SYNNEX Co. (SNX) Position Trimmed by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System reduced its stake in SYNNEX Co. (NYSE:SNX) by 6.9% during the third quarter, HoldingsChannel reports. The firm owned 8,887 shares of the business services provider’s stock after selling 660 shares during the period. State Board of Administration of Florida Retirement System’s holdings in SYNNEX were worth $753,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SNX. Cornerstone Wealth Management LLC purchased a new position in shares of SYNNEX during the second quarter worth approximately $131,000. Point72 Hong Kong Ltd purchased a new position in shares of SYNNEX during the second quarter worth approximately $136,000. Nomura Holdings Inc. purchased a new position in shares of SYNNEX during the second quarter worth approximately $210,000. First Hawaiian Bank purchased a new position in shares of SYNNEX during the third quarter worth approximately $221,000. Finally, Advisors Asset Management Inc. raised its stake in shares of SYNNEX by 374.1% during the second quarter. Advisors Asset Management Inc. now owns 15,750 shares of the business services provider’s stock worth $238,000 after acquiring an additional 12,428 shares in the last quarter. 71.66% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have commented on SNX. Zacks Investment Research raised shares of SYNNEX from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a research note on Tuesday, October 9th. TheStreet downgraded shares of SYNNEX from a “b-” rating to a “c+” rating in a research note on Friday, October 12th. Needham & Company LLC raised shares of SYNNEX from a “buy” rating to a “strong-buy” rating and set a $135.00 price target on the stock in a research note on Thursday, October 4th. Stifel Nicolaus decreased their price target on shares of SYNNEX from $130.00 to $114.00 and set a “buy” rating on the stock in a research note on Thursday, October 4th. Finally, SunTrust Banks decreased their price target on shares of SYNNEX to $100.00 and set a “buy” rating on the stock in a research note on Thursday, October 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $127.00.

In related news, CFO Marshall Witt sold 600 shares of SYNNEX stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $96.44, for a total value of $57,864.00. Following the transaction, the chief financial officer now directly owns 17,210 shares of the company’s stock, valued at $1,659,732.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew Miau bought 3,320 shares of the firm’s stock in a transaction that occurred on Monday, October 29th. The stock was purchased at an average cost of $77.19 per share, for a total transaction of $256,270.80. Following the completion of the purchase, the director now owns 364,352 shares of the company’s stock, valued at $28,124,330.88. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 370,331 shares of company stock worth $29,495,099 and sold 8,609 shares worth $735,256. 3.20% of the stock is owned by insiders.

Shares of NYSE SNX opened at $75.33 on Friday. The company has a current ratio of 1.51, a quick ratio of 0.94 and a debt-to-equity ratio of 0.47. SYNNEX Co. has a 52 week low of $72.83 and a 52 week high of $141.94. The firm has a market capitalization of $3.85 billion, a P/E ratio of 8.50 and a beta of 0.83.

SYNNEX (NYSE:SNX) last issued its earnings results on Wednesday, October 3rd. The business services provider reported $2.57 EPS for the quarter, topping the consensus estimate of $2.46 by $0.11. SYNNEX had a net margin of 1.41% and a return on equity of 17.16%. The company had revenue of $4.91 billion for the quarter, compared to the consensus estimate of $4.88 billion. During the same period in the previous year, the firm earned $2.16 earnings per share. The firm’s revenue for the quarter was up 14.8% on a year-over-year basis. On average, analysts anticipate that SYNNEX Co. will post 10.12 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 26th. Investors of record on Friday, October 12th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend was Thursday, October 11th. SYNNEX’s payout ratio is 15.80%.

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SYNNEX Profile

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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Institutional Ownership by Quarter for SYNNEX (NYSE:SNX)

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