Northern Trust Corp Increases Stake in Systemax Inc. (SYX)
Northern Trust Corp grew its stake in shares of Systemax Inc. (NYSE:SYX) by 24.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 215,870 shares of the company’s stock after acquiring an additional 42,588 shares during the period. Northern Trust Corp owned about 0.58% of Systemax worth $7,411,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of SYX. Millennium Management LLC increased its stake in shares of Systemax by 181.2% during the 2nd quarter. Millennium Management LLC now owns 76,557 shares of the company’s stock worth $2,628,000 after purchasing an additional 49,328 shares in the last quarter. Zebra Capital Management LLC increased its stake in shares of Systemax by 13.0% during the 2nd quarter. Zebra Capital Management LLC now owns 31,541 shares of the company’s stock worth $1,083,000 after purchasing an additional 3,628 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in shares of Systemax during the 2nd quarter worth approximately $604,000. Macquarie Group Ltd. purchased a new position in shares of Systemax during the 2nd quarter worth approximately $120,000. Finally, King Luther Capital Management Corp increased its stake in shares of Systemax by 2.6% during the 2nd quarter. King Luther Capital Management Corp now owns 810,734 shares of the company’s stock worth $27,832,000 after purchasing an additional 20,225 shares in the last quarter. Institutional investors own 28.44% of the company’s stock.
A number of brokerages have recently weighed in on SYX. William Blair began coverage on shares of Systemax in a research note on Wednesday, August 29th. They set a “market perform” rating for the company. Sidoti raised shares of Systemax from a “neutral” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Wednesday, August 22nd. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Systemax from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Saturday, November 3rd.
Systemax (NYSE:SYX) last issued its quarterly earnings data on Tuesday, October 30th. The company reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.05. The business had revenue of $235.80 million during the quarter, compared to analysts’ expectations of $231.01 million. Systemax had a net margin of 19.10% and a return on equity of 23.98%. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. On average, equities analysts expect that Systemax Inc. will post 1.22 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, November 19th. Shareholders of record on Monday, November 12th were paid a $0.11 dividend. The ex-dividend date was Thursday, November 8th. This represents a $0.44 annualized dividend and a yield of 1.69%. Systemax’s payout ratio is currently 33.85%.
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Systemax Company Profile
Systemax Inc operates as a direct marketer of brand name and private label products. Its Industrial Products Group segment sells a range of maintenance, repair, and operation products, including storage and shelving, material handling, janitorial and maintenance, furniture and office, HVAC/R and fans, workbench and shop desks, safety and security, outdoor and grounds maintenance, tools and instruments, office and school supplies, plumbing and pumps, packaging and supplies, electrical and lighting, food service and appliances, raw materials and building supplies, motors and power transmission, pneumatics and hydraulics, medical and laboratory equipment, metalworking and cutting tools, vehicle maintenance, and fasteners and hardware in North America.
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