Jane Street Group LLC Buys New Stake in Synnex Corporation (NYSE:SNX)
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%.
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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.
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