SYNNEX (NYSE:SNX) released its quarterly earnings data on Monday. The business services provider reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.68 by $0.18, MarketWatch Earnings reports. The business had revenue of $15.61 billion for the quarter, compared to analyst estimates of $15.52 billion. SYNNEX had a return on equity of 20.84% and a net margin of 2.10%. The company’s revenue was up 110.6% compared to the same quarter last year. During the same period in the previous year, the company posted $5.21 EPS.
SNX stock traded up $1.24 during midday trading on Wednesday, reaching $108.70. 13,054 shares of the company’s stock traded hands, compared to its average volume of 390,160. The company has a 50-day simple moving average of $110.88 and a two-hundred day simple moving average of $114.38. SYNNEX has a 1-year low of $80.36 and a 1-year high of $130.93. The company has a market cap of $10.44 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.07 and a beta of 1.71. The company has a quick ratio of 1.68, a current ratio of 2.40 and a debt-to-equity ratio of 1.72.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 28th. Investors of record on Friday, January 21st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.10%. This is a boost from SYNNEX’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Thursday, January 20th. SYNNEX’s dividend payout ratio (DPR) is currently 8.49%.
A number of hedge funds and other institutional investors have recently made changes to their positions in SNX. Jane Street Group LLC increased its position in SYNNEX by 1,930.2% during the third quarter. Jane Street Group LLC now owns 4,710 shares of the business services provider’s stock worth $490,000 after buying an additional 4,478 shares during the last quarter. Millennium Management LLC increased its position in SYNNEX by 6.9% during the third quarter. Millennium Management LLC now owns 6,610 shares of the business services provider’s stock worth $688,000 after buying an additional 425 shares during the last quarter. Finally, Morgan Stanley boosted its holdings in shares of SYNNEX by 125.3% during the second quarter. Morgan Stanley now owns 145,561 shares of the business services provider’s stock worth $17,723,000 after acquiring an additional 80,957 shares during the period. 76.09% of the stock is currently owned by hedge funds and other institutional investors.
SNX has been the topic of several analyst reports. Northcoast Research assumed coverage on SYNNEX in a report on Thursday, December 16th. They set a “buy” rating and a $136.00 price objective on the stock. Raymond James upped their price objective on SYNNEX from $150.00 to $170.00 and gave the stock a “strong-buy” rating in a research note on Wednesday. Loop Capital upped their price objective on SYNNEX from $165.00 to $175.00 in a report on Wednesday. Zacks Investment Research downgraded SYNNEX from a “buy” rating to a “hold” rating and set a $114.00 target price for the company. in a report on Tuesday, November 30th. Finally, Cross Research raised SYNNEX from a “hold” rating to a “buy” rating and set a $124.00 target price for the company in a report on Wednesday. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $140.78.
SYNNEX Company Profile
TD 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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