Synnex Corp. to Post FY2016 Earnings of $6.57 Per Share, Credit Agricole SA Forecasts (SNX)
Synnex Corp. (NYSE:SNX) – Analysts at Credit Agricole SA upped their FY2016 earnings estimates for Synnex Corp. in a report released on Tuesday. Credit Agricole SA analyst L. Miscioscia now expects that the brokerage will earn $6.57 per share for the year, up from their prior forecast of $6.16. Credit Agricole SA currently has a “Underperform” rating and a $113.00 target price on the stock. Credit Agricole SA also issued estimates for Synnex Corp.’s Q4 2016 earnings at $2.09 EPS.
Synnex Corp. (NYSE:SNX) last issued its quarterly earnings results on Monday, September 26th. The company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.17. The business had revenue of $3.67 billion for the quarter. Synnex Corp. had a return on equity of 13.64% and a net margin of 1.54%. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.47 earnings per share.
SNX has been the subject of several other research reports. Stifel Nicolaus raised their price target on shares of Synnex Corp. from $98.00 to $104.00 and gave the company a “hold” rating in a research report on Tuesday. Citigroup Inc. lifted their price objective on shares of Synnex Corp. from $103.00 to $112.00 and gave the stock a “neutral” rating in a research report on Tuesday. Zacks Investment Research cut shares of Synnex Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, June 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Synnex Corp. in a research report on Friday, June 24th. Finally, Raymond James Financial Inc. reaffirmed a “market perform” rating on shares of Synnex Corp. in a research report on Saturday, June 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $106.71.
Synnex Corp. (NYSE:SNX) opened at 115.50 on Wednesday. Synnex Corp. has a 12 month low of $75.87 and a 12 month high of $118.80. The firm has a market capitalization of $4.59 billion, a P/E ratio of 22.87 and a beta of 1.04. The stock’s 50 day moving average price is $105.61 and its 200-day moving average price is $95.24.
A number of large investors have recently made changes to their positions in the company. Aperio Group LLC raised its stake in shares of Synnex Corp. by 23.4% in the first quarter. Aperio Group LLC now owns 11,662 shares of the company’s stock valued at $1,080,000 after buying an additional 2,211 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its position in Synnex Corp. by 0.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 21,805 shares of the company’s stock worth $2,019,000 after buying an additional 125 shares in the last quarter. Teachers Advisors Inc. raised its position in Synnex Corp. by 2.7% in the first quarter. Teachers Advisors Inc. now owns 42,554 shares of the company’s stock worth $3,940,000 after buying an additional 1,130 shares in the last quarter. Prudential Financial Inc. raised its position in Synnex Corp. by 62.8% in the first quarter. Prudential Financial Inc. now owns 217,470 shares of the company’s stock worth $20,135,000 after buying an additional 83,890 shares in the last quarter. Finally, BlackRock Inc. raised its position in Synnex Corp. by 41.5% in the first quarter. BlackRock Inc. now owns 15,987 shares of the company’s stock worth $1,480,000 after buying an additional 4,687 shares in the last quarter. Hedge funds and other institutional investors own 75.41% of the company’s stock.
In related news, Director Andrea M. Zulberti sold 2,500 shares of Synnex Corp. stock in a transaction on Friday, July 22nd. The shares were sold at an average price of $99.36, for a total transaction of $248,400.00. Following the sale, the director now directly owns 13,785 shares in the company, valued at approximately $1,369,677.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Peter Larocque sold 996 shares of Synnex Corp. stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $92.45, for a total transaction of $92,080.20. Following the sale, the insider now owns 25,884 shares in the company, valued at $2,392,975.80. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, October 14th will be paid a dividend of $0.25 per share. This is a positive change from Synnex Corp.’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 0.87%. The ex-dividend date is Wednesday, October 12th. Synnex Corp.’s dividend payout ratio (DPR) is currently 15.07%.
Synnex Corp. Company Profile
SYNNEX Corporation is a process services company. The Company offers a range of services to resellers, retailers, original equipment manufacturers (OEMs), financial and insurance institutions, and other industry verticals across the world. The Company operates in two segments: Technology Solutions and Concentrix.
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