Sykes Enterprises Inc. (SYKE) Raised to Hold at Zacks Investment Research
Sykes Enterprises Inc. (NASDAQ:SYKE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Saturday.
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. restated a “hold” rating on shares of Sykes Enterprises in a research note on Sunday, September 4th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $34.00.
Shares of Sykes Enterprises (NASDAQ:SYKE) opened at 27.88 on Friday. Sykes Enterprises has a 12-month low of $25.77 and a 12-month high of $32.45. The company’s 50-day moving average is $27.06 and its 200-day moving average is $28.99. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 18.34 and a beta of 0.75.
Sykes Enterprises (NASDAQ:SYKE) last released its earnings results on Monday, October 31st. The company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.06. Sykes Enterprises had a net margin of 4.57% and a return on equity of 11.19%. The company had revenue of $385.70 million for the quarter, compared to analysts’ expectations of $388.96 million. During the same quarter last year, the business earned $0.54 EPS. The firm’s revenue was up 21.3% compared to the same quarter last year. Analysts predict that Sykes Enterprises will post $1.82 EPS for the current year.
In other news, CEO Charles E. Sykes sold 50,000 shares of Sykes Enterprises stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $29.19, for a total transaction of $1,459,500.00. Following the sale, the chief executive officer now owns 298,457 shares in the company, valued at $8,711,959.83. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 3.60% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Sykes Enterprises by 4.9% in the second quarter. Vanguard Group Inc. now owns 4,304,487 shares of the company’s stock valued at $124,658,000 after buying an additional 202,138 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Sykes Enterprises by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,255,694 shares of the company’s stock worth $94,283,000 after buying an additional 43,254 shares during the period. BlackRock Fund Advisors raised its position in Sykes Enterprises by 10.6% in the third quarter. BlackRock Fund Advisors now owns 2,733,658 shares of the company’s stock worth $76,898,000 after buying an additional 261,956 shares during the period. Fuller & Thaler Asset Management Inc. raised its position in Sykes Enterprises by 20.0% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 2,046,721 shares of the company’s stock worth $59,273,000 after buying an additional 340,806 shares during the period. Finally, Boston Partners raised its position in Sykes Enterprises by 5.0% in the third quarter. Boston Partners now owns 1,275,440 shares of the company’s stock worth $35,878,000 after buying an additional 61,099 shares during the period. Hedge funds and other institutional investors own 85.73% of the company’s stock.
About Sykes Enterprises
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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