Tudor Investment Corp ET AL Grows Position in Synnex Corporation (SNX)
Tudor Investment Corp ET AL increased its position in shares of Synnex Corporation (NYSE:SNX) by 84.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,058 shares of the business services provider’s stock after buying an additional 2,320 shares during the quarter. Tudor Investment Corp ET AL’s holdings in Synnex Corporation were worth $607,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in SNX. Advisor Group Inc. grew its stake in Synnex Corporation by 50.1% during the 2nd quarter. Advisor Group Inc. now owns 929 shares of the business services provider’s stock worth $112,000 after buying an additional 310 shares during the last quarter. US Bancorp DE grew its stake 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake 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 worth $135,000 after buying an additional 96 shares during the last quarter. PNC Financial Services Group Inc. grew its stake 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 worth $147,000 after buying an additional 106 shares during the last quarter. Finally, Invictus RG purchased a new position in Synnex Corporation during the 1st quarter worth approximately $196,000. Hedge funds and other institutional investors own 71.23% of the company’s stock.
A number of research analysts recently issued reports on the company. Pivotal Research assumed coverage on Synnex Corporation in a research note on Friday. They set a “hold” rating and a $137.00 price target on the stock. Citigroup Inc. restated a “neutral” rating and set a $133.00 price target (up previously from $122.00) on shares of Synnex Corporation in a research note on Sunday, June 25th. ValuEngine upgraded Synnex Corporation from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. BidaskClub downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Stifel Nicolaus restated a “buy” rating and set a $132.00 price target on shares of Synnex Corporation in a research note on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Synnex Corporation currently has a consensus rating of “Buy” and a consensus price target of $135.13.
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Shares of Synnex Corporation (NYSE:SNX) opened at 129.94 on Monday. The firm’s 50-day moving average price is $118.41 and its 200-day moving average price is $115.43. The firm has a market capitalization of $5.19 billion, a PE ratio of 17.63 and a beta of 1.08. Synnex Corporation has a 52-week low of $100.06 and a 52-week high of $131.35.
Synnex Corporation (NYSE:SNX) last posted its earnings results on Monday, September 25th. The business services provider reported $2.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.97 by $0.19. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4 billion. Synnex Corporation had a return on equity of 16.58% and a net margin of 1.89%. The business’s revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.73 earnings per share. On average, equities analysts predict that Synnex Corporation will post $8.76 earnings per share for the current fiscal year.
Synnex Corporation declared that its Board of Directors has initiated a share repurchase program on Thursday, June 22nd that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the business services provider to repurchase up to 6.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Friday, October 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, October 12th. This is a positive change from Synnex Corporation’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 0.92%. Synnex Corporation’s dividend payout ratio is 13.57%.
In other news, CEO Kevin M. Murai sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $118.75, for a total transaction of $237,500.00. Following the completion of the transaction, the chief executive officer now directly owns 142,311 shares of the company’s stock, valued at $16,899,431.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Fred A. Breidenbach sold 1,321 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $127.92, for a total value of $168,982.32. Following the transaction, the director now directly owns 18,087 shares of the company’s stock, valued at $2,313,689.04. 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 ninety days. Corporate insiders own 3.20% 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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