Zacks: Analysts Anticipate Synnex Corporation (NYSE:SNX) Will Announce Quarterly Sales of $4.01 Billion
Analysts expect Synnex Corporation (NYSE:SNX) to post $4.01 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Synnex Corporation’s earnings. Synnex Corporation posted sales of $3.67 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 9.3%. The firm is expected to report its next quarterly earnings results on Monday, September 25th.
On average, analysts expect that Synnex Corporation will report full-year sales of $4.01 billion for the current financial year, with estimates ranging from $15.73 billion to $15.77 billion. For the next financial year, analysts anticipate that the firm will report sales of $16.36 billion per share, with estimates ranging from $16.30 billion to $16.43 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Synnex Corporation.
Synnex Corporation (NYSE:SNX) last posted its quarterly earnings results on Thursday, June 22nd. The business services provider reported $2.08 EPS for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.29. Synnex Corporation had a net margin of 1.86% and a return on equity of 16.29%. The firm had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same quarter in the prior year, the company posted $1.37 earnings per share. The business’s revenue for the quarter was up 16.5% on a year-over-year basis.
SNX has been the topic of several research analyst reports. Citigroup Inc. dropped their target price on shares of Synnex Corporation from $130.00 to $122.00 and set a “neutral” rating on the stock in a research report on Friday, June 9th. Raymond James Financial, Inc. raised shares of Synnex Corporation from a “market perform” rating to a “strong-buy” rating and set a $122.00 target price on the stock in a research report on Friday, May 19th. BidaskClub raised shares of Synnex Corporation from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Stifel Nicolaus raised shares of Synnex Corporation from a “hold” rating to a “buy” rating and set a $120.00 target price on the stock in a research report on Wednesday, April 12th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $126.67.
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In other news, COO Dennis Polk sold 3,416 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $119.47, for a total value of $408,109.52. Following the sale, the chief operating officer now directly owns 28,468 shares of the company’s stock, valued at approximately $3,401,071.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin M. Murai sold 2,000 shares of the company’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $117.41, for a total transaction of $234,820.00. Following the completion of the sale, the chief executive officer now directly owns 142,311 shares in the company, valued at $16,708,734.51. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,028 shares of company stock worth $2,988,958. 3.20% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in SNX. DUPONT CAPITAL MANAGEMENT Corp increased its stake in Synnex Corporation by 174.2% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 20,264 shares of the business services provider’s stock valued at $2,268,000 after buying an additional 12,873 shares during the period. Clinton Group Inc. acquired a new stake in Synnex Corporation during the first quarter valued at approximately $1,116,000. Jane Street Group LLC acquired a new stake in Synnex Corporation during the first quarter valued at approximately $228,000. Liberty Mutual Group Asset Management Inc. increased its stake in Synnex Corporation by 3.2% in the first quarter. Liberty Mutual Group Asset Management Inc. now owns 13,176 shares of the business services provider’s stock valued at $1,474,000 after buying an additional 405 shares during the period. Finally, Vanguard Group Inc. increased its stake in Synnex Corporation by 3.1% in the first quarter. Vanguard Group Inc. now owns 3,150,496 shares of the business services provider’s stock valued at $352,667,000 after buying an additional 95,341 shares during the period. 70.97% of the stock is currently owned by institutional investors and hedge funds.
Shares of Synnex Corporation (SNX) opened at 118.74 on Thursday. Synnex Corporation has a 12-month low of $100.06 and a 12-month high of $131.35. The stock’s 50 day moving average is $120.39 and its 200-day moving average is $115.61. The stock has a market cap of $4.74 billion, a PE ratio of 17.04 and a beta of 1.04.
The business also recently announced a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Friday, July 14th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.84%. The ex-dividend date was Wednesday, July 12th. Synnex Corporation’s dividend payout ratio is presently 14.35%.
Synnex Corporation announced that its board has authorized a stock repurchase program on Thursday, June 22nd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the business services provider to buy up to 6.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
About Synnex Corporation
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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