Syntel Inc. (SYNT) Position Decreased by Norris Perne & French LLP MI
Norris Perne & French LLP MI cut its stake in 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’s holdings in Syntel were worth $4,988,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Adams Diversified Equity Fund Inc. acquired a new stake in shares of Syntel during the second quarter valued at $371,000. Palo Capital Inc. acquired a new stake in shares of Syntel during the second quarter valued at $422,000. Acadian Asset Management LLC acquired a new stake in shares of Syntel during the second quarter valued at $232,000. Independent Portfolio Consultants Inc. increased its stake in shares of Syntel by 52.6% in the second quarter. Independent Portfolio Consultants Inc. now owns 12,060 shares of the company’s stock valued at $546,000 after buying an additional 4,155 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. increased its stake in shares of Syntel by 0.3% in the second quarter. Punch & Associates Investment Management Inc. now owns 93,003 shares of the company’s stock valued at $4,209,000 after buying an additional 313 shares during the last quarter. Hedge funds and other institutional investors own 34.10% of the company’s stock.
Shares of Syntel Inc. (NASDAQ:SYNT) traded up 0.93% during mid-day trading on Monday, reaching $42.48. The company’s stock had a trading volume of 518,693 shares. The stock has a 50 day moving average of $44.86 and a 200-day moving average of $45.38. Syntel Inc. has a one year low of $40.68 and a one year high of $50.92. The stock has a market cap of $3.57 billion, a P/E ratio of 13.57 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 (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $249.12 million. During the same quarter in the prior year, the firm posted $0.72 earnings per share. Syntel’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities research analysts expect that Syntel Inc. will post $0.98 EPS for the current fiscal 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 paid a $15.00 dividend. The ex-dividend date is Tuesday, October 4th. This is an increase from Syntel’s previous special dividend of $2.25.
Several brokerages have recently weighed in on SYNT. William Blair downgraded Syntel from a “market perform” rating to an “underperform” rating in a report on Thursday. Cantor Fitzgerald set a $43.00 price objective on Syntel and gave the stock a “hold” rating in a research note on Tuesday, September 13th. Robert W. Baird increased their price objective on Syntel from $46.00 to $52.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 13th. Needham & Company LLC reissued a “buy” rating and issued a $48.00 price objective on shares of Syntel in a research note on Monday, September 12th. Finally, Zacks Investment Research cut Syntel from a “hold” rating to a “sell” rating in a research note on Saturday, July 23rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $47.83.
In other Syntel news, VP Avinash Salelkar sold 943 shares of the company’s 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 in the company, valued at $687,811.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anil Jain sold 1,250 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $45.60, for a total transaction of $57,000.00. Following the completion of the transaction, the insider now owns 13,940 shares of the company’s stock, valued at approximately $635,664. 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.
Want to see what other hedge funds are holding SYNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Syntel Inc. (NASDAQ:SYNT).
Receive News & Ratings for Syntel Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Syntel Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.