EULAV Asset Management lessened its holdings in SYNNEX Co. (NYSE:SNX) by 31.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 38,800 shares of the business services provider’s stock after selling 18,000 shares during the quarter. EULAV Asset Management’s holdings in SYNNEX were worth $3,286,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of SNX. Townsend & Associates Inc acquired a new position in SYNNEX in the second quarter worth about $108,000. Cornerstone Wealth Management LLC acquired a new position in SYNNEX in the second quarter worth about $131,000. Point72 Hong Kong Ltd acquired a new position in SYNNEX in the second quarter worth about $136,000. Nomura Holdings Inc. acquired a new position in SYNNEX in the second quarter worth about $210,000. Finally, First Hawaiian Bank acquired a new position in SYNNEX in the third quarter worth about $221,000. 71.66% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently issued reports on SNX shares. Zacks Investment Research lowered shares of SYNNEX from a “hold” rating to a “sell” rating in a research report on Thursday, October 4th. SunTrust Banks dropped their price target on shares of SYNNEX to $100.00 and set a “buy” rating for the company in a research report on Thursday, October 4th. Stifel Nicolaus dropped their price target on shares of SYNNEX from $130.00 to $114.00 and set a “buy” rating for the company in a research report on Thursday, October 4th. Needham & Company LLC raised shares of SYNNEX from a “buy” rating to a “strong-buy” rating and set a $135.00 price target for the company in a research report on Thursday, October 4th. Finally, TheStreet lowered shares of SYNNEX from a “b-” rating to a “c+” rating in a research report on Friday, October 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $127.00.
SYNNEX (NYSE:SNX) last posted its quarterly earnings data on Wednesday, October 3rd. The business services provider reported $2.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.46 by $0.11. The company had revenue of $4.91 billion during the quarter, compared to analyst estimates of $4.88 billion. SYNNEX had a net margin of 1.41% and a return on equity of 17.16%. The company’s revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the business posted $2.16 earnings per share. Equities analysts predict that SYNNEX Co. will post 10.12 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 26th. Stockholders of record on Friday, October 12th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.81%. The ex-dividend date was Thursday, October 11th. SYNNEX’s payout ratio is 15.80%.
In other news, Director Matthew Miau acquired 122,202 shares of the company’s stock in a transaction dated Friday, October 19th. The stock was bought at an average price of $78.27 per share, with a total value of $9,564,750.54. Following the completion of the acquisition, the director now owns 364,352 shares in the company, valued at approximately $28,517,831.04. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Marshall Witt sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $96.47, for a total transaction of $57,882.00. Following the sale, the chief financial officer now directly owns 18,410 shares of the company’s stock, valued at approximately $1,776,012.70. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 367,011 shares of company stock valued at $29,238,828 and have sold 7,800 shares valued at $720,206. Company insiders own 3.20% of the company’s stock.
SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center server and storage solutions; system components; software; networking/communications/security equipment; consumer electronics; and complementary products.
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