Zacks: Synnex Corporation (SNX) Given Average Recommendation of “Buy” by Brokerages
Synnex Corporation (NYSE:SNX) has been given a consensus broker rating score of 1.60 (Buy) from the five analysts that cover the stock, Zacks Investment Research reports. One research analyst has rated the stock with a hold recommendation, one has issued a buy recommendation and three have assigned a strong buy recommendation to the company. Synnex Corporation’s rating score has declined by 60% in the last three months as a result of a number of analysts’ upgrades and downgrades.
Brokers have set a twelve-month consensus price objective of $140.67 for the company and are expecting that the company will post $2.68 EPS for the current quarter, according to Zacks. Zacks has also given Synnex Corporation an industry rank of 77 out of 265 based on the ratings given to its competitors.
SNX has been the topic of a number of research reports. BidaskClub downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Stifel Nicolaus reiterated a “buy” rating and set a $132.00 target price on shares of Synnex Corporation in a research report on Thursday, August 3rd. Zacks Investment Research downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. Loop Capital initiated coverage on Synnex Corporation in a research report on Thursday, August 24th. They set a “buy” rating and a $140.00 target price on the stock. Finally, ValuEngine downgraded Synnex Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, September 6th.
In other news, COO Dennis Polk sold 1,500 shares of Synnex Corporation stock in a transaction dated Friday, September 1st. The stock was sold at an average price of C$115.06, for a total value of C$172,590.00. Following the sale, the chief operating officer now directly owns 25,968 shares of the company’s stock, valued at C$2,987,878.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Fred A. Breidenbach sold 1,321 shares of Synnex Corporation stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of C$127.92, for a total value of C$168,982.32. Following the completion of the sale, the director now directly owns 18,087 shares in the company, valued at C$2,313,689.04. The disclosure for this sale can be found here. Insiders sold 10,421 shares of company stock worth $1,301,145 over the last ninety days. Insiders own 3.20% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Globeflex Capital L P increased its stake in Synnex Corporation by 0.3% during the second quarter. Globeflex Capital L P now owns 3,531 shares of the company’s stock worth $424,000 after acquiring an additional 10 shares during the last quarter. Regentatlantic Capital LLC increased its stake in Synnex Corporation by 1.5% during the second quarter. Regentatlantic Capital LLC now owns 2,085 shares of the company’s stock worth $250,000 after acquiring an additional 30 shares during the last quarter. Affinity Wealth Management increased its stake in Synnex Corporation by 1.9% during the second quarter. Affinity Wealth Management now owns 1,869 shares of the company’s stock worth $224,000 after acquiring an additional 34 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in Synnex Corporation by 0.5% during the second quarter. Nisa Investment Advisors LLC now owns 11,160 shares of the company’s stock worth $1,339,000 after acquiring an additional 50 shares during the last quarter. Finally, Oakbrook Investments LLC increased its stake in Synnex Corporation by 2.4% during the second quarter. Oakbrook Investments LLC now owns 2,150 shares of the company’s stock worth $258,000 after acquiring an additional 50 shares during the last quarter. 71.89% of the stock is currently owned by hedge funds and other institutional investors.
Synnex Corporation (NYSE:SNX) traded up C$0.09 during trading on Monday, hitting C$130.36. The company’s stock had a trading volume of 273,700 shares, compared to its average volume of 204,373. The company has a market cap of $5,209.86, a price-to-earnings ratio of 15.10 and a beta of 1.09. Synnex Corporation has a twelve month low of C$101.48 and a twelve month high of C$135.87. The company has a current ratio of 1.61, a quick ratio of 0.80 and a debt-to-equity ratio of 0.25.
Synnex Corporation (NYSE:SNX) last released its quarterly earnings results on Monday, September 25th. The company reported C$2.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of C$1.97 by C$0.19. The firm had revenue of C$4.28 billion for the quarter, compared to the consensus estimate of C$4 billion. Synnex Corporation had a return on equity of 16.58% and a net margin of 1.89%. The company’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same period last year, the business posted $1.73 EPS. research analysts expect that Synnex Corporation will post 8.79 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 27th. Stockholders of record on Friday, October 13th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 0.92%. This is an increase from Synnex Corporation’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Thursday, October 12th. Synnex Corporation’s payout ratio is presently 16.28%.
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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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