for a total transaction of $38,127.00. Following the completion of the transaction, the chief financial officer now owns 20,200 shares of the company’s stock, valued at approximately $2,567,218. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kevin M. Murai sold 2,000 shares of the business’s stock in a transaction on Tuesday, July 11th. The stock was sold at an average price of $118.75, for a total value of $237,500.00. Following the transaction, the chief executive officer now directly owns 142,311 shares of the company’s stock, valued at approximately $16,899,431.25. The disclosure for this sale can be found here. Insiders have sold 19,796 shares of company stock valued at $2,373,169 over the last 90 days. Corporate insiders own 3.20% of the company’s stock.
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Several brokerages have recently weighed in on SNX. Loop Capital began coverage on Synnex Corporation in a report on Thursday, August 24th. They set a “buy” rating and a $140.00 price objective on the stock. ValuEngine upgraded Synnex Corporation from a “hold” rating to a “buy” rating in a research report on Monday. BidaskClub lowered Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Stifel Nicolaus restated a “buy” rating and issued a $132.00 target price on shares of Synnex Corporation in a research note on Thursday, August 3rd. Finally, Zacks Investment Research raised Synnex Corporation from a “hold” rating to a “buy” rating and set a $131.00 target price for the company in a research report on Thursday, September 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $134.86.
Synnex Corporation (NYSE:SNX) opened at 128.67 on Wednesday. Synnex Corporation has a one year low of $100.06 and a one year high of $131.35. The firm has a market capitalization of $5.14 billion, a PE ratio of 18.47 and a beta of 1.08. The stock has a 50 day moving average price of $117.32 and a 200-day moving average price of $115.15.
Synnex Corporation (NYSE:SNX) last announced its quarterly earnings data on Monday, September 25th. The business services provider reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.97 by $0.19. Synnex Corporation had a net margin of 1.89% and a return on equity of 16.58%. The business had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4 billion. During the same period last year, the firm posted $1.73 earnings per share. The firm’s quarterly revenue was up 16.5% compared to the same quarter last year. On average, equities analysts forecast that Synnex Corporation will post $8.76 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Friday, October 13th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, October 12th. This is a boost from Synnex Corporation’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 0.93%. Synnex Corporation’s dividend payout ratio is presently 13.57%.
Synnex Corporation declared that its Board of Directors has approved a stock buyback program on Thursday, June 22nd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the business services provider to reacquire up to 6.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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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