Sykes Enterprises Inc. (NASDAQ:SYKE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
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. reissued a “hold” rating on shares of Sykes Enterprises in a research note on Sunday, September 4th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $34.00.
Shares of Sykes Enterprises (NASDAQ:SYKE) traded down 0.14% during mid-day trading on Wednesday, reaching $28.47. The company’s stock had a trading volume of 66,726 shares. The firm’s 50 day moving average is $27.09 and its 200-day moving average is $28.95. The company has a market capitalization of $1.19 billion, a PE ratio of 18.73 and a beta of 0.75. Sykes Enterprises has a 52-week low of $25.77 and a 52-week high of $32.45.
Sykes Enterprises (NASDAQ:SYKE) last posted its quarterly earnings data on Monday, October 31st. The company reported $0.55 EPS for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.06. Sykes Enterprises had a return on equity of 11.19% and a net margin of 4.57%. The company had revenue of $385.70 million for the quarter, compared to the consensus estimate of $388.96 million. During the same quarter in the previous year, the business earned $0.54 EPS. The company’s quarterly revenue was up 21.3% compared to the same quarter last year. Analysts forecast that Sykes Enterprises will post $1.82 EPS for the current year.
In other news, CEO Charles E. Sykes sold 50,000 shares of the business’s stock in a transaction on Thursday, September 1st. The stock was 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 directly owns 298,457 shares of the company’s stock, valued at $8,711,959.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.60% of the company’s stock.
Several large investors have recently made changes to their positions in the company. TIAA CREF Investment Management LLC raised its stake in shares of Sykes Enterprises by 9.2% in the first quarter. TIAA CREF Investment Management LLC now owns 217,103 shares of the company’s stock worth $6,552,000 after buying an additional 18,250 shares during the period. Capital One National Association raised its stake in shares of Sykes Enterprises by 19.1% in the second quarter. Capital One National Association now owns 19,998 shares of the company’s stock worth $579,000 after buying an additional 3,211 shares during the period. Strs Ohio raised its stake in shares of Sykes Enterprises by 3.6% in the second quarter. Strs Ohio now owns 31,400 shares of the company’s stock worth $909,000 after buying an additional 1,100 shares during the period. Teachers Advisors Inc. raised its stake in shares of Sykes Enterprises by 41.7% in the first quarter. Teachers Advisors Inc. now owns 80,263 shares of the company’s stock worth $2,422,000 after buying an additional 23,603 shares during the period. Finally, PineBridge Investments L.P. raised its stake in shares of Sykes Enterprises by 3.4% in the second quarter. PineBridge Investments L.P. now owns 4,918 shares of the company’s stock worth $142,000 after buying an additional 161 shares during the period. 86.65% of the stock is currently owned by institutional investors.
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.