Acadian Asset Management LLC acquired a new position in Syntel Inc. (NASDAQ:SYNT) during the second quarter, according to its most recent disclosure with the SEC. The firm acquired 5,135 shares of the company’s stock, valued at approximately $232,000.
Other hedge funds have also recently made changes to their positions in the company. C M Bidwell & Associates Ltd. purchased a new stake in shares of Syntel during the first quarter worth approximately $100,000. Invictus RG purchased a new stake in shares of Syntel during the first quarter worth approximately $142,000. Cypress Wealth Advisors LLC purchased a new stake in shares of Syntel during the first quarter worth approximately $209,000. Eqis Capital Management Inc. raised its stake in shares of Syntel by 4.0% in the second quarter. Eqis Capital Management Inc. now owns 6,406 shares of the company’s stock worth $290,000 after buying an additional 248 shares during the last quarter. Finally, BlackRock Inc. raised its stake in shares of Syntel by 16.7% in the first quarter. BlackRock Inc. now owns 6,173 shares of the company’s stock worth $309,000 after buying an additional 885 shares during the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.
Syntel Inc. (NASDAQ:SYNT) traded down 3.55% during trading on Friday, hitting $41.30. The stock had a trading volume of 767,076 shares. The firm has a market capitalization of $3.47 billion, a P/E ratio of 13.19 and a beta of 1.07. The stock has a 50 day moving average of $44.54 and a 200 day moving average of $45.29. Syntel Inc. has a one year low of $40.68 and a one year high of $50.92.
Syntel (NASDAQ:SYNT) last announced its quarterly earnings data on Thursday, July 21st. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. Syntel had a return on equity of 22.35% and a net margin of 26.49%. The business earned $246 million during the quarter, compared to the consensus estimate of $249.12 million. During the same period in the prior year, the company earned $0.72 EPS. Syntel’s revenue for the quarter was up 2.6% on a year-over-year basis. Equities research analysts expect that Syntel Inc. will post ($0.67) earnings per share for the current fiscal year.
The firm also recently disclosed a special dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 22nd will be given a dividend of $15.00 per share. This is an increase from Syntel’s previous special dividend of $2.25. The ex-dividend date of this dividend is Tuesday, October 4th.
A number of brokerages recently commented on SYNT. William Blair lowered Syntel from a “market perform” rating to an “underperform” rating in a research report on Thursday, September 15th. Robert W. Baird lifted their price objective on Syntel from $46.00 to $52.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 13th. Needham & Company LLC reiterated a “buy” rating and issued a $48.00 price objective on shares of Syntel in a research report on Monday, September 12th. Zacks Investment Research lowered Syntel from a “hold” rating to a “sell” rating in a research report on Saturday, July 23rd. Finally, Barrington Research lowered Syntel from an “outperform” rating to a “market perform” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $47.83.
In other Syntel news, insider Raja Ray sold 718 shares of the company’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $42.69, for a total value of $30,651.42. Following the completion of the transaction, the insider now owns 13,151 shares of the company’s stock, valued at approximately $561,416.19. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Avinash Salelkar sold 943 shares of the company’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $45.79, for a total value of $43,179.97. Following the completion of the transaction, the vice president now directly owns 15,021 shares of the company’s stock, valued at approximately $687,811.59. The disclosure for this sale can be found here. Corporate insiders own 61.80% of the company’s stock.
Syntel, Inc (Syntel) is a global provider of digital transformation, information technology and knowledge process outsourcing services. The Company operates through five segments: Banking and Financial Services, which serves financial institutions around the world; Healthcare and Life Sciences, which serve various companies, including healthcare payers, providers, and pharmaceutical and medical device providers; Insurance, which serve the needs of property and casualty insurers, insurance brokers, personal, commercial, life and retirement insurance service providers; Manufacturing, which provides business consulting and technology services for industrial and automotive clients, and Retail, Logistics and Telecom, which serves a range of retailers and distributors, logistics clients and clients in the telecom industry.
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