Synnex Corp. (NYSE:SNX) – Investment analysts at Credit Agricole SA upped their FY2016 earnings per share estimates for shares of Synnex Corp. in a research report issued on Tuesday. Credit Agricole SA analyst L. Miscioscia now forecasts that the brokerage will post earnings of $6.57 per share for the year, up from their prior estimate of $6.16. Credit Agricole SA has a “Underperform” rating and a $113.00 price target 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 announced its earnings results on Monday, September 26th. The company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.17. The company earned $3.67 billion during the quarter. Synnex Corp. had a return on equity of 13.64% and a net margin of 1.54%. The firm’s revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.47 earnings per share.
Other equities research analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Synnex Corp. from a “hold” rating to a “buy” rating and set a $103.00 price objective for the company in a research note on Wednesday, July 6th. Brean Capital reaffirmed a “buy” rating and issued a $108.00 price objective (up previously from $97.00) on shares of Synnex Corp. in a research note on Friday, June 24th. Stifel Nicolaus lifted their price objective on shares of Synnex Corp. from $98.00 to $104.00 and gave the company a “hold” rating in a research note on Tuesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Synnex Corp. in a research note on Tuesday. Finally, Raymond James Financial Inc. reaffirmed a “market perform” rating on shares of Synnex Corp. in a research note on Saturday, June 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $106.71.
Shares of Synnex Corp. (NYSE:SNX) traded down 0.82% during mid-day trading on Wednesday, hitting $115.66. The stock had a trading volume of 193,377 shares. The stock has a market cap of $4.60 billion, a P/E ratio of 22.90 and a beta of 1.04. Synnex Corp. has a 52 week low of $75.87 and a 52 week high of $118.80. The stock has a 50-day moving average price of $105.23 and a 200 day moving average price of $95.09.
Hedge funds have recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System boosted its stake in Synnex Corp. by 0.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 13,572 shares of the company’s stock worth $1,287,000 after buying an additional 86 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its stake 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 during the last quarter. United Services Automobile Association boosted its stake in Synnex Corp. by 2.6% in the second quarter. United Services Automobile Association now owns 5,180 shares of the company’s stock worth $491,000 after buying an additional 130 shares during the last quarter. Ameritas Investment Partners Inc. boosted its stake in Synnex Corp. by 2.3% in the second quarter. Ameritas Investment Partners Inc. now owns 6,802 shares of the company’s stock worth $645,000 after buying an additional 153 shares during the last quarter. Finally, Suntrust Banks Inc. boosted its stake in Synnex Corp. by 5.6% in the second quarter. Suntrust Banks Inc. now owns 4,768 shares of the company’s stock worth $452,000 after buying an additional 254 shares during the last quarter. 75.41% of the stock is currently owned by institutional investors and hedge funds.
In related news, COO Dennis Polk sold 1,000 shares of the company’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $105.91, for a total value of $105,910.00. Following the sale, the chief operating officer now owns 59,697 shares of the company’s stock, valued at $6,322,509.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Kevin M. Murai sold 16,500 shares of the company’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $94.18, for a total transaction of $1,553,970.00. Following the completion of the sale, the chief executive officer now directly owns 138,234 shares in the company, valued at approximately $13,018,878.12. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, October 14th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.86%. This is a positive change from Synnex Corp.’s previous quarterly dividend of $0.20. Synnex Corp.’s dividend payout ratio 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.
Receive News & Ratings for Synnex Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Synnex Corp. and related companies with MarketBeat.com's FREE daily email newsletter.