SYNNEX Co. (NYSE:SNX) – Research analysts at Barrington Research upped their Q3 2019 earnings estimates for SYNNEX in a report released on Wednesday, June 26th, Zacks Investment Research reports. Barrington Research analyst V. Colicchio now forecasts that the business services provider will earn $2.86 per share for the quarter, up from their prior estimate of $2.77. Barrington Research has a “Buy” rating and a $118.00 price target on the stock. Barrington Research also issued estimates for SYNNEX’s Q4 2019 earnings at $3.49 EPS, FY2019 earnings at $12.05 EPS, Q1 2020 earnings at $2.87 EPS, Q2 2020 earnings at $3.06 EPS, Q3 2020 earnings at $3.27 EPS, Q4 2020 earnings at $3.52 EPS and FY2020 earnings at $12.72 EPS.
Several other equities research analysts have also recently weighed in on the stock. Citigroup set a $140.00 price target on shares of SYNNEX and gave the stock a “buy” rating in a research report on Friday, April 12th. Zacks Investment Research upgraded Booz Allen Hamilton from a “hold” rating to a “buy” rating and set a $71.00 target price on the stock in a research note on Friday, June 28th. ValuEngine cut Zumiez from a “hold” rating to a “sell” rating in a research note on Monday, May 13th. Raymond James reiterated a “buy” rating on shares of Flexion Therapeutics in a research note on Thursday, March 28th. Finally, TheStreet cut SYNNEX from a “b” rating to a “c+” rating in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $122.57.
SYNNEX (NYSE:SNX) last announced its quarterly earnings results on Tuesday, June 25th. The business services provider reported $2.86 earnings per share for the quarter, beating analysts’ consensus estimates of $2.71 by $0.15. The business had revenue of $5.72 billion during the quarter, compared to analysts’ expectations of $5.53 billion. SYNNEX had a net margin of 1.79% and a return on equity of 17.65%.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 26th. Investors of record on Friday, July 12th will be given a $0.375 dividend. The ex-dividend date of this dividend is Thursday, July 11th. This represents a $1.50 annualized dividend and a yield of 1.57%. SYNNEX’s dividend payout ratio (DPR) is 13.77%.
In related news, CFO Marshall Witt sold 600 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $86.72, for a total transaction of $52,032.00. Following the completion of the transaction, the chief financial officer now directly owns 15,893 shares of the company’s stock, valued at $1,378,240.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Simon Leung sold 1,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $107.27, for a total value of $107,270.00. Following the transaction, the senior vice president now directly owns 22,257 shares of the company’s stock, valued at $2,387,508.39. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,166 shares of company stock valued at $523,200. 3.20% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Private Capital Group LLC purchased a new stake in SYNNEX during the first quarter valued at approximately $25,000. CENTRAL TRUST Co grew its holdings in shares of SYNNEX by 290.7% in the second quarter. CENTRAL TRUST Co now owns 336 shares of the business services provider’s stock valued at $32,000 after purchasing an additional 250 shares in the last quarter. JOYN Advisors Inc. grew its holdings in shares of SYNNEX by 375.0% in the fourth quarter. JOYN Advisors Inc. now owns 380 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 300 shares in the last quarter. Sage Capital Advisors llc acquired a new position in shares of SYNNEX in the fourth quarter valued at approximately $40,000. Finally, Optimum Investment Advisors grew its holdings in shares of SYNNEX by 5,000.0% in the first quarter. Optimum Investment Advisors now owns 612 shares of the business services provider’s stock valued at $58,000 after purchasing an additional 600 shares in the last quarter. 77.45% of the stock is owned by hedge funds and other institutional investors.
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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