SYNNEX (NYSE:SNX) Releases Quarterly Earnings Results, Beats Expectations By $0.18 EPS

SYNNEX (NYSE:SNX) posted its quarterly earnings data on Monday. The business services provider reported $2.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.68 by $0.18, MarketWatch Earnings reports. SYNNEX had a net margin of 2.10% and a return on equity of 20.84%. The business had revenue of $15.61 billion for the quarter, compared to analysts’ expectations of $15.52 billion. During the same quarter in the previous year, the business posted $5.21 earnings per share. The business’s revenue was up 110.6% compared to the same quarter last year.

SNX stock opened at $107.46 on Wednesday. SYNNEX has a 1 year low of $80.36 and a 1 year high of $130.93. The company has a market cap of $10.32 billion, a P/E ratio of 11.41, a PEG ratio of 1.07 and a beta of 1.71. The firm has a 50-day moving average of $110.88 and a 200 day moving average of $114.38. The company has a debt-to-equity ratio of 1.72, a current ratio of 2.40 and a quick ratio of 1.68.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 28th. Stockholders of record on Friday, January 21st will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.12%. This is an increase 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 is 8.49%.

In other SYNNEX news, Director Ann F. Vezina sold 1,055 shares of SYNNEX stock in a transaction on Friday, October 29th. The shares were sold at an average price of $104.89, for a total value of $110,658.95. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Dennis Polk sold 1,300 shares of SYNNEX stock in a transaction dated Wednesday, December 1st. The stock was sold at an average price of $104.28, for a total transaction of $135,564.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,655 shares of company stock worth $385,089. Corporate insiders own 3.00% of the company’s stock.

A number of large investors have recently modified their holdings of SNX. Jane Street Group LLC boosted its position in shares of SYNNEX by 1,930.2% in the 3rd quarter. Jane Street Group LLC now owns 4,710 shares of the business services provider’s stock valued at $490,000 after purchasing an additional 4,478 shares during the period. Millennium Management LLC boosted its holdings in shares of SYNNEX by 6.9% during the 3rd 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 period. Finally, Morgan Stanley raised its position in shares of SYNNEX by 125.3% in the 2nd quarter. Morgan Stanley now owns 145,561 shares of the business services provider’s stock valued at $17,723,000 after buying an additional 80,957 shares in the last quarter. 76.09% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms have commented on SNX. Cross Research raised shares of SYNNEX from a “hold” rating to a “buy” rating and set a $124.00 price target for the company in a research report on Wednesday. Barrington Research cut their price target on shares of SYNNEX from $140.00 to $128.00 and set an “outperform” rating on the stock in a report on Thursday, September 30th. Northcoast Research began coverage on SYNNEX in a research report on Thursday, December 16th. They issued a “buy” rating and a $136.00 price objective on the stock. Loop Capital increased their target price on SYNNEX from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, October 5th. Finally, Raymond James boosted 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. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, SYNNEX presently has a consensus rating of “Buy” and a consensus target price of $138.56.

About SYNNEX

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.

See Also: Return on Investment (ROI)

Earnings History for SYNNEX (NYSE:SNX)

Receive News & Ratings for SYNNEX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SYNNEX and related companies with MarketBeat.com's FREE daily email newsletter.