Oakbrook Investments LLC Sells 500 Shares of Synnex Corporation (SNX)
Oakbrook Investments LLC lowered its stake in Synnex Corporation (NYSE:SNX) by 23.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,650 shares of the business services provider’s stock after selling 500 shares during the quarter. Oakbrook Investments LLC’s holdings in Synnex Corporation were worth $209,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of SNX. Assenagon Asset Management S.A. bought a new stake in Synnex Corporation during the 3rd quarter valued at approximately $4,048,000. Schwab Charles Investment Management Inc. raised its stake in Synnex Corporation by 2.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 190,892 shares of the business services provider’s stock valued at $22,900,000 after purchasing an additional 3,903 shares during the period. BNP Paribas Arbitrage SA raised its stake in Synnex Corporation by 126.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 15,300 shares of the business services provider’s stock valued at $1,835,000 after purchasing an additional 8,531 shares during the period. Victory Capital Management Inc. raised its stake in Synnex Corporation by 1,268.6% during the 2nd quarter. Victory Capital Management Inc. now owns 152,081 shares of the business services provider’s stock valued at $18,244,000 after purchasing an additional 140,969 shares during the period. Finally, Capital Analysts LLC bought a new stake in Synnex Corporation during the 2nd quarter valued at approximately $966,000. 71.36% of the stock is currently owned by hedge funds and other institutional investors.
Synnex Corporation (SNX) opened at 134.01 on Tuesday. The stock has a market cap of $5.36 billion, a PE ratio of 18.18 and a beta of 1.08. Synnex Corporation has a 12-month low of $100.06 and a 12-month high of $134.96. The firm’s 50-day moving average price is $126.01 and its 200 day moving average price is $118.07.
Synnex Corporation (NYSE:SNX) last announced its earnings results on Monday, September 25th. The business services provider reported $2.16 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 business had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4 billion. During the same quarter in the prior year, the firm earned $1.73 earnings per share. The business’s revenue was up 16.5% compared to the same quarter last year. Analysts anticipate that Synnex Corporation will post $8.76 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 27th. Shareholders of record on Friday, October 13th were issued a dividend of $0.30 per share. The ex-dividend date was Thursday, October 12th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.90%. This is a boost from Synnex Corporation’s previous quarterly dividend of $0.25. Synnex Corporation’s dividend payout ratio is presently 16.28%.
Several brokerages recently issued reports on SNX. ValuEngine raised Synnex Corporation from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Citigroup Inc. lifted their target price on Synnex Corporation from $122.00 to $130.00 and gave the company a “neutral” rating in a research note on Tuesday, September 26th. Needham & Company LLC lifted their target price on Synnex Corporation from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, September 26th. BidaskClub downgraded Synnex Corporation from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Finally, Loop Capital lifted their target price on Synnex Corporation from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Synnex Corporation presently has an average rating of “Buy” and a consensus price target of $135.13.
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In other Synnex Corporation news, CEO Kevin M. Murai sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $113.66, for a total transaction of $227,320.00. Following the completion of the transaction, the chief executive officer now owns 142,311 shares of the company’s stock, valued at $16,175,068.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Marshall Witt sold 300 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $127.09, for a total value of $38,127.00. Following the transaction, the chief financial officer now directly owns 20,200 shares of the company’s stock, valued at approximately $2,567,218. The disclosure for this sale can be found here. Insiders have sold 10,621 shares of company stock valued at $1,295,784 in the last three months. 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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