Synnex Corporation (NYSE:SNX) – Stock analysts at SunTrust Banks lifted their FY2019 earnings per share estimates for Synnex in a research note issued to investors on Wednesday. SunTrust Banks analyst F. Atkins now expects that the business services provider will earn $11.22 per share for the year, up from their prior forecast of $9.80. SunTrust Banks currently has a “Buy” rating and a $145.00 target price on the stock.
SNX has been the topic of several other reports. Zacks Investment Research cut Synnex from a “buy” rating to a “hold” rating in a research report on Tuesday, November 28th. Pivotal Research started coverage on Synnex in a research report on Friday, October 6th. They set a “hold” rating and a $137.00 price objective on the stock. Needham & Company LLC increased their price objective on Synnex from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Tuesday, September 26th. ValuEngine raised Synnex from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Finally, Loop Capital increased their price objective on Synnex from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Synnex has a consensus rating of “Buy” and an average price target of $145.38.
Shares of Synnex (SNX) traded up $1.12 during trading hours on Friday, hitting $137.97. The stock had a trading volume of 255,284 shares, compared to its average volume of 180,888. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.42 and a quick ratio of 0.80. Synnex has a 1 year low of $101.48 and a 1 year high of $141.94. The company has a market capitalization of $5,469.23, a P/E ratio of 18.40 and a beta of 1.08.
Synnex (NYSE:SNX) last issued its quarterly earnings results on Tuesday, January 9th. The business services provider reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.69 by $0.10. Synnex had a return on equity of 16.43% and a net margin of 1.77%. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same period last year, the company earned $2.57 earnings per share. The company’s revenue was up 36.7% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Friday, January 19th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, January 18th. This is a boost from Synnex’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 1.01%. Synnex’s dividend payout ratio (DPR) is 16.00%.
In other Synnex news, CFO Marshall Witt sold 300 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $135.52, for a total value of $40,656.00. Following the transaction, the chief financial officer now directly owns 21,300 shares of the company’s stock, valued at $2,886,576. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin M. Murai sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $128.81, for a total value of $257,620.00. Following the completion of the transaction, the chief executive officer now directly owns 144,125 shares in the company, valued at $18,564,741.25. The disclosure for this sale can be found here. Insiders have sold 7,900 shares of company stock worth $1,050,392 over the last ninety days. 3.20% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio purchased a new position in Synnex in the third quarter worth about $889,000. California Public Employees Retirement System lifted its position in shares of Synnex by 5.7% during the 3rd quarter. California Public Employees Retirement System now owns 58,110 shares of the business services provider’s stock valued at $7,351,000 after buying an additional 3,110 shares in the last quarter. Affinity Wealth Management lifted its position in shares of Synnex by 72.4% during the 3rd quarter. Affinity Wealth Management now owns 3,222 shares of the business services provider’s stock valued at $408,000 after buying an additional 1,353 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Synnex during the 3rd quarter valued at about $484,000. Finally, Invictus RG lifted its position in shares of Synnex by 30.6% during the 3rd quarter. Invictus RG now owns 2,994 shares of the business services provider’s stock valued at $379,000 after buying an additional 701 shares in the last quarter. 71.68% of the stock is currently owned by institutional investors and hedge funds.
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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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