IronBridge Capital Management LP Acquires New Stake in SYNNEX Co. (SNX)

IronBridge Capital Management LP purchased a new stake in SYNNEX Co. (NYSE:SNX) during the first quarter, Holdings Channel reports. The firm purchased 51,222 shares of the business services provider’s stock, valued at approximately $5,734,000.

Other institutional investors also recently modified their holdings of the company. US Bancorp DE raised its position in shares of SYNNEX by 34.3% in the first quarter. US Bancorp DE now owns 1,112 shares of the business services provider’s stock valued at $124,000 after buying an additional 284 shares during the period. Elkfork Partners LLC acquired a new stake in SYNNEX during the fourth quarter valued at about $163,000. Fuller & Thaler Asset Management Inc. increased its stake in SYNNEX by 23.1% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 1,600 shares of the business services provider’s stock valued at $183,000 after buying an additional 300 shares in the last quarter. Affinity Wealth Management acquired a new stake in SYNNEX during the first quarter valued at about $205,000. Finally, Pacer Advisors Inc. increased its stake in SYNNEX by 9.1% in the third quarter. Pacer Advisors Inc. now owns 2,014 shares of the business services provider’s stock valued at $230,000 after buying an additional 168 shares in the last quarter. 73.27% of the stock is owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for SYNNEX (NYSE:SNX)

SYNNEX Co. (NYSE:SNX) traded down 0.19% during midday trading on Tuesday, reaching $109.89. 113,916 shares of the company’s stock traded hands. The company’s 50-day moving average price is $107.71 and its 200 day moving average price is $115.88. SYNNEX Co. has a 52 week low of $85.26 and a 52 week high of $129.24. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 17.57 and a beta of 1.18.

SYNNEX (NYSE:SNX) last issued its quarterly earnings data on Monday, March 27th. The business services provider reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.16. The firm had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.50 billion. SYNNEX had a net margin of 1.67% and a return on equity of 14.80%. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.37 earnings per share. On average, equities research analysts expect that SYNNEX Co. will post $7.91 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 28th. Investors of record on Friday, April 14th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.91%. The ex-dividend date was Tuesday, April 11th. SYNNEX’s payout ratio is presently 17.01%.

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Several equities research analysts have issued reports on the stock. Raymond James Financial, Inc. upgraded shares of SYNNEX from a “market perform” rating to a “strong-buy” rating and set a $122.00 price objective for the company in a research note on Friday. Stifel Nicolaus upgraded shares of SYNNEX from a “hold” rating to a “buy” rating and set a $120.00 price objective for the company in a research note on Wednesday, April 12th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded shares of SYNNEX from a “hold” rating to a “buy” rating and set a $126.00 price objective for the company in a research note on Thursday, March 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. SYNNEX has an average rating of “Buy” and an average target price of $121.17.

In related news, CEO Kevin M. Murai sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $116.53, for a total transaction of $233,060.00. Following the transaction, the chief executive officer now owns 142,311 shares of the company’s stock, valued at $16,583,500.83. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Dennis Polk sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $117.97, for a total transaction of $176,955.00. Following the transaction, the chief operating officer now directly owns 45,968 shares in the company, valued at approximately $5,422,844.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,442 shares of company stock worth $1,180,658. Insiders own 3.40% of the company’s stock.

About SYNNEX

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.

12 Month Chart for NYSE:SNX

Want to see what other hedge funds are holding SNX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SYNNEX Co. (NYSE:SNX).

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