Synnex (NYSE:SNX) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Synnex (NYSE:SNX) from a buy rating to a hold rating in a report released on Wednesday, March 14th.

According to Zacks, “SYNNEX Corporation, a business process services company, provides business-to-business services that help their customers and business partners grow and enhance their customer-engagement strategies. Headquartered in Fremont, CA, and with operations in more than 30 countries, SYNNEX is an industry leader in IT distribution and customer care outsourced services, operating in two business segments: Technology Solutions and Concentrix. SYNNEX brings the most relevant technology solutions to the IT and consumer electronics markets to help their partners sustainably grow their business. With more than 100,000 associates operating in 25 countries and with fluency in over 40 languages, their Concentrix division delivers high-value business services and solutions for the customer-relationship lifecycle to more than 450 clients. SYNNEX is listed on the New York Stock Exchange (NYSE: SNX) and was ranked 198 on the 2017 Fortune 500. “

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Other equities research analysts have also issued reports about the stock. Loop Capital lifted their price target on shares of Synnex from $1.00 to $160.00 and gave the company a buy rating in a research note on Wednesday, January 10th. Needham & Company LLC lifted their price target on shares of Synnex from $145.00 to $151.00 and gave the company a buy rating in a research note on Wednesday, January 10th. SunTrust Banks initiated coverage on shares of Synnex in a research note on Thursday, December 7th. They issued a buy rating and a $145.00 price target on the stock. Pivotal Research upgraded shares of Synnex from a hold rating to a buy rating and set a $150.00 price target on the stock in a research note on Wednesday, January 31st. Finally, ValuEngine lowered shares of Synnex from a buy rating to a hold rating in a research note on Friday, February 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $140.63.

Shares of NYSE:SNX traded down $2.56 during midday trading on Wednesday, reaching $95.31. 410,295 shares of the company were exchanged, compared to its average volume of 315,173. Synnex has a fifty-two week low of $94.33 and a fifty-two week high of $141.94. The company has a quick ratio of 0.89, a current ratio of 1.48 and a debt-to-equity ratio of 0.48. The firm has a market cap of $3,822.50, a price-to-earnings ratio of 10.76 and a beta of 0.97.

Synnex (NYSE:SNX) last issued its quarterly earnings data on Thursday, March 29th. The business services provider reported $2.14 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.03. Synnex had a net margin of 1.46% and a return on equity of 16.52%. The business had revenue of $4.55 billion for the quarter, compared to analyst estimates of $4.47 billion. During the same period last year, the business posted $1.82 earnings per share. The firm’s quarterly revenue was up 29.3% on a year-over-year basis. research analysts expect that Synnex will post 10.21 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 27th. Stockholders of record on Friday, April 13th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date of this dividend is Thursday, April 12th. Synnex’s dividend payout ratio (DPR) is presently 15.80%.

In other news, Director Matthew Miau sold 500 shares of Synnex stock in a transaction dated Wednesday, April 4th. The shares were sold at an average price of $97.95, for a total value of $48,975.00. Following the completion of the transaction, the director now owns 375,357 shares of the company’s stock, valued at approximately $36,766,218.15. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Dennis Polk sold 2,000 shares of Synnex stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $123.02, for a total transaction of $246,040.00. Following the completion of the transaction, the chief executive officer now directly owns 22,408 shares of the company’s stock, valued at approximately $2,756,632.16. The disclosure for this sale can be found here. In the last three months, insiders sold 1,271,900 shares of company stock valued at $165,625,452. Insiders own 3.20% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in shares of Synnex by 8.1% during the 4th quarter. BlackRock Inc. now owns 3,582,707 shares of the business services provider’s stock worth $487,070,000 after buying an additional 269,430 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Synnex by 1.2% during the 4th quarter. Bank of New York Mellon Corp now owns 381,398 shares of the business services provider’s stock worth $51,851,000 after buying an additional 4,546 shares during the period. Boston Partners boosted its holdings in shares of Synnex by 10.2% during the 4th quarter. Boston Partners now owns 292,768 shares of the business services provider’s stock worth $39,802,000 after buying an additional 26,991 shares during the period. Mawer Investment Management Ltd. boosted its holdings in shares of Synnex by 143.2% during the 4th quarter. Mawer Investment Management Ltd. now owns 271,600 shares of the business services provider’s stock worth $36,924,000 after buying an additional 159,900 shares during the period. Finally, Teachers Advisors LLC boosted its holdings in shares of Synnex by 4.2% during the 4th quarter. Teachers Advisors LLC now owns 270,609 shares of the business services provider’s stock worth $36,789,000 after buying an additional 10,866 shares during the period. 71.84% of the stock is owned by institutional investors and hedge funds.

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About Synnex

SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center server and storage solutions; system components; software; networking/communications/security equipment; consumer electronics; and complementary products.

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