Paloma Partners Management Co Purchases New Stake in Synnex Corporation (SNX)

Oceane Deschanel
Agosto 12, 2017

A number of other large investors have also modified their holdings of the company. Clinton Group Inc. purchased a new position in Synnex Corporation during the first quarter worth $1,116,000. 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 during the last quarter. Hennessy Advisors Inc trimmed its holdings by selling 12,600 shares a decrease of 4.1% as of 06/30/2017. Finally, Oakbrook Investments LLC bought a new stake in shares of Synnex Corporation during the first quarter worth $235,000. First Midwest Bank Trust Division boosted its position in shares of Synnex Corporation by 3.5% in the first quarter. Its stake was worth $269,186,000 a decrease of $1,425,000 as of the end of the quarter. DUPONT CAPITAL MANAGEMENT Corp increased its stake in Synnex Corporation by 174.2% in the first quarter. Stifel Nicolaus now has a $132.00 target price on the business services provider's stock. Institutional investors and hedge funds own 70.97% of the company's stock. $46,800 worth of SYNNEX Corporation (NYSE:SNX) shares were sold by BREIDENBACH FRED A. LEUNG SIMON had sold 884 shares worth $106,251 on Wednesday, March 1. Prudential Plc sold 25,900 shares as Synnex Corp (SNX)'s stock declined 8.02%. The firm has a market capitalization of $4.65 billion, a price-to-earnings ratio of 16.71 and a beta of 1.04. Macy's Inc. has $139.0 highest and $2400 lowest target. The firm's 50-day moving average price is $120.39 and its 200 day moving average price is $115.61.

Synnex Corporation (NYSE:SNX) last posted its earnings results on Thursday, June 22nd. In the latest earnings report the EPS was $6.97 and is estimated to be $8.41 for the current year with 39,939,000 shares now outstanding. 1,500 SYNNEX Corporation (NYSE:SNX) shares with value of $167,955 were sold by POLK DENNIS. The firm had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.79 billion. During the same quarter in the previous year, the company posted $1.37 earnings per share. Synnex Corporation's revenue for the quarter was up 16.5% on a year-over-year basis. This repurchase authorization authorizes the business services provider to repurchase up to 6.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Friday, July 14th were given a $0.25 dividend. The ex-dividend date was Wednesday the 12th of July 2017. The dividend payment was $0.250 per share for the quarter which is $1.00 annualized. Synnex Corporation's payout ratio is 14.35%.

Shares in TrueBlue, Inc. (NYSE:TBI) Acquired by James Investment Research Inc
The business services provider reported $0.42 earnings per share for the quarter, meeting the Zacks' consensus estimate of $0.42. Nordea Investment Management AB purchased a new position in shares of TrueBlue during the first quarter worth about $170,000.

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SNX has been the topic of several research analyst reports. Finally, Raymond James Financial, Inc. raised shares of Synnex Corporation from a "market perform" rating to a "strong-buy" rating and set a $122.00 target price for the company in a research note on Friday, May 19th. The value of the total investment in Synnex Corporation went from $7,736,000 to $8,672,000 increasing 12.1% for the reporting period. Stifel Nicolaus reissued a "buy" rating and set a $132.00 price objective on shares of Synnex Corporation in a research note on Thursday, August 3rd. They noted that the move was a valuation call. Citigroup Inc. reaffirmed a "neutral" rating and issued a $133.00 price objective (up from $122.00) on shares of Synnex Corporation in a research report on Sunday, June 25th. BidaskClub downgraded Synnex Corporation from a "buy" rating to a "hold" rating in a research report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. On Tuesday, September 29 the stock rating was reinitiated by Needham with "Hold".

Synnex Corporation declared that its board has approved a stock repurchase plan on Thursday, June 22nd that authorizes the company to buyback $300.00 million in outstanding shares. Following the sale, the chief executive officer now owns 142,311 shares of the company's stock, valued at $16,910,816.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The stock was sold at an average price of $112.37, for a total transaction of $96,188.72. Insiders sold 27,028 shares of company stock valued at $3,226,618 over the last quarter. Zurcher Kantonalbank (Zurich Cantonalbank) stated it has 0% of its portfolio in SYNNEX Corporation (NYSE:SNX). The Firm 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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