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.

About Syntel

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.

5 Day Chart for NASDAQ:SYNT

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