State of Michigan Retirement System boosted its holdings in shares of Genpact Limited (NYSE:G) by 180.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 252,500 shares of the business services provider’s stock after acquiring an additional 162,500 shares during the quarter. State of Michigan Retirement System owned 0.13% of Genpact worth $9,221,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in G. CFM Wealth Partners LLC bought a new stake in shares of Genpact during the first quarter valued at approximately $35,000. Rockefeller Capital Management L.P. raised its position in Genpact by 267.5% during the 1st quarter. Rockefeller Capital Management L.P. now owns 1,470 shares of the business services provider’s stock valued at $43,000 after purchasing an additional 1,070 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Genpact by 91.9% in the 4th quarter. Quadrant Capital Group LLC now owns 1,253 shares of the business services provider’s stock worth $48,000 after buying an additional 600 shares during the period. Cognios Capital LLC bought a new position in shares of Genpact during the 1st quarter worth $54,000. Finally, Lindbrook Capital LLC increased its stake in shares of Genpact by 74.3% during the first quarter. Lindbrook Capital LLC now owns 1,959 shares of the business services provider’s stock valued at $57,000 after buying an additional 835 shares during the period. 95.33% of the stock is currently owned by institutional investors.
In related news, CFO Edward J. Fitzpatrick acquired 5,600 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were acquired at an average cost of $33.72 per share, with a total value of $188,832.00. Following the completion of the acquisition, the chief financial officer now directly owns 193,693 shares in the company, valued at approximately $6,531,327.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Heather White sold 5,000 shares of Genpact stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $36.95, for a total transaction of $184,750.00. Corporate insiders own 1.86% of the company’s stock.
Genpact (NYSE:G) last released its quarterly earnings data on Monday, May 11th. The business services provider reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.08. Genpact had a net margin of 9.07% and a return on equity of 22.33%. The firm had revenue of $923.19 million for the quarter, compared to analyst estimates of $894.39 million. During the same quarter in the prior year, the business earned $0.43 earnings per share. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. As a group, research analysts anticipate that Genpact Limited will post 1.53 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Friday, September 11th will be issued a $0.097 dividend. The ex-dividend date is Thursday, September 10th. This represents a $0.39 dividend on an annualized basis and a yield of 0.97%. Genpact’s payout ratio is 25.00%.
Several research analysts have issued reports on the stock. Wells Fargo & Co increased their target price on shares of Genpact from $36.00 to $39.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. BMO Capital Markets dropped their price objective on shares of Genpact from $50.00 to $41.00 and set a “market perform” rating on the stock in a research note on Tuesday, May 12th. Citigroup reduced their price objective on shares of Genpact from $40.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, April 22nd. Robert W. Baird increased their target price on Genpact from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Finally, Needham & Company LLC boosted their price target on Genpact from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Genpact currently has an average rating of “Buy” and an average price target of $42.25.
Genpact Limited provides business process outsourcing and information technology (IT) services North and Latin America, India, rest of Asia, and Europe. Its finance and accounting services include accounts payable, such as document management, invoice processing, approval and resolution management, and travel and expense processing; invoice-to-cash services, including customer master data management, credit and contract management, fulfillment, billing, collections, and dispute management services; record to report services comprising accounting, treasury, tax, product cost accounting, and closing and reporting services; enterprise performance management consisting of budgeting, forecasting, and business performance reporting; and enterprise risk and compliance services, including operational risks and controls.
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