Zacks Investment Research upgraded shares of StarTek, Inc. (NYSE:SRT) from a sell rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “StarTek, Inc. is a global provider of process management services and owns and operates branded vertical market Internet web sites. Their process management service platforms include E-commerce support and fulfillment, provisioning management for telecommunications systems, high-end inbound technical support, and an offering of supply chain management services. As an outsourcer of process management services as its core business, StarTek allows its clients to focus on their primary business, reduce overhead, replace fixed costs with variable costs, and reduce working capital needs. “
A number of other analysts have also recently issued reports on the company. Lake Street Capital boosted their target price on StarTek from $11.00 to $14.00 and gave the stock a buy rating in a report on Thursday, August 10th. Robert W. Baird restated a hold rating and issued a $12.00 price target on shares of StarTek in a report on Wednesday, October 4th.
StarTek (NYSE:SRT) last issued its earnings results on Wednesday, August 9th. The business services provider reported $0.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.01. StarTek had a return on equity of 9.60% and a net margin of 1.43%. The business had revenue of $73.98 million during the quarter, compared to analysts’ expectations of $76.84 million. During the same quarter in the previous year, the business earned ($0.11) EPS. On average, analysts forecast that StarTek will post $0.30 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its holdings in StarTek by 4.7% in the 1st quarter. Bank of New York Mellon Corp now owns 22,443 shares of the business services provider’s stock worth $195,000 after acquiring an additional 1,000 shares during the period. Nationwide Fund Advisors boosted its holdings in StarTek by 207.7% in the 2nd quarter. Nationwide Fund Advisors now owns 8,504 shares of the business services provider’s stock worth $104,000 after acquiring an additional 5,740 shares during the period. Russell Investments Group Ltd. boosted its holdings in StarTek by 24.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 37,695 shares of the business services provider’s stock worth $461,000 after acquiring an additional 7,491 shares during the period. Citigroup Inc. purchased a new position in StarTek in the 2nd quarter worth approximately $101,000. Finally, New York State Common Retirement Fund purchased a new position in StarTek in the 2nd quarter worth approximately $133,000. Hedge funds and other institutional investors own 48.99% of the company’s stock.
StarTek, Inc is a customer engagement business process outsourcing (BPO) services provider, delivering customer care solutions. The Company operates through three segments: Domestic, Nearshore and Offshore. As of December 31, 2016, its Domestic segment included the operations of 13 facilities in the United States and one facility in Canada; its Offshore segment included the operations of four facilities in the Philippines, and its Nearshore segment included the operations of two facilities in Honduras and one facility in Jamaica.
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