Concentrix (NASDAQ:CNXC) Major Shareholder Sells $133,500,000.00 in Stock

Key Points

• Bruxelles Lambert Groupe sold 6,000,000 Concentrix shares for $133.5 million on April 29, trimming its stake by 68.39% to 2,773,667 shares, according to an SEC filing.
• Concentrix missed quarterly EPS ($2.61 vs. $2.65), reported a negative net margin of 13.35% and a negative P/E, but declared a $0.36 quarterly dividend (5.9% yield); analysts have a consensus Hold with an average target of $48.50.

Concentrix Corporation (NASDAQ:CNXC - Get Free Report) major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $22.25, for a total transaction of $133,500,000.00. Following the transaction, the insider owned 2,773,667 shares in the company, valued at $61,714,090.75. This represents a 68.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

Concentrix Price Performance

CNXC traded up $0.71 during trading on Friday, reaching $24.53. The stock had a trading volume of 4,700,279 shares, compared to its average volume of 1,547,031. The stock has a 50 day moving average of $29.47 and a two-hundred day moving average of $35.95. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.43. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of -1.14, a price-to-earnings-growth ratio of 0.31 and a beta of 0.50. Concentrix Corporation has a 1-year low of $22.85 and a 1-year high of $62.14.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its quarterly earnings results on Tuesday, March 24th. The company reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.65 by ($0.04). The firm had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. Concentrix had a negative net margin of 13.35% and a positive return on equity of 17.80%. The firm's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.79 earnings per share. As a group, equities analysts anticipate that Concentrix Corporation will post 10.42 EPS for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 5th. Shareholders of record on Friday, April 24th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend is Friday, April 24th. Concentrix's dividend payout ratio is presently -6.68%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CNXC. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Concentrix in a research note on Monday. Robert W. Baird cut their target price on shares of Concentrix from $52.00 to $40.00 and set an "outperform" rating for the company in a research note on Wednesday, March 25th. Wall Street Zen lowered shares of Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, March 28th. Canaccord Genuity Group dropped their price target on Concentrix from $80.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, March 25th. Finally, Barrington Research cut their price objective on Concentrix from $62.00 to $38.00 and set an "outperform" rating for the company in a research report on Wednesday, March 25th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Concentrix currently has a consensus rating of "Hold" and an average price target of $48.50.

Institutional Trading of Concentrix

A number of hedge funds have recently bought and sold shares of CNXC. Hussman Strategic Advisors Inc. acquired a new stake in Concentrix during the 3rd quarter valued at $1,938,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Concentrix in the third quarter worth $9,627,000. Thompson Investment Management Inc. boosted its position in shares of Concentrix by 36.9% in the fourth quarter. Thompson Investment Management Inc. now owns 216,154 shares of the company's stock worth $8,988,000 after buying an additional 58,251 shares during the period. Capital Management Corp VA grew its holdings in shares of Concentrix by 45.0% during the third quarter. Capital Management Corp VA now owns 472,681 shares of the company's stock valued at $21,814,000 after buying an additional 146,688 shares in the last quarter. Finally, Nordea Investment Management AB raised its position in Concentrix by 34.1% during the third quarter. Nordea Investment Management AB now owns 93,062 shares of the company's stock valued at $4,323,000 after buying an additional 23,657 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

About Concentrix

Concentrix Inc NASDAQ: CNXC is a global business services company specializing in customer engagement solutions and technology‐driven business process outsourcing. The firm’s offerings encompass customer care delivered across voice and digital channels, back‐office processing, analytics and consulting, and automated workflow management. By integrating proprietary platforms, strategic partnerships and advanced automation, Concentrix helps clients enhance customer experiences and streamline operations.

Its capabilities extend to digital marketing and technology implementation, leveraging artificial intelligence, machine learning and data analytics to optimize customer journeys.

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