Synnex Corporation (SNX) Director Sells $168,982.32 in Stock
Synnex Corporation (NYSE:SNX) Director Fred A. Breidenbach sold 1,321 shares of the company’s stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $127.92, for a total value of $168,982.32. Following the sale, the director now owns 18,087 shares in the company, valued at approximately $2,313,689.04. The sale was disclosed in a filing with the SEC, which is available through this link.
Synnex Corporation (NYSE SNX) opened at 128.72 on Thursday. Synnex Corporation has a one year low of $100.06 and a one year high of $131.35. The company has a market cap of $5.14 billion, a price-to-earnings ratio of 18.47 and a beta of 1.08. The firm has a 50-day moving average price of $117.65 and a 200 day moving average price of $115.25.
Synnex Corporation (NYSE:SNX) last announced its quarterly earnings results 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 return on equity of 16.58% and a net margin of 1.89%. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4 billion. During the same quarter in the previous year, the business earned $1.73 EPS. Synnex Corporation’s revenue was up 16.5% compared to the same quarter last year. Equities analysts expect that Synnex Corporation will post $8.76 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Friday, October 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 0.93%. 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. Synnex Corporation’s payout ratio is currently 13.57%.
Synnex Corporation announced that its board has authorized a stock buyback plan on Thursday, June 22nd that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the business services provider to repurchase up to 6.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
Several equities research analysts recently commented on SNX shares. Zacks Investment Research lowered Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. Citigroup Inc. restated a “neutral” rating and set a $133.00 target price (up previously from $122.00) on shares of Synnex Corporation in a research report on Sunday, June 25th. BidaskClub lowered Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. ValuEngine lowered Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, September 6th. Finally, Needham & Company LLC upped their target price on Synnex Corporation from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Synnex Corporation presently has a consensus rating of “Buy” and a consensus target price of $134.86.
Institutional investors have recently bought and sold shares of the business. Advisor Group Inc. boosted its position in Synnex Corporation by 50.1% during the 2nd quarter. Advisor Group Inc. now owns 929 shares of the business services provider’s stock valued at $112,000 after acquiring an additional 310 shares in the last quarter. US Bancorp DE boosted 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 valued at $124,000 after acquiring an additional 284 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Synnex Corporation by 9.4% during 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. boosted its position in Synnex Corporation by 8.8% during 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. Finally, Ronald Blue & Co. LLC bought a new stake in Synnex Corporation during the 2nd quarter valued at approximately $203,000. 71.26% of the stock is currently owned by institutional investors and hedge funds.
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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