Paragon Capital Management Ltd lowered its stake in shares of SYNNEX Co. (NYSE:SNX) by 7.3% during the fourth quarter, HoldingsChannel reports. The firm owned 2,994 shares of the business services provider’s stock after selling 237 shares during the quarter. Paragon Capital Management Ltd’s holdings in SYNNEX were worth $386,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of SYNNEX during the 3rd quarter worth approximately $113,000. State of New Jersey Common Pension Fund D bought a new stake in shares of SYNNEX during the 3rd quarter worth approximately $4,110,000. Hennessy Advisors Inc. bought a new stake in shares of SYNNEX during the 4th quarter worth approximately $12,932,000. California Public Employees Retirement System raised its stake in shares of SYNNEX by 31.5% during the 3rd quarter. California Public Employees Retirement System now owns 103,141 shares of the business services provider’s stock worth $11,645,000 after purchasing an additional 24,725 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of SYNNEX by 0.5% during the 3rd quarter. California State Teachers Retirement System now owns 69,060 shares of the business services provider’s stock worth $7,797,000 after purchasing an additional 357 shares in the last quarter. Institutional investors own 75.73% of the company’s stock.
SNX traded down $1.57 during trading hours on Friday, reaching $142.42. The company’s stock had a trading volume of 338,565 shares, compared to its average volume of 430,512. SYNNEX Co. has a 52 week low of $78.55 and a 52 week high of $153.07. The company’s 50-day moving average is $138.85 and its 200-day moving average is $115.64. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.06 and a current ratio of 1.62. The firm has a market cap of $7.36 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 0.97 and a beta of 1.01.
SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Thursday, January 9th. The business services provider reported $4.26 earnings per share for the quarter, beating analysts’ consensus estimates of $3.61 by $0.65. SYNNEX had a return on equity of 18.84% and a net margin of 2.11%. The business had revenue of $6.58 billion for the quarter, compared to analysts’ expectations of $5.99 billion. During the same quarter in the prior year, the business earned $3.65 EPS. The firm’s revenue for the quarter was up 18.7% on a year-over-year basis. Equities analysts anticipate that SYNNEX Co. will post 13.97 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 24th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.12%. This is a positive change from SYNNEX’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, January 23rd. SYNNEX’s dividend payout ratio is currently 12.07%.
In other SYNNEX news, insider Peter Larocque sold 17,330 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $150.89, for a total value of $2,614,923.70. Following the transaction, the insider now directly owns 18,363 shares of the company’s stock, valued at approximately $2,770,793.07. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Marshall Witt sold 285 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $122.83, for a total value of $35,006.55. Following the completion of the transaction, the chief financial officer now directly owns 15,357 shares in the company, valued at $1,886,300.31. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,396 shares of company stock worth $6,223,258. Insiders own 3.20% of the company’s stock.
A number of equities research analysts have recently issued reports on SNX shares. Raymond James upped their price objective on SYNNEX from $140.00 to $165.00 and gave the stock a “strong-buy” rating in a research note on Friday, January 10th. They noted that the move was a valuation call. ValuEngine upgraded SYNNEX from a “strong sell” rating to a “sell” rating in a research note on Tuesday, February 4th. Zacks Investment Research upgraded SYNNEX from a “hold” rating to a “strong-buy” rating and set a $153.00 price objective on the stock in a research note on Monday, January 13th. Barrington Research upped their price objective on SYNNEX from $118.00 to $150.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. They noted that the move was a valuation call. Finally, Loop Capital reiterated a “buy” rating and set a $175.00 price objective on shares of SYNNEX in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, five have given a buy rating and two have given a strong buy rating to the stock. SYNNEX presently has a consensus rating of “Buy” and an average price target of $155.43.
SYNNEX Corporation provides business process services in the Americas, Asia-Pacific, Europe and Africa. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center servers and storage solutions; system components; software; networking, communications, and security equipment; consumer electronics; and complementary products.
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