Empirical Finance LLC continued to hold its stake in Syntel, Inc. (NASDAQ:SYNT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,493 shares of the information technology services provider’s stock at the end of the 2nd quarter. Empirical Finance LLC’s holdings in Syntel were worth $365,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in SYNT. IPG Investment Advisors LLC increased its position in Syntel by 393.7% in the first quarter. IPG Investment Advisors LLC now owns 527,465 shares of the information technology services provider’s stock worth $8,877,000 after purchasing an additional 420,625 shares during the period. FIL Ltd increased its position in Syntel by 52.1% in the first quarter. FIL Ltd now owns 732,603 shares of the information technology services provider’s stock worth $12,330,000 after purchasing an additional 250,949 shares during the period. M&T Bank Corp increased its position in Syntel by 197.2% in the first quarter. M&T Bank Corp now owns 172,560 shares of the information technology services provider’s stock worth $2,904,000 after purchasing an additional 114,500 shares during the period. Bridge City Capital LLC acquired a new stake in Syntel in the second quarter worth about $1,771,000. Finally, KBC Group NV increased its position in Syntel by 114.8% in the first quarter. KBC Group NV now owns 179,458 shares of the information technology services provider’s stock worth $3,020,000 after purchasing an additional 95,902 shares during the period. Hedge funds and other institutional investors own 34.71% of the company’s stock.
Syntel, Inc. (NASDAQ:SYNT) traded up 0.48% during trading on Wednesday, hitting $18.81. The stock had a trading volume of 22,385 shares. Syntel, Inc. has a one year low of $15.82 and a one year high of $45.83. The stock has a 50 day moving average of $18.59 and a 200 day moving average of $17.62. The firm’s market capitalization is $1.57 billion.
Syntel (NASDAQ:SYNT) last released its earnings results on Thursday, July 20th. The information technology services provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.40 by $0.04. Syntel had a negative return on equity of 110.72% and a negative net margin of 10.11%. The business had revenue of $226.81 million during the quarter. During the same period in the prior year, the business earned $0.70 EPS. The company’s revenue for the quarter was down 7.7% on a year-over-year basis. Equities research analysts expect that Syntel, Inc. will post $1.72 earnings per share for the current fiscal year.
Syntel announced that its board has approved a stock repurchase program on Thursday, July 20th that allows the company to buyback $60.00 million in shares. This buyback authorization allows the information technology services provider to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
A number of brokerages recently commented on SYNT. Zacks Investment Research upgraded Syntel from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Tuesday, July 25th. Maxim Group reiterated a “hold” rating on shares of Syntel in a research report on Thursday, July 20th. ValuEngine upgraded Syntel from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. Cowen and Company restated a “hold” rating and set a $18.00 target price on shares of Syntel in a report on Tuesday, August 22nd. Finally, BidaskClub upgraded Syntel from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 28th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $25.98.
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Syntel Company Profile
Syntel, Inc (Syntel) is a global provider of digital transformation, information technology (IT) and knowledge process outsourcing (KPO) services. The Company operates through five segments: Banking and Financial Services, Healthcare and Life Sciences, Insurance, Manufacturing, and Retail, Logistics and Telecom.
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