SYNNEX Co. (NYSE:SNX) Expected to Post Earnings of $2.04 Per Share

Wall Street brokerages expect SYNNEX Co. (NYSE:SNX) to post earnings per share (EPS) of $2.04 for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for SYNNEX’s earnings. The lowest EPS estimate is $2.00 and the highest is $2.06. SYNNEX reported earnings per share of $3.33 in the same quarter last year, which would suggest a negative year-over-year growth rate of 38.7%. The firm is expected to issue its next earnings report before the market opens on Tuesday, September 28th.

On average, analysts expect that SYNNEX will report full-year earnings of $8.40 per share for the current financial year, with EPS estimates ranging from $8.36 to $8.42. For the next year, analysts forecast that the company will post earnings of $8.88 per share, with EPS estimates ranging from $8.58 to $9.12. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that cover SYNNEX.

SYNNEX (NYSE:SNX) last issued its quarterly earnings results on Wednesday, June 23rd. The business services provider reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.16. SYNNEX had a return on equity of 19.97% and a net margin of 2.15%. The firm had revenue of $5.86 billion for the quarter, compared to analysts’ expectations of $4.96 billion. During the same period in the previous year, the firm posted $1.26 EPS. The business’s revenue for the quarter was up 31.0% compared to the same quarter last year.

A number of analysts have recently commented on the company. boosted their price target on SYNNEX from $120.00 to $155.00 and gave the stock a “buy” rating in a research report on Monday, May 24th. Raymond James upped their price objective on SYNNEX from $125.00 to $140.00 and gave the company a “strong-buy” rating in a research report on Friday, June 25th. Citigroup reaffirmed a “buy” rating and issued a $155.00 price objective (up from $120.00) on shares of SYNNEX in a research report on Monday, May 24th. Finally, Barrington Research upped their price objective on SYNNEX from $130.00 to $140.00 and gave the company an “outperform” rating in a research report on Monday, June 28th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $131.00.

In other SYNNEX news, Director Ann F. Vezina sold 2,196 shares of the business’s stock in a transaction on Wednesday, June 30th. The shares were sold at an average price of $121.70, for a total transaction of $267,253.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Peter Larocque sold 3,062 shares of the company’s stock in a transaction on Friday, July 2nd. The stock was sold at an average price of $120.95, for a total value of $370,348.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,172 shares of company stock valued at $2,572,712. Company insiders own 3.00% of the company’s stock.

Large investors have recently bought and sold shares of the company. Abrams Bison Investments LLC increased its stake in shares of SYNNEX by 14.8% in the 1st quarter. Abrams Bison Investments LLC now owns 2,400,000 shares of the business services provider’s stock worth $275,616,000 after purchasing an additional 310,000 shares in the last quarter. Monarch Partners Asset Management LLC increased its stake in SYNNEX by 19.0% in the 2nd quarter. Monarch Partners Asset Management LLC now owns 65,575 shares of the business services provider’s stock worth $7,984,000 after buying an additional 10,479 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in SYNNEX by 2.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,334 shares of the business services provider’s stock worth $2,335,000 after buying an additional 577 shares in the last quarter. Northern Trust Corp increased its stake in SYNNEX by 6.8% in the 1st quarter. Northern Trust Corp now owns 360,343 shares of the business services provider’s stock worth $41,382,000 after buying an additional 23,058 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in SYNNEX by 2.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 14,028 shares of the business services provider’s stock worth $1,708,000 after buying an additional 348 shares in the last quarter. Hedge funds and other institutional investors own 76.09% of the company’s stock.

Shares of SNX traded up $0.39 during mid-day trading on Thursday, reaching $119.06. The company had a trading volume of 167,635 shares, compared to its average volume of 290,419. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.07 and a current ratio of 1.70. The firm has a 50-day moving average price of $121.59 and a 200 day moving average price of $119.16. SYNNEX has a 52 week low of $50.49 and a 52 week high of $130.93. The company has a market capitalization of $6.18 billion, a price-to-earnings ratio of 11.66, a price-to-earnings-growth ratio of 1.40 and a beta of 1.72.

The business also recently announced a quarterly dividend, which was paid on Friday, July 30th. Shareholders of record on Friday, July 16th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, July 15th. This represents a $0.80 dividend on an annualized basis and a yield of 0.67%. SYNNEX’s dividend payout ratio is presently 5.85%.

About SYNNEX

SYNNEX Corp. engages in the provision of distribution, logistics and integration services for the technology industry. It operates through the following segments: Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals, IT systems including data center server and storage solutions, system components, software, networking equipment, consumer electronics, and complementary products.

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