Emerald Acquisition Ltd. bought a new position in Syntel Inc. (NASDAQ:SYNT) during the second quarter, Holdings Channel reports. The institutional investor bought 68,566 shares of the company’s stock, valued at approximately $3,103,000. Emerald Acquisition Ltd. owned 0.08% of Syntel at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Syntel during the fourth quarter worth approximately $17,503,000. Renaissance Technologies LLC increased its stake in Syntel by 24.1% in the first quarter. Renaissance Technologies LLC now owns 787,190 shares of the company’s stock worth $39,304,000 after buying an additional 153,100 shares during the period. Pekin Singer Strauss Asset Management IL increased its stake in Syntel by 87.2% in the second quarter. Pekin Singer Strauss Asset Management IL now owns 241,609 shares of the company’s stock worth $10,935,000 after buying an additional 112,572 shares during the period. Apex Capital Management increased its stake in Syntel by 19.2% in the first quarter. Apex Capital Management now owns 239,457 shares of the company’s stock worth $11,956,000 after buying an additional 38,557 shares during the period. Finally, Goldman Sachs Group Inc. purchased a new stake in Syntel during the first quarter worth approximately $1,793,000. 34.06% of the stock is owned by hedge funds and other institutional investors.
Syntel Inc. (NASDAQ:SYNT) traded down 3.55% during mid-day trading on Friday, hitting $41.30. The stock had a trading volume of 767,076 shares. Syntel Inc. has a 12-month low of $40.68 and a 12-month high of $50.92. The stock has a 50-day moving average price of $44.54 and a 200 day moving average price of $45.29. The firm has a market cap of $3.47 billion, a P/E ratio of 13.19 and a beta of 1.07.
Syntel (NASDAQ:SYNT) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Syntel had a return on equity of 22.35% and a net margin of 26.49%. The business had revenue of $246 million for the quarter, compared to the consensus estimate of $249.12 million. During the same quarter in the prior year, the business posted $0.72 EPS. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. Equities analysts anticipate that Syntel Inc. will post ($0.67) EPS for the current fiscal year.
The firm also recently disclosed a special dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 22nd will be issued a $15.00 dividend. The ex-dividend date is Tuesday, October 4th. This is an increase from Syntel’s previous special dividend of $2.25.
SYNT has been the subject of a number of research reports. Barrington Research downgraded Syntel from an “outperform” rating to a “market perform” rating in a report on Thursday. Cantor Fitzgerald reaffirmed a “hold” rating and set a $43.00 target price on shares of Syntel in a report on Wednesday, July 6th. Zacks Investment Research downgraded Syntel from a “hold” rating to a “sell” rating in a report on Saturday, July 23rd. Maxim Group downgraded Syntel from a “buy” rating to a “hold” rating and set a $48.00 target price for the company. in a report on Friday, July 15th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. reiterated a “hold” rating and set a $47.00 price target on shares of Syntel in a research report on Tuesday, July 19th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. Syntel currently has a consensus rating of “Hold” and a consensus price target of $47.83.
In other news, VP Avinash Salelkar sold 943 shares of the 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 transaction, the vice president now owns 15,021 shares in the company, valued at approximately $687,811.59. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Sanjay Garg sold 1,375 shares of the stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $42.01, for a total value of $57,763.75. Following the completion of the transaction, the vice president now owns 2,750 shares in the company, valued at approximately $115,527.50. The disclosure for this sale can be found here. 61.80% of the stock is owned by insiders.
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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