Synnex Corporation (NYSE:SNX) – Equities research analysts at SunTrust Banks lifted their FY2019 EPS estimates for Synnex in a report released on Wednesday. SunTrust Banks analyst F. Atkins now anticipates that the business services provider will earn $11.22 per share for the year, up from their prior estimate of $9.80. SunTrust Banks has a “Buy” rating and a $145.00 price objective on the stock.
SNX has been the subject of several other reports. Pivotal Research assumed coverage on Synnex in a research note on Friday, October 6th. They issued a “hold” rating and a $137.00 price target for the company. Needham & Company LLC boosted their price objective on shares of Synnex from $145.00 to $151.00 and gave the company a “buy” rating in a research report on Wednesday. ValuEngine upgraded shares of Synnex from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Zacks Investment Research downgraded shares of Synnex from a “buy” rating to a “hold” rating in a research report on Tuesday, November 28th. Finally, Citigroup restated a “neutral” rating and set a $150.00 price objective on shares of Synnex in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $142.63.
Shares of Synnex (SNX) traded up $1.12 during mid-day trading on Friday, hitting $137.97. The company had a trading volume of 255,284 shares, compared to its average volume of 300,522. The company has a current ratio of 1.61, a quick ratio of 0.80 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $5,510.00, a PE ratio of 18.37 and a beta of 1.08. Synnex has a fifty-two week low of $101.48 and a fifty-two week high of $141.94.
Synnex (NYSE:SNX) last issued its quarterly earnings results on Tuesday, January 9th. The business services provider reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.69 by $0.10. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $4.85 billion. Synnex had a return on equity of 16.58% and a net margin of 1.89%. The firm’s revenue for the quarter was up 36.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.57 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Friday, January 19th will be given a dividend of $0.35 per share. This is an increase from Synnex’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 1.01%. The ex-dividend date is Thursday, January 18th. Synnex’s payout ratio is currently 15.98%.
In other news, Director Thomas S. Wurster sold 300 shares of the company’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $134.05, for a total transaction of $40,215.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kevin M. Murai sold 2,000 shares of the company’s stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $128.81, for a total transaction of $257,620.00. Following the transaction, the chief executive officer now owns 144,125 shares of the company’s stock, valued at $18,564,741.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,900 shares of company stock valued at $1,050,392. Company insiders own 3.20% of the company’s stock.
Large investors have recently made changes to their positions in the company. Advisor Group Inc. increased its holdings in shares of Synnex by 50.1% during the second quarter. Advisor Group Inc. now owns 929 shares of the business services provider’s stock worth $112,000 after buying an additional 310 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Synnex by 9.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the business services provider’s stock worth $135,000 after buying an additional 96 shares in the last quarter. Affinity Wealth Management increased its holdings in shares of Synnex by 1.9% during the second quarter. Affinity Wealth Management now owns 1,869 shares of the business services provider’s stock worth $224,000 after buying an additional 34 shares in the last quarter. Shelton Capital Management acquired a new position in shares of Synnex during the second quarter worth $246,000. Finally, Riverhead Capital Management LLC increased its holdings in shares of Synnex by 74.8% during the second quarter. Riverhead Capital Management LLC now owns 2,098 shares of the business services provider’s stock worth $252,000 after buying an additional 898 shares in the last quarter. Institutional investors own 71.68% of the company’s stock.
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Synnex 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.
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