Norris Perne & French LLP MI cut its stake in shares of Syntel Inc. (NASDAQ:SYNT) by 50.8% during the second quarter, Holdings Channel reports. The fund owned 110,205 shares of the company’s stock after selling 113,650 shares during the period. Norris Perne & French LLP MI owned about 0.13% of Syntel worth $4,988,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the stock. C M Bidwell & Associates Ltd. purchased a new position in shares of Syntel during the first quarter worth $100,000. Invictus RG purchased a new position in shares of Syntel during the first quarter worth $142,000. Cypress Wealth Advisors LLC purchased a new position in shares of Syntel during the first quarter worth $209,000. Acadian Asset Management LLC purchased a new position in shares of Syntel during the second quarter worth $232,000. Finally, BlackRock Inc. boosted its position 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 in the last quarter. 34.10% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Syntel Inc. (NASDAQ:SYNT) traded up 0.93% during midday trading on Monday, hitting $42.48. The stock had a trading volume of 518,693 shares. The company has a market cap of $3.57 billion, a PE ratio of 13.57 and a beta of 1.07. The company’s 50 day moving average is $44.86 and its 200 day moving average is $45.38. Syntel Inc. has a 52-week low of $40.68 and a 52-week high of $50.92.
Syntel (NASDAQ:SYNT) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.70 earnings per share (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 period in the prior year, the business posted $0.72 earnings per share. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, analysts anticipate that Syntel Inc. will post $0.98 earnings per share for the current year.
The business also recently disclosed a special dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 22nd will be given a dividend of $15.00 per share. The ex-dividend date of this dividend is Tuesday, October 4th. This is an increase from Syntel’s previous special dividend of $2.25.
A number of brokerages recently weighed in on SYNT. Zacks Investment Research raised Syntel from a “sell” rating to a “hold” rating in a report on Tuesday, June 28th. Maxim Group decreased their price objective on Syntel from $48.00 to $45.00 and set a “hold” rating on the stock in a report on Thursday, July 21st. Cantor Fitzgerald set a $43.00 price objective on Syntel and gave the company a “hold” rating in a report on Wednesday, September 7th. Needham & Company LLC reissued a “buy” rating and set a $48.00 price objective on shares of Syntel in a report on Monday, September 12th. Finally, William Blair cut Syntel from a “market perform” rating to an “underperform” rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $47.83.
In other news, CEO Nitin Rakesh sold 1,750 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $42.01, for a total value of $73,517.50. Following the sale, the chief executive officer now directly owns 49,600 shares in the company, valued at $2,083,696. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Raja Ray sold 718 shares of the stock in a transaction that occurred on 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 sale, the insider now owns 13,151 shares in the company, valued at $561,416.19. The disclosure for this sale can be found here. Company insiders own 61.80% of the company’s stock.
Syntel Company Profile
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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