Jane Street Group LLC bought a new position in Synnex Corporation (NYSE:SNX) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 2,041 shares of the business services provider’s stock, valued at approximately $228,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of SNX. World Asset Management Inc raised its position in shares of Synnex Corporation by 0.8% in the first 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 during the period. Northwestern Mutual Investment Management Company LLC increased its stake in Synnex Corporation by 0.4% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 5,023 shares of the business services provider’s stock worth $562,000 after buying an additional 19 shares in the last quarter. Alpha Windward LLC increased its stake in Synnex Corporation by 1.5% in the first quarter. Alpha Windward LLC now owns 4,080 shares of the business services provider’s stock worth $457,000 after buying an additional 60 shares in the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of Synnex Corporation by 1.0% in the first quarter. Oregon Public Employees Retirement Fund now owns 10,168 shares of the business services provider’s stock valued at $1,138,000 after buying an additional 100 shares during the period. Finally, State Treasurer State of Michigan increased its stake in shares of Synnex Corporation by 0.9% in the first quarter. State Treasurer State of Michigan now owns 11,800 shares of the business services provider’s stock valued at $1,321,000 after buying an additional 100 shares during the period. 70.99% of the stock is owned by hedge funds and other institutional investors.

Shares of Synnex Corporation (NYSE SNX) traded up 0.17% during midday trading on Friday, reaching $118.24. The company had a trading volume of 116,308 shares. The firm’s 50 day moving average price is $120.39 and its 200-day moving average price is $115.66. Synnex Corporation has a 1-year low of $99.75 and a 1-year high of $131.35. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of 16.97 and a beta of 1.04.

Synnex Corporation (NYSE:SNX) last announced its earnings results on Thursday, June 22nd. The business services provider reported $2.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.79 by $0.29. The firm had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.79 billion. Synnex Corporation had a return on equity of 16.29% and a net margin of 1.86%. The firm’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.37 EPS. Equities research analysts expect that Synnex Corporation will post $8.41 EPS for the current fiscal year.

Synnex Corporation declared that its Board of Directors has approved a share repurchase program on Thursday, June 22nd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the business services provider to buy up to 6.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Friday, July 14th were paid a dividend of $0.25 per share. The ex-dividend date was Wednesday, July 12th. This represents a $1.00 annualized dividend and a yield of 0.85%. Synnex Corporation’s dividend payout ratio (DPR) is currently 14.35%.

WARNING: This piece was posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this piece on another website, it was illegally stolen and reposted in violation of United States & international trademark & copyright law. The legal version of this piece can be accessed at https://www.thecerbatgem.com/2017/08/04/jane-street-group-llc-invests-228000-in-synnex-corporation-nysesnx-updated-updated-updated.html.

A number of equities analysts recently issued reports on SNX shares. Citigroup Inc. cut their target price on Synnex Corporation from $130.00 to $122.00 and set a “neutral” rating on the stock in a report on Friday, June 9th. Raymond James Financial, Inc. raised Synnex Corporation from a “market perform” rating to a “strong-buy” rating and set a $122.00 target price for the company in a report on Friday, May 19th. BidaskClub raised Synnex Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, June 13th. Stifel Nicolaus raised Synnex Corporation from a “hold” rating to a “buy” rating and set a $120.00 price objective for the company in a report on Wednesday, April 12th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Synnex Corporation currently has an average rating of “Hold” and a consensus target price of $126.67.

In related news, CEO Kevin M. Murai sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $108.68, for a total value of $217,360.00. Following the completion of the sale, the chief executive officer now owns 142,311 shares in the company, valued at $15,466,359.48. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Peter Larocque sold 4,265 shares of Synnex Corporation stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $119.08, for a total transaction of $507,876.20. Following the sale, the insider now owns 14,958 shares of the company’s stock, valued at $1,781,198.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,028 shares of company stock valued at $3,206,318. 3.20% of the stock is owned by company insiders.

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.

Institutional Ownership by Quarter for Synnex Corporation (NYSE:SNX)

Receive News & Stock Ratings for Synnex Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synnex Corporation and related stocks with our FREE daily email newsletter.