SYNNEX Co. (SNX) Expected to Announce Earnings of $2.11 Per Share

Wall Street brokerages forecast that SYNNEX Co. (NYSE:SNX) will report earnings of $2.11 per share for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for SYNNEX’s earnings. SYNNEX posted earnings per share of $1.82 in the same quarter last year, which suggests a positive year-over-year growth rate of 15.9%. The company is expected to report its next quarterly earnings report on Monday, March 26th.

On average, analysts expect that SYNNEX will report full-year earnings of $10.42 per share for the current year, with EPS estimates ranging from $10.35 to $10.50. For the next year, analysts anticipate that the business will post earnings of $11.20 per share, with EPS estimates ranging from $11.10 to $11.29. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of analysts that that provide coverage for SYNNEX.

SYNNEX (NYSE:SNX) last announced its quarterly earnings results on Tuesday, January 9th. The business services provider reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.69 by $0.10. SYNNEX had a return on equity of 16.43% and a net margin of 1.77%. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $4.85 billion. During the same quarter last year, the firm posted $2.57 EPS. The company’s quarterly revenue was up 36.7% on a year-over-year basis.

SNX has been the subject of several research reports. Citigroup reaffirmed a “neutral” rating and set a $150.00 price target on shares of SYNNEX in a report on Wednesday, January 10th. Zacks Investment Research raised SYNNEX from a “hold” rating to a “buy” rating and set a $153.00 price target for the company in a report on Saturday, January 13th. SunTrust Banks assumed coverage on SYNNEX in a report on Thursday, December 7th. They set a “buy” rating and a $145.00 target price for the company. Stifel Nicolaus reissued a “buy” rating and set a $132.00 target price on shares of SYNNEX in a report on Tuesday, October 17th. Finally, Needham & Company LLC lifted their target price on SYNNEX from $145.00 to $151.00 and gave the stock a “buy” rating in a report on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $145.38.

In related news, CFO Marshall Witt sold 300 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $122.00, for a total value of $36,600.00. Following the transaction, the chief financial officer now owns 10,531 shares in the company, valued at $1,284,782. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Miau sold 800,000 shares of the firm’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $130.30, for a total value of $104,240,000.00. Following the completion of the transaction, the director now owns 375,557 shares in the company, valued at approximately $48,935,077.10. The disclosure for this sale can be found here. Insiders have sold 1,270,900 shares of company stock valued at $165,646,756 in the last three months. Insiders own 3.20% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. bought a new position in shares of SYNNEX in the third quarter worth $4,048,000. Quantbot Technologies LP bought a new position in shares of SYNNEX in the third quarter worth $1,212,000. Legal & General Group Plc increased its position in shares of SYNNEX by 5.8% in the third quarter. Legal & General Group Plc now owns 41,308 shares of the business services provider’s stock worth $5,229,000 after purchasing an additional 2,268 shares during the period. UBS Asset Management Americas Inc. increased its position in shares of SYNNEX by 8.4% in the second quarter. UBS Asset Management Americas Inc. now owns 17,011 shares of the business services provider’s stock worth $2,041,000 after purchasing an additional 1,318 shares during the period. Finally, Boston Partners increased its position in shares of SYNNEX by 2.6% in the third quarter. Boston Partners now owns 265,777 shares of the business services provider’s stock worth $33,624,000 after purchasing an additional 6,686 shares during the period. Institutional investors own 71.22% of the company’s stock.

Shares of SYNNEX (NYSE:SNX) traded down $6.29 during trading on Monday, reaching $113.46. The company’s stock had a trading volume of 295,335 shares, compared to its average volume of 318,332. SYNNEX has a fifty-two week low of $101.48 and a fifty-two week high of $141.94. The firm has a market cap of $4,800.01, a P/E ratio of 15.13 and a beta of 0.93. The company has a quick ratio of 0.89, a current ratio of 1.42 and a debt-to-equity ratio of 0.50.

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 31st. Stockholders of record on Friday, January 19th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, January 18th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.23%. This is an increase from SYNNEX’s previous quarterly dividend of $0.30. SYNNEX’s dividend payout ratio (DPR) is currently 18.67%.

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About SYNNEX

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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Earnings History and Estimates for SYNNEX (NYSE:SNX)

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