Systemax (NYSE:SYX) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Systemax (NYSE:SYX) from a hold rating to a buy rating in a research note released on Wednesday, Zacks.com reports. They currently have $49.00 target price on the stock.
According to Zacks, “Systemax Inc., through its operating subsidiaries, is a value added distributor and direct marketer of branded and private label industrial products in North America, going to market through a system of branded e-Commerce websites and relationship marketers. The primary brand is Global Industrial. “
Several other equities analysts have also recently commented on the stock. Sidoti cut shares of Systemax from a buy rating to a neutral rating and set a $46.00 price target for the company. in a research report on Monday, February 8th. William Blair reaffirmed a market perform rating on shares of Systemax in a research report on Tuesday, March 2nd.
Systemax (NYSE:SYX) last announced its quarterly earnings results on Tuesday, February 23rd. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.03). Systemax had a return on equity of 37.46% and a net margin of 6.21%. The company had revenue of $273.90 million for the quarter, compared to analyst estimates of $258.46 million. During the same period in the prior year, the business posted $0.30 earnings per share. Systemax’s revenue for the quarter was up 23.3% on a year-over-year basis. Research analysts anticipate that Systemax will post 1.7 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, March 15th. Investors of record on Monday, March 8th were paid a dividend of $0.16 per share. This is an increase from Systemax’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Friday, March 5th. This represents a $0.64 annualized dividend and a dividend yield of 1.49%. Systemax’s dividend payout ratio is presently 48.48%.
In related news, SVP Manoj Shetty sold 1,702 shares of Systemax stock in a transaction dated Wednesday, March 10th. The shares were sold at an average price of $37.41, for a total value of $63,671.82. Following the sale, the senior vice president now directly owns 9,742 shares in the company, valued at approximately $364,448.22. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CMO Klaus Werner sold 1,981 shares of the firm’s stock in a transaction dated Wednesday, March 10th. The stock was sold at an average price of $37.69, for a total transaction of $74,663.89. Following the completion of the transaction, the chief marketing officer now owns 3,125 shares of the company’s stock, valued at $117,781.25. The disclosure for this sale can be found here. Insiders have sold 30,165 shares of company stock worth $1,133,921 in the last three months. Insiders own 67.00% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in SYX. Mawer Investment Management Ltd. bought a new stake in Systemax in the 4th quarter valued at $18,309,000. Morgan Stanley boosted its stake in shares of Systemax by 365.8% in the 4th quarter. Morgan Stanley now owns 106,932 shares of the company’s stock valued at $3,837,000 after purchasing an additional 83,974 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Systemax by 320.6% in the 4th quarter. JPMorgan Chase & Co. now owns 92,348 shares of the company’s stock valued at $3,315,000 after purchasing an additional 70,393 shares in the last quarter. Grandeur Peak Global Advisors LLC lifted its position in Systemax by 23.3% during the 3rd quarter. Grandeur Peak Global Advisors LLC now owns 357,245 shares of the company’s stock worth $8,552,000 after buying an additional 67,514 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Systemax by 33.9% during the 4th quarter. Bank of New York Mellon Corp now owns 229,291 shares of the company’s stock worth $8,230,000 after buying an additional 58,059 shares in the last quarter. Institutional investors own 29.27% of the company’s stock.
Systemax Inc, through its subsidiaries, operates as a direct marketer of brand name and private label industrial and business equipment and supplies in North America. It sells a range of maintenance, repair, and operation products, including storage and shelving, material handling, janitorial and maintenance products, furniture and office products, workbenches and shop desks, HVAC/R and fans, safety and security products, outdoor and grounds maintenance products, tools and instruments, and office and school supplies.
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