First Trust Advisors LP acquired a new stake in Syntel Inc. (NASDAQ:SYNT) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 45,340 shares of the company’s stock, valued at approximately $2,052,000. First Trust Advisors LP owned approximately 0.05% of Syntel at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in SYNT. BB&T Securities LLC boosted its stake in shares of Syntel by 2.5% in the second quarter. BB&T Securities LLC now owns 11,268 shares of the company’s stock worth $509,000 after buying an additional 270 shares during the period. GHP Investment Advisors Inc. boosted its stake in shares of Syntel by 5.0% in the second quarter. GHP Investment Advisors Inc. now owns 38,914 shares of the company’s stock worth $1,761,000 after buying an additional 1,850 shares during the period. Emerald Acquisition Ltd. bought a new stake in shares of Syntel during the second quarter worth approximately $3,103,000. Pekin Singer Strauss Asset Management IL boosted its stake in shares of 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. Finally, Carnegie Capital Asset Management LLC boosted its stake in shares of Syntel by 5.9% in the second quarter. Carnegie Capital Asset Management LLC now owns 7,130 shares of the company’s stock worth $325,000 after buying an additional 400 shares during the period. 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, reaching $41.30. The company 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 firm’s 50-day moving average is $44.54 and its 200-day moving average is $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 results on Thursday, July 21st. The company reported $0.70 EPS for the quarter, beating the Zacks’ 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 firm had revenue of $246 million for the quarter, compared to analyst estimates of $249.12 million. During the same period last year, the firm posted $0.72 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities research analysts anticipate that Syntel Inc. will post ($0.67) earnings per share for the current fiscal year.
The company also recently declared a special dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 22nd will be paid a dividend of $15.00 per share. This is a positive change from Syntel’s previous special dividend of $2.25. The ex-dividend date is Tuesday, October 4th.
A number of brokerages have recently commented on SYNT. William Blair cut Syntel from a “market perform” rating to an “underperform” rating in a research note on Thursday, September 15th. Robert W. Baird upped their price target on Syntel from $46.00 to $52.00 and gave the company a “neutral” rating in a research note on Tuesday, September 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $48.00 price target on shares of Syntel in a research note on Monday, September 12th. Zacks Investment Research cut Syntel from a “hold” rating to a “sell” rating in a research note on Saturday, July 23rd. Finally, Barrington Research cut Syntel from an “outperform” rating to a “market perform” rating in a research note on Thursday. Two equities research 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. The company currently has a consensus rating of “Hold” and an average target price of $47.83.
In other news, insider Anil Jain sold 1,250 shares of Syntel stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $45.60, for a total transaction of $57,000.00. Following the sale, the insider now directly owns 13,940 shares of the company’s stock, valued at $635,664. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sanjay Garg sold 1,375 shares of Syntel 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 sale, the vice president now directly owns 2,750 shares in the company, valued at $115,527.50. The disclosure for this sale can be found here. 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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