Gotham Asset Management LLC Grows Stake in Concentrix Co. (NASDAQ:CNXC)

Gotham Asset Management LLC raised its stake in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 2,087.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 251,900 shares of the company's stock after buying an additional 240,383 shares during the quarter. Gotham Asset Management LLC owned about 0.39% of Concentrix worth $10,900,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Deprince Race & Zollo Inc. grew its holdings in Concentrix by 55.3% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,009,133 shares of the company's stock valued at $43,665,000 after buying an additional 359,476 shares during the last quarter. Dimension Capital Management LLC acquired a new stake in Concentrix during the 4th quarter valued at $1,656,000. Corton Capital Inc. grew its holdings in Concentrix by 72.9% during the 4th quarter. Corton Capital Inc. now owns 6,759 shares of the company's stock valued at $292,000 after buying an additional 2,849 shares during the last quarter. Crestline Management LP acquired a new stake in shares of Concentrix during the fourth quarter worth $310,000. Finally, Brevan Howard Capital Management LP boosted its holdings in shares of Concentrix by 444.6% during the fourth quarter. Brevan Howard Capital Management LP now owns 44,983 shares of the company's stock worth $1,946,000 after purchasing an additional 36,723 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company's stock.

Concentrix Trading Up 2.0%

Shares of CNXC stock traded up $1.08 during mid-day trading on Friday, hitting $56.22. 975,209 shares of the company's stock were exchanged, compared to its average volume of 708,022. Concentrix Co. has a fifty-two week low of $36.28 and a fifty-two week high of $77.00. The stock has a 50-day simple moving average of $49.78 and a two-hundred day simple moving average of $46.86. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of 15.15, a PEG ratio of 0.63 and a beta of 0.52.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.58 by $0.21. The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business's quarterly revenue was down 1.3% on a year-over-year basis. During the same period last year, the company posted $2.57 EPS. Equities analysts expect that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 6th. Investors of record on Friday, April 25th were given a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.37%. The ex-dividend date was Friday, April 25th. Concentrix's dividend payout ratio (DPR) is currently 33.33%.

Insider Buying and Selling

In other news, CEO Christopher A. Caldwell bought 1,000 shares of the business's stock in a transaction that occurred on Monday, April 21st. The shares were acquired at an average cost of $46.00 per share, with a total value of $46,000.00. Following the transaction, the chief executive officer now owns 303,362 shares of the company's stock, valued at $13,954,652. This represents a 0.33% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $55.31, for a total value of $27,655.00. Following the completion of the transaction, the executive vice president now directly owns 39,130 shares in the company, valued at $2,164,280.30. This trade represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,444 shares of company stock valued at $1,481,628. 3.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CNXC shares. Bank of America raised their price objective on Concentrix from $58.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, March 27th. Barrington Research decreased their price objective on Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a report on Monday, March 24th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $65.75.

Concentrix Profile

Concentrix Corporation engages in the provision of technology-infused customer experience (CX) solutions worldwide. The company provides CX process optimization, technology innovation, front- and back-office automation, analytics, and business transformation services, across various channels of communication, such as voice, chat, email, social media, asynchronous messaging, and custom applications.