Texas Permanent School Fund Has $2.55 Million Position in Synnex Corporation (NYSE:SNX)

Texas Permanent School Fund boosted its position in shares of Synnex Corporation (NYSE:SNX) by 0.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,274 shares of the business services provider’s stock after buying an additional 173 shares during the period. Texas Permanent School Fund owned approximately 0.05% of Synnex Corporation worth $2,552,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. DUPONT CAPITAL MANAGEMENT Corp raised its position in shares of Synnex Corporation by 174.2% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 20,264 shares of the business services provider’s stock worth $2,268,000 after buying an additional 12,873 shares in the last quarter. Clinton Group Inc. purchased a new position in shares of Synnex Corporation during the first quarter worth approximately $1,116,000. Vanguard Group Inc. raised its position in shares of Synnex Corporation by 3.1% in the first quarter. Vanguard Group Inc. now owns 3,150,496 shares of the business services provider’s stock worth $352,667,000 after buying an additional 95,341 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Synnex Corporation during the first quarter worth approximately $228,000. Finally, Liberty Mutual Group Asset Management Inc. raised its position in shares of Synnex Corporation by 3.2% in the first quarter. Liberty Mutual Group Asset Management Inc. now owns 13,176 shares of the business services provider’s stock worth $1,474,000 after buying an additional 405 shares in the last quarter. 71.27% of the stock is currently owned by hedge funds and other institutional investors.

Synnex Corporation (NYSE:SNX) traded down 0.72% during mid-day trading on Friday, reaching $114.40. The company had a trading volume of 92,121 shares. Synnex Corporation has a 12-month low of $100.06 and a 12-month high of $131.35. The stock has a 50 day moving average price of $119.11 and a 200-day moving average price of $115.45. The stock has a market capitalization of $4.57 billion, a P/E ratio of 16.42 and a beta of 1.04.

Synnex Corporation (NYSE:SNX) last released its quarterly earnings data on Thursday, June 22nd. The business services provider reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.29. Synnex Corporation had a return on equity of 16.29% and a net margin of 1.86%. The company had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.79 billion. During the same period in the previous year, the company posted $1.37 EPS. The firm’s revenue for the quarter was up 16.5% compared to the same quarter last year. Equities analysts anticipate that Synnex Corporation will post $8.41 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 28th. Investors of record on Friday, July 14th were paid a dividend of $0.25 per share. The ex-dividend date was Wednesday, July 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.87%. Synnex Corporation’s payout ratio is 14.35%.

Synnex Corporation announced that its Board of Directors has authorized a stock repurchase plan on Thursday, June 22nd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the business services provider to purchase up to 6.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

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SNX has been the topic of several analyst reports. Raymond James Financial, Inc. raised Synnex Corporation from a “market perform” rating to a “strong-buy” rating and set a $122.00 target price on the stock in a report on Friday, May 19th. Zacks Investment Research lowered Synnex Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, May 30th. Citigroup Inc. reissued a “neutral” rating and set a $133.00 target price (up from $122.00) on shares of Synnex Corporation in a report on Sunday, June 25th. BidaskClub lowered Synnex Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $132.00 target price on shares of Synnex Corporation in a report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Synnex Corporation has an average rating of “Hold” and an average price target of $126.67.

In related news, SVP Simon Leung sold 856 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $112.37, for a total transaction of $96,188.72. Following the completion of the transaction, the senior vice president now directly owns 27,078 shares in the company, valued at $3,042,754.86. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Peter Larocque sold 4,265 shares of the business’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $119.08, for a total value of $507,876.20. Following the transaction, the insider now owns 14,958 shares of the company’s stock, valued at $1,781,198.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,028 shares of company stock worth $3,226,618. 3.20% of the stock is currently owned by corporate insiders.

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.

Institutional Ownership by Quarter for Synnex Corporation (NYSE:SNX)

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