SYNNEX (NYSE:SNX) Sets New 52-Week High at $151.30

SYNNEX Co. (NYSE:SNX)’s share price reached a new 52-week high on Wednesday . The company traded as high as $151.30 and last traded at $150.94, with a volume of 136726 shares. The stock had previously closed at $148.42.

SNX has been the topic of several recent analyst reports. Raymond James increased their target price on shares of SYNNEX from $140.00 to $165.00 and gave the stock a “strong-buy” rating in a research note on Friday, January 10th. They noted that the move was a valuation call. TheStreet upgraded shares of SYNNEX from a “c+” rating to a “b-” rating in a research report on Friday, September 27th. ValuEngine cut shares of SYNNEX from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 2nd. Citigroup increased their price objective on SYNNEX from $140.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Barrington Research lifted their price objective on SYNNEX from $118.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $155.43.

The company has a quick ratio of 1.06, a current ratio of 1.62 and a debt-to-equity ratio of 0.72. The company’s 50-day moving average is $129.13 and its two-hundred day moving average is $108.94. The company has a market capitalization of $7.63 billion, a P/E ratio of 11.34, a PEG ratio of 0.89 and a beta of 1.03.

SYNNEX (NYSE:SNX) last announced its earnings results on Thursday, January 9th. The business services provider reported $4.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.61 by $0.65. SYNNEX had a net margin of 2.11% and a return on equity of 18.84%. The business had revenue of $6.58 billion during the quarter, compared to analyst estimates of $5.99 billion. During the same period in the previous year, the business posted $3.65 earnings per share. SYNNEX’s revenue for the quarter was up 18.7% on a year-over-year basis. On average, sell-side analysts predict that SYNNEX Co. will post 13.68 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 24th will be given a dividend of $0.40 per share. The ex-dividend date is Thursday, January 23rd. This represents a $1.60 annualized dividend and a dividend yield of 1.06%. This is a boost from SYNNEX’s previous quarterly dividend of $0.38. SYNNEX’s dividend payout ratio (DPR) is 11.31%.

In other news, CFO Marshall Witt sold 285 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $118.70, for a total transaction of $33,829.50. Following the transaction, the chief financial officer now directly owns 15,642 shares in the company, valued at approximately $1,856,705.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kevin M. Murai sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $126.83, for a total value of $317,075.00. Following the transaction, the director now directly owns 30,766 shares in the company, valued at $3,902,051.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,864 shares of company stock worth $1,959,278. Corporate insiders own 3.20% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Amundi Pioneer Asset Management Inc. raised its position in SYNNEX by 6.2% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 48,980 shares of the business services provider’s stock worth $4,672,000 after purchasing an additional 2,881 shares during the period. Bank of Montreal Can increased its stake in shares of SYNNEX by 16.0% in the second quarter. Bank of Montreal Can now owns 1,327 shares of the business services provider’s stock worth $131,000 after buying an additional 183 shares during the period. Tower Research Capital LLC TRC raised its holdings in SYNNEX by 259.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,275 shares of the business services provider’s stock valued at $519,000 after buying an additional 3,807 shares during the last quarter. Johnson Investment Counsel Inc. raised its holdings in SYNNEX by 20.7% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 3,433 shares of the business services provider’s stock valued at $337,000 after buying an additional 589 shares during the last quarter. Finally, Invesco Ltd. boosted its position in SYNNEX by 112.0% during the 2nd quarter. Invesco Ltd. now owns 130,051 shares of the business services provider’s stock valued at $12,797,000 after buying an additional 68,714 shares during the period. Institutional investors own 75.53% of the company’s stock.

About SYNNEX (NYSE:SNX)

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

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