Syntel Inc. (NASDAQ:SYNT) – Stock analysts at SunTrust Banks reduced their Q4 2016 earnings estimates for shares of Syntel in a research note issued on Monday. SunTrust Banks analyst F. Atkins now expects that the brokerage will earn $0.62 per share for the quarter, down from their prior estimate of $0.68. SunTrust Banks also issued estimates for Syntel’s Q1 2017 earnings at $0.57 EPS, Q2 2017 earnings at $0.61 EPS, Q3 2017 earnings at $0.71 EPS, Q4 2017 earnings at $0.72 EPS, FY2017 earnings at $2.61 EPS and FY2018 earnings at $2.81 EPS.
Syntel (NASDAQ:SYNT) last announced its earnings results on Thursday, July 21st. The company reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.07. Syntel had a return on equity of 22.35% and a net margin of 26.49%. The company had revenue of $246 million for the quarter, compared to analyst estimates of $249.12 million. During the same quarter last year, the company earned $0.72 earnings per share. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year.
A number of other brokerages have also commented on SYNT. Maxim Group lowered 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. restated a “hold” rating and issued a $47.00 target price on shares of Syntel in a research note on Tuesday, July 19th. Cantor Fitzgerald set a $43.00 target price on Syntel and gave the stock a “hold” rating in a research note on Tuesday, September 13th. Robert W. Baird boosted their target price on Syntel from $46.00 to $52.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 13th. Finally, Zacks Investment Research downgraded Syntel from a “hold” rating to a “sell” rating in a research note on Saturday, July 23rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. Syntel has a consensus rating of “Hold” and an average target price of $45.00.
Syntel (NASDAQ:SYNT) traded up 0.08% during trading on Wednesday, reaching $26.08. The company’s stock had a trading volume of 1,422,272 shares. The company has a market cap of $2.19 billion, a price-to-earnings ratio of 8.33 and a beta of 1.12. The stock’s 50 day moving average is $43.29 and its 200 day moving average is $44.98. Syntel has a 12 month low of $25.15 and a 12 month high of $50.92.
Several large investors have recently bought and sold shares of the company. Renaissance Technologies LLC increased its stake in Syntel by 24.1% in the first quarter. Renaissance Technologies LLC now owns 787,190 shares of the company’s stock valued at $39,304,000 after buying an additional 153,100 shares in the last quarter. Invictus RG bought a new stake in Syntel during the first quarter valued at about $142,000. BlackRock Institutional Trust Company N.A. increased its stake in Syntel by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 766,093 shares of the company’s stock valued at $38,251,000 after buying an additional 11,038 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Syntel by 13.5% in the first quarter. JPMorgan Chase & Co. now owns 18,423 shares of the company’s stock valued at $920,000 after buying an additional 2,198 shares in the last quarter. Finally, BlackRock Group LTD increased its stake in Syntel by 19.4% in the first quarter. BlackRock Group LTD now owns 26,244 shares of the company’s stock valued at $1,310,000 after buying an additional 4,256 shares in the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.
In related news, VP Avinash Salelkar sold 943 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $45.79, for a total value of $43,179.97. Following the transaction, the vice president now owns 15,021 shares in the company, valued at $687,811.59. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Nitin Rakesh sold 1,750 shares of the company’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $42.01, for a total value of $73,517.50. Following the completion of the transaction, the chief executive officer now owns 49,600 shares in the company, valued at approximately $2,083,696. The disclosure for this sale can be found here. 61.80% of the stock is owned by corporate insiders.
The company also recently disclosed a special dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 22nd were paid a $15.00 dividend. This is an increase from Syntel’s previous special dividend of $2.25. The ex-dividend date was Tuesday, October 4th.
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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