Sykes Enterprises, Incorporated (NASDAQ:SYKE) saw a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 1,428,300 shares, a decrease of 12.4% from the July 31st total of 1,631,300 shares. Based on an average daily trading volume, of 156,500 shares, the days-to-cover ratio is currently 9.1 days. Approximately 3.7% of the shares of the company are short sold.
In related news, insider David Pearson sold 5,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $29.05, for a total transaction of $145,250.00. Following the completion of the transaction, the insider now owns 57,457 shares in the company, valued at $1,669,125.85. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.90% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nuveen Asset Management LLC purchased a new stake in shares of Sykes Enterprises in the second quarter worth about $8,507,000. Victory Capital Management Inc. lifted its holdings in shares of Sykes Enterprises by 16.2% in the second quarter. Victory Capital Management Inc. now owns 2,214,403 shares of the information technology services provider’s stock worth $60,808,000 after buying an additional 307,980 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Sykes Enterprises in the second quarter worth about $5,064,000. Morgan Stanley lifted its holdings in shares of Sykes Enterprises by 85.6% in the second quarter. Morgan Stanley now owns 267,672 shares of the information technology services provider’s stock worth $7,350,000 after buying an additional 123,439 shares in the last quarter. Finally, Intrepid Capital Management Inc. lifted its holdings in shares of Sykes Enterprises by 105.7% in the first quarter. Intrepid Capital Management Inc. now owns 231,628 shares of the information technology services provider’s stock worth $6,550,000 after buying an additional 119,035 shares in the last quarter. 89.86% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ SYKE traded up $0.17 during trading on Friday, hitting $31.39. 230 shares of the company’s stock traded hands, compared to its average volume of 142,664. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 1.44 and a beta of 0.84. Sykes Enterprises has a 12-month low of $22.67 and a 12-month high of $31.47. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.28 and a current ratio of 2.28. The business has a 50 day moving average of $28.69 and a 200-day moving average of $27.77.
Sykes Enterprises (NASDAQ:SYKE) last released its quarterly earnings data on Tuesday, July 30th. The information technology services provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.11. The business had revenue of $389.00 million for the quarter, compared to the consensus estimate of $395.88 million. Sykes Enterprises had a net margin of 3.35% and a return on equity of 10.36%. The company’s revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 earnings per share. On average, analysts expect that Sykes Enterprises will post 2.1 EPS for the current year.
Several equities research analysts have commented on the stock. Sidoti dropped their price objective on shares of Sykes Enterprises from $39.00 to $36.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. ValuEngine raised shares of Sykes Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, August 21st. TheStreet raised shares of Sykes Enterprises from a “c+” rating to a “b-” rating in a report on Wednesday, July 24th. Finally, BidaskClub raised shares of Sykes Enterprises from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $33.50.
About Sykes Enterprises
Sykes Enterprises, Incorporated, together with its subsidiaries, provides multichannel demand generation and global customer engagement services. Its customer care services include handling billing inquiries and claims, activating customer accounts, resolving complaints, cross-selling/up-selling, and prequalifying and warranty management, as well as providing health information and dispatching roadside assistance.
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