Sykes Enterprises Inc. (SYKE) Cut to “Sell” at Zacks Investment Research
According to Zacks, “Sykes Enterprises, Inc. is a leader in providing vertically integrated technology-based solutions through an integrated strategy combining its information technology services with an emerging e-commerce platform. Sykes’ continues to leverage its position as a leading provider of information technology services by assisting its clients in capitalizing on the growth of e-commerce over the Internet. Sykes’ e-commerce service platform enables it to comprehensively continue to expand by serving as a single-source provider of Internet-based technology solutions. “
Separately, Wells Fargo & Co. reissued a hold rating on shares of Sykes Enterprises in a research report on Sunday, September 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $32.50.
Sykes Enterprises (NASDAQ:SYKE) opened at 27.47 on Wednesday. The firm has a market capitalization of $1.15 billion, a PE ratio of 18.30 and a beta of 0.70. Sykes Enterprises has a 12 month low of $26.00 and a 12 month high of $33.00. The company’s 50-day moving average price is $28.73 and its 200 day moving average price is $29.50.
Sykes Enterprises (NASDAQ:SYKE) last posted its quarterly earnings data on Monday, August 1st. The company reported $0.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.04. Sykes Enterprises had a return on equity of 11.36% and a net margin of 4.71%. The firm earned $364.40 million during the quarter, compared to analyst estimates of $336.85 million. During the same period last year, the company posted $0.36 EPS. The business’s quarterly revenue was up 18.5% on a year-over-year basis. On average, equities research analysts predict that Sykes Enterprises will post $1.84 earnings per share for the current year.
In related news, VP James T. Holder sold 3,300 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $30.54, for a total value of $100,782.00. Following the completion of the sale, the vice president now directly owns 19,945 shares of the company’s stock, valued at approximately $609,120.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William J. Meurer sold 10,116 shares of the business’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $30.35, for a total value of $307,020.60. Following the completion of the sale, the director now directly owns 60,398 shares of the company’s stock, valued at $1,833,079.30. The disclosure for this sale can be found here. 3.60% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of SYKE. Foundry Partners LLC raised its stake in shares of Sykes Enterprises by 5.1% in the third quarter. Foundry Partners LLC now owns 95,284 shares of the company’s stock worth $2,680,000 after buying an additional 4,606 shares during the last quarter. Mason Street Advisors LLC purchased a new stake in shares of Sykes Enterprises during the second quarter worth approximately $220,000. Royal Bank of Canada raised its stake in shares of Sykes Enterprises by 102.4% in the second quarter. Royal Bank of Canada now owns 41,320 shares of the company’s stock worth $1,197,000 after buying an additional 20,906 shares during the last quarter. Numeric Investors LLC raised its stake in shares of Sykes Enterprises by 26.6% in the second quarter. Numeric Investors LLC now owns 909,179 shares of the company’s stock worth $26,330,000 after buying an additional 191,200 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Sykes Enterprises by 0.5% in the second quarter. Arizona State Retirement System now owns 20,123 shares of the company’s stock worth $583,000 after buying an additional 100 shares during the last quarter. 86.58% of the stock is owned by institutional investors and hedge funds.
Sykes Enterprises Company Profile
Sykes Enterprises, Incorporated is engaged in providing outsourced customer contact management solutions and services in the business process outsourcing arena. The Company provides an array of customer contact management solutions to a range of clients in communications, financial services, technology or consumer, transportation and leisure, healthcare and other industry verticals.
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