Prudential Financial Inc. reduced its position in Syntel Inc. (NASDAQ:SYNT) by 4.0% during the second quarter, Holdings Channel reports. The institutional investor owned 143,784 shares of the company’s stock after selling 6,000 shares during the period. Prudential Financial Inc. owned 0.17% of Syntel worth $6,508,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of SYNT. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Syntel by 2.8% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,045,941 shares of the company’s stock worth $47,339,000 after buying an additional 28,246 shares in the last quarter. Tributary Capital Management LLC boosted its position in shares of Syntel by 11.6% in the second quarter. Tributary Capital Management LLC now owns 132,379 shares of the company’s stock worth $5,991,000 after buying an additional 13,720 shares in the last quarter. Nationwide Fund Advisors boosted its position in shares of Syntel by 4.5% in the second quarter. Nationwide Fund Advisors now owns 21,327 shares of the company’s stock worth $965,000 after buying an additional 909 shares in the last quarter. Schroder Investment Management Group boosted its position in shares of Syntel by 32.1% in the second quarter. Schroder Investment Management Group now owns 1,313,676 shares of the company’s stock worth $59,457,000 after buying an additional 319,574 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Syntel by 30.6% in the second quarter. JPMorgan Chase & Co. now owns 24,054 shares of the company’s stock worth $1,089,000 after buying an additional 5,631 shares in the last quarter. 34.06% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Syntel Inc. (NASDAQ:SYNT) opened at 26.81 on Tuesday. Syntel Inc. has a one year low of $25.15 and a one year high of $50.92. The stock’s 50 day moving average price is $41.15 and its 200 day moving average price is $44.40. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of 8.57 and a beta of 1.12.
Syntel (NASDAQ:SYNT) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.70 EPS for the quarter, topping 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 quarter last year, the company earned $0.72 EPS. The company’s revenue was up 2.6% on a year-over-year basis. Analysts expect that Syntel Inc. will post ($0.67) EPS for the current fiscal year.
The business also recently disclosed a special dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 22nd were paid a dividend of $15.00 per share. The ex-dividend date was Tuesday, October 4th. This is a positive change from Syntel’s previous special dividend of $2.25.
A number of brokerages recently weighed in on SYNT. TheStreet cut Syntel from a “buy” rating to a “hold” rating in a research note on Wednesday, October 5th. Maxim Group dropped their price target on Syntel from $45.00 to $28.00 and set a “hold” rating on the stock in a research note on Tuesday, October 4th. Barrington Research lowered Syntel from an “outperform” rating to a “market perform” rating in a research report on Thursday, September 22nd. William Blair lowered Syntel from a “market perform” rating to an “underperform” rating in a research report on Thursday, September 15th. Finally, Cantor Fitzgerald set a $43.00 price objective on Syntel and gave the stock a “hold” rating in a research report on Tuesday, September 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $45.00.
In other Syntel news, VP Avinash Salelkar sold 943 shares of the firm’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $45.79, for a total transaction 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 filing with the SEC, which is available through this hyperlink. Also, insider Prashant Ranade sold 1,500 shares of the firm’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $46.56, for a total value of $69,840.00. Following the transaction, the insider now owns 75,300 shares in the company, valued at approximately $3,505,968. The disclosure for this sale can be found here. Company 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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