Sykes Enterprises, Incorporated (NASDAQ:SYKE) was the target of a large drop in short interest in August. As of August 31st, there was short interest totalling 1,428,300 shares, a drop of 12.4% from the July 31st total of 1,631,300 shares. Approximately 3.7% of the shares of the stock are short sold. Based on an average trading volume of 156,500 shares, the days-to-cover ratio is presently 9.1 days.
SYKE traded up $0.16 during midday trading on Thursday, hitting $31.07. The company had a trading volume of 3,102 shares, compared to its average volume of 153,804. Sykes Enterprises has a 52 week low of $22.67 and a 52 week high of $31.47. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 15.38, a PEG ratio of 1.42 and a beta of 0.84. The stock’s 50 day moving average price is $28.69 and its 200 day moving average price is $27.77.
Sykes Enterprises (NASDAQ:SYKE) last issued its quarterly earnings results on Tuesday, July 30th. The information technology services provider reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.11. Sykes Enterprises had a net margin of 3.35% and a return on equity of 10.36%. The firm had revenue of $389.00 million for the quarter, compared to analyst estimates of $395.88 million. During the same quarter in the prior year, the firm earned $0.42 EPS. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. Research analysts predict that Sykes Enterprises will post 2.1 EPS for the current year.
Several equities analysts recently issued reports on the company. BidaskClub upgraded Sykes Enterprises from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 14th. ValuEngine upgraded shares of Sykes Enterprises from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. TheStreet upgraded shares of Sykes Enterprises from a “c+” rating to a “b-” rating in a research report on Wednesday, July 24th. Finally, Sidoti dropped their target price on shares of Sykes Enterprises from $39.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $33.50.
In other news, insider David Pearson sold 5,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $29.05, for a total transaction of $145,250.00. Following the completion of the sale, the insider now directly owns 57,457 shares of the company’s stock, valued at approximately $1,669,125.85. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.80% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Nuveen Asset Management LLC acquired a new stake in shares of Sykes Enterprises in the 2nd quarter worth $8,507,000. Victory Capital Management Inc. boosted its holdings in 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 valued at $60,808,000 after purchasing an additional 307,980 shares during the last quarter. Marshall Wace LLP purchased a new position in Sykes Enterprises in the second quarter valued at about $5,064,000. Morgan Stanley lifted its holdings in Sykes Enterprises by 85.6% during the 2nd 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 during the last quarter. Finally, Intrepid Capital Management Inc. lifted its holdings in Sykes Enterprises by 105.7% during the 1st 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 during the last quarter. 89.86% of the stock is owned by institutional investors and hedge funds.
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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