SYNNEX Co. (NYSE:SNX) – SunTrust Banks cut their Q2 2019 earnings per share estimates for SYNNEX in a report issued on Wednesday, March 27th, according to Zacks Investment Research. SunTrust Banks analyst F. Atkins now anticipates that the business services provider will earn $2.72 per share for the quarter, down from their previous forecast of $2.79. SunTrust Banks also issued estimates for SYNNEX’s Q3 2019 earnings at $2.86 EPS, Q1 2020 earnings at $3.02 EPS and Q2 2020 earnings at $2.93 EPS.
Several other equities analysts have also issued reports on SNX. Zacks Investment Research raised shares of SYNNEX from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a report on Tuesday, March 26th. TheStreet downgraded shares of SYNNEX from a “b” rating to a “c+” rating in a research note on Tuesday, April 2nd. ValuEngine upgraded shares of SYNNEX from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Barrington Research started coverage on shares of SYNNEX in a research note on Thursday, April 4th. They issued an “outperform” rating for the company. Finally, Citigroup set a $140.00 target price on shares of SYNNEX and gave the company a “buy” rating in a research note on Friday, April 12th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $123.00.
SYNNEX (NYSE:SNX) last issued its quarterly earnings data on Wednesday, March 27th. The business services provider reported $2.84 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.75 by $0.09. The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.29 billion. SYNNEX had a net margin of 1.75% and a return on equity of 17.78%. SYNNEX’s revenue was up 16.8% compared to the same quarter last year. During the same period last year, the company posted $2.14 earnings per share.
Several large investors have recently bought and sold shares of SNX. JOYN Advisors Inc. lifted its stake in shares of SYNNEX by 375.0% during the fourth quarter. JOYN Advisors Inc. now owns 380 shares of the business services provider’s stock worth $31,000 after buying an additional 300 shares during the period. Parkside Financial Bank & Trust lifted its position in SYNNEX by 103.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 498 shares of the business services provider’s stock valued at $40,000 after purchasing an additional 253 shares during the period. Sage Capital Advisors llc acquired a new position in SYNNEX during the fourth quarter valued at $40,000. Investors Research Corp acquired a new position in SYNNEX during the first quarter valued at $68,000. Finally, O Shaughnessy Asset Management LLC acquired a new position in SYNNEX during the fourth quarter valued at $70,000. Institutional investors and hedge funds own 77.68% of the company’s stock.
In other news, Director Kevin M. Murai sold 5,000 shares of SYNNEX stock in a transaction on Friday, April 5th. The shares were sold at an average price of $103.51, for a total transaction of $517,550.00. Following the completion of the sale, the director now directly owns 19,362 shares in the company, valued at $2,004,160.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Marshall Witt sold 600 shares of SYNNEX stock in a transaction on Friday, February 1st. The stock was sold at an average price of $96.41, for a total transaction of $57,846.00. Following the sale, the chief financial officer now owns 18,293 shares of the company’s stock, valued at $1,763,628.13. The disclosure for this sale can be found here. Insiders have sold 18,553 shares of company stock valued at $1,939,328 over the last quarter. Insiders own 3.20% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 12th will be paid a dividend of $0.375 per share. The ex-dividend date is Thursday, April 11th. This represents a $1.50 annualized dividend and a dividend yield of 1.39%. SYNNEX’s payout ratio is currently 13.77%.
SYNNEX Company Profile
SYNNEX Corporation provides business process services in the Americas, Asia-Pacific, Europe and Africa. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center servers and storage solutions; system components; software; networking, communications, and security equipment; consumer electronics; and complementary products.
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