Q3 2018 EPS Estimates for SYNNEX Co. Lowered by Analyst (NYSE:SNX)

SYNNEX Co. (NYSE:SNX) – Investment analysts at SunTrust Banks dropped their Q3 2018 earnings estimates for shares of SYNNEX in a report released on Friday, June 29th, Zacks Investment Research reports. SunTrust Banks analyst F. Atkins now anticipates that the business services provider will earn $2.46 per share for the quarter, down from their prior forecast of $2.71. SunTrust Banks has a “Buy” rating and a $130.00 price target on the stock. SunTrust Banks also issued estimates for SYNNEX’s Q4 2018 earnings at $3.03 EPS, FY2018 earnings at $10.01 EPS, Q1 2019 earnings at $2.37 EPS, Q3 2019 earnings at $2.64 EPS, Q4 2019 earnings at $3.30 EPS and FY2019 earnings at $10.96 EPS.

SNX has been the subject of several other research reports. Stifel Nicolaus reaffirmed a “hold” rating and issued a $140.00 target price (down previously from $152.00) on shares of SYNNEX in a research report on Monday, April 2nd. Zacks Investment Research downgraded SYNNEX from a “hold” rating to a “sell” rating in a research report on Tuesday, July 3rd. Pivotal Research set a $135.00 target price on SYNNEX and gave the stock a “buy” rating in a research report on Monday, April 2nd. TheStreet downgraded SYNNEX from a “b” rating to a “c+” rating in a research report on Friday, April 20th. Finally, ValuEngine downgraded SYNNEX from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $141.14.

Shares of SYNNEX traded down $0.48, hitting $95.70, on Monday, according to Marketbeat Ratings. The company had a trading volume of 3,747 shares, compared to its average volume of 390,600. SYNNEX has a 12-month low of $93.87 and a 12-month high of $141.94. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.49 and a quick ratio of 0.91. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of 10.83 and a beta of 1.02.

SYNNEX (NYSE:SNX) last posted its quarterly earnings results on Thursday, June 28th. The business services provider reported $2.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.30 by $0.08. SYNNEX had a return on equity of 16.69% and a net margin of 1.49%. The firm had revenue of $4.97 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the previous year, the business earned $2.08 earnings per share. The firm’s quarterly revenue was up 26.3% compared to the same quarter last year.

A number of hedge funds and other institutional investors have recently made changes to their positions in SNX. Townsend & Associates Inc acquired a new stake in SYNNEX during the second quarter valued at approximately $108,000. Cornerstone Wealth Management LLC bought a new position in SYNNEX in the 2nd quarter worth approximately $131,000. Integre Asset Management LLC raised its position in SYNNEX by 54.5% in the 1st quarter. Integre Asset Management LLC now owns 1,700 shares of the business services provider’s stock worth $201,000 after purchasing an additional 600 shares during the last quarter. Csenge Advisory Group bought a new position in SYNNEX in the 1st quarter worth approximately $229,000. Finally, Zeke Capital Advisors LLC bought a new position in SYNNEX in the 4th quarter worth approximately $252,000. Hedge funds and other institutional investors own 72.81% of the company’s stock.

In related news, SVP Simon Leung sold 557 shares of the business’s stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $100.01, for a total value of $55,705.57. Following the transaction, the senior vice president now owns 20,780 shares in the company, valued at $2,078,207.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Marshall Witt sold 300 shares of the business’s stock in a transaction dated Tuesday, May 1st. The stock was sold at an average price of $100.00, for a total value of $30,000.00. Following the completion of the transaction, the chief financial officer now owns 19,610 shares in the company, valued at approximately $1,961,000. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,057 shares of company stock worth $1,027,247. Insiders own 3.20% of the company’s stock.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 27th. Investors of record on Friday, July 13th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Thursday, July 12th. SYNNEX’s dividend payout ratio (DPR) is 15.80%.

About SYNNEX

SYNNEX Corporation provides business process services in North and South America, the Asia-Pacific, Europe, and internationally. It operates in two segments, Technology Solutions and Concentrix. The Technology Solutions segment distributes peripherals; information technology systems, including data center server and storage solutions; system components; software; networking/communications/security equipment; consumer electronics; and complementary products.

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