FY2019 EPS Estimates for Synnex Corporation (SNX) Increased by Analyst
Synnex Corporation (NYSE:SNX) – Stock analysts at SunTrust Banks increased their FY2019 earnings per share (EPS) estimates for shares of Synnex in a note issued to investors on Wednesday. SunTrust Banks analyst F. Atkins now anticipates that the business services provider will post earnings of $11.22 per share for the year, up from their prior forecast of $9.80. SunTrust Banks currently has a “Buy” rating and a $145.00 target price on the stock.
Synnex (NYSE:SNX) last announced its quarterly earnings data on Tuesday, January 9th. The business services provider reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.69 by $0.10. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $4.85 billion. Synnex had a return on equity of 16.43% and a net margin of 1.77%. The company’s revenue was up 36.7% on a year-over-year basis. During the same period in the prior year, the company earned $2.57 earnings per share.
Shares of Synnex (NYSE SNX) traded up $1.12 during mid-day trading on Friday, hitting $137.97. The stock had a trading volume of 255,284 shares, compared to its average volume of 180,888. The company has a quick ratio of 0.80, a current ratio of 1.42 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $5,469.23, a price-to-earnings ratio of 18.40 and a beta of 1.08. Synnex has a fifty-two week low of $101.48 and a fifty-two week high of $141.94.
Hedge funds have recently modified their holdings of the business. Advisor Group Inc. boosted its position in Synnex by 50.1% during the second quarter. Advisor Group Inc. now owns 929 shares of the business services provider’s stock worth $112,000 after purchasing an additional 310 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Synnex by 9.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,122 shares of the business services provider’s stock worth $135,000 after purchasing an additional 96 shares in the last quarter. Affinity Wealth Management boosted its position in Synnex by 1.9% during the second quarter. Affinity Wealth Management now owns 1,869 shares of the business services provider’s stock worth $224,000 after purchasing an additional 34 shares in the last quarter. Shelton Capital Management purchased a new position in Synnex during the second quarter worth approximately $246,000. Finally, Riverhead Capital Management LLC boosted its position in Synnex by 74.8% during the second quarter. Riverhead Capital Management LLC now owns 2,098 shares of the business services provider’s stock worth $252,000 after purchasing an additional 898 shares in the last quarter. Institutional investors own 71.68% of the company’s stock.
In other news, CFO Marshall Witt sold 300 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $135.52, for a total value of $40,656.00. Following the sale, the chief financial officer now owns 21,300 shares in the company, valued at $2,886,576. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kevin M. Murai sold 2,000 shares of the stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $132.74, for a total value of $265,480.00. Following the transaction, the chief executive officer now owns 144,125 shares in the company, valued at approximately $19,131,152.50. The disclosure for this sale can be found here. Insiders sold 7,900 shares of company stock worth $1,050,392 in the last 90 days. Company insiders own 3.20% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, January 19th will be paid a $0.35 dividend. This is an increase from Synnex’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, January 18th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.01%. Synnex’s dividend payout ratio is presently 16.00%.
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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