Jensen Investment Management Inc. Raises Position in Syntel Inc. (SYNT)
Jensen Investment Management Inc. increased its stake in shares of Syntel Inc. (NASDAQ:SYNT) by 9.6% during the second quarter, Holdings Channel reports. The firm owned 9,660 shares of the company’s stock after buying an additional 850 shares during the period. Jensen Investment Management Inc.’s holdings in Syntel were worth $437,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Syntel during the fourth quarter valued at approximately $17,503,000. OLD National Bancorp IN increased its position in Syntel by 5.8% in the first quarter. OLD National Bancorp IN now owns 9,809 shares of the company’s stock valued at $490,000 after buying an additional 541 shares during the period. Moody Aldrich Partners LLC bought a new position in Syntel during the first quarter valued at approximately $496,000. Apex Capital Management increased its position in Syntel by 19.2% in the first quarter. Apex Capital Management now owns 239,457 shares of the company’s stock valued at $11,956,000 after buying an additional 38,557 shares during the period. Finally, Virginia Retirement System bought a new position in Syntel during the first quarter valued at approximately $1,253,000. 34.06% of the stock is owned by institutional investors and hedge funds.
Shares of Syntel Inc. (NASDAQ:SYNT) traded down 0.70% during mid-day trading on Thursday, reaching $42.82. 569,790 shares of the company’s stock traded hands. Syntel Inc. has a 12-month low of $40.68 and a 12-month high of $50.92. The company’s 50-day moving average price is $44.72 and its 200-day moving average price is $45.33. The stock has a market capitalization of $3.60 billion, a PE ratio of 13.68 and a beta of 1.07.
Syntel (NASDAQ:SYNT) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Syntel had a net margin of 26.49% and a return on equity of 22.35%. The company earned $246 million during the quarter, compared to analysts’ expectations of $249.12 million. During the same quarter in the previous year, the company earned $0.72 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. Analysts anticipate that Syntel Inc. will post ($0.67) earnings per share for the current year.
The company also recently disclosed a special dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 22nd will be issued a $15.00 dividend. This is a boost from Syntel’s previous special dividend of $2.25. The ex-dividend date is Tuesday, October 4th.
Several research analysts have commented on SYNT shares. Zacks Investment Research raised shares of Syntel from a “sell” rating to a “hold” rating in a report on Tuesday, June 28th. Cantor Fitzgerald reissued a “hold” rating and set a $43.00 price objective on shares of Syntel in a report on Wednesday, July 6th. Maxim Group downgraded shares of Syntel from a “buy” rating to a “hold” rating and set a $48.00 price objective for the company. in a report on Friday, July 15th. They noted that the move was a valuation call. JPMorgan Chase & Co. reissued a “hold” rating and set a $47.00 price objective on shares of Syntel in a report on Tuesday, July 19th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $47.83.
In other Syntel news, VP Avinash Salelkar sold 943 shares of Syntel stock in a transaction on Monday, August 22nd. The shares were 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 owns 15,021 shares of the company’s stock, valued at $687,811.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sanjay Garg sold 1,375 shares of Syntel stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $42.01, for a total transaction of $57,763.75. Following the completion of the transaction, the vice president now directly owns 2,750 shares of the company’s stock, valued at approximately $115,527.50. The disclosure for this sale can be found here. 61.80% of the stock is currently owned by company 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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