AQR Capital Management LLC Increases Stock Position in Concentrix Corporation $CNXC

Key Points

• AQR Capital Management LLC increased its stake in Concentrix Corporation by 850.1%, owning approximately 5.37% of the company, valued at about $190.84 million.
• Wall Street analysts have mixed views on Concentrix, with ratings ranging from "buy" to "hold," and an average price target set at $66.75.
• Concentrix recently declared a quarterly dividend of $0.3328 per share, which annualizes to a yield of 2.6%.

AQR Capital Management LLC boosted its stake in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 850.1% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 3,429,913 shares of the company's stock after acquiring an additional 3,068,916 shares during the period. AQR Capital Management LLC owned about 5.37% of Concentrix worth $190,840,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. UMB Bank n.a. raised its position in Concentrix by 47.3% during the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock worth $38,000 after acquiring an additional 217 shares during the period. First Horizon Advisors Inc. raised its position in Concentrix by 111.8% during the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after acquiring an additional 444 shares during the period. PNC Financial Services Group Inc. raised its position in Concentrix by 47.3% during the first quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock worth $84,000 after acquiring an additional 483 shares during the period. Fifth Third Bancorp raised its position in Concentrix by 36.5% during the first quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock worth $114,000 after acquiring an additional 548 shares during the period. Finally, Versant Capital Management Inc raised its position in Concentrix by 582.5% during the first quarter. Versant Capital Management Inc now owns 2,109 shares of the company's stock worth $117,000 after acquiring an additional 1,800 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Concentrix Trading Up 2.6%

Shares of CNXC traded up $1.36 during mid-day trading on Friday, reaching $53.82. The stock had a trading volume of 614,358 shares, compared to its average volume of 578,521. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61. Concentrix Corporation has a 52-week low of $36.28 and a 52-week high of $74.32. The business's fifty day moving average is $53.38 and its 200 day moving average is $51.74. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 14.79, a P/E/G ratio of 0.72 and a beta of 0.53.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.76 by ($0.06). Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The firm had revenue of $2.42 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same period in the prior year, the company posted $2.69 EPS. The company's revenue for the quarter was up 1.5% compared to the same quarter last year. Concentrix has set its FY 2025 guidance at 11.530-11.760 EPS. Q3 2025 guidance at 2.800-2.910 EPS. On average, sell-side analysts predict that Concentrix Corporation will post 10.11 EPS for the current fiscal year.

Concentrix Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Friday, July 25th were issued a $0.3328 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.5%. Concentrix's dividend payout ratio is currently 36.54%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Wall Street Zen cut shares of Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Canaccord Genuity Group reiterated a "buy" rating and issued a $80.00 target price on shares of Concentrix in a research report on Monday, June 30th. Robert W. Baird increased their target price on shares of Concentrix from $62.00 to $72.00 and gave the company an "outperform" rating in a research report on Thursday, June 26th. Bank of America reduced their target price on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research report on Friday, June 27th. Finally, Barrington Research reiterated an "outperform" rating and issued a $54.00 target price on shares of Concentrix in a research report on Tuesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $66.75.

Insiders Place Their Bets

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total transaction of $28,955.00. Following the completion of the transaction, the executive vice president owned 37,130 shares of the company's stock, valued at $2,150,198.30. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.20% of the stock is currently owned by company insiders.

About Concentrix

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.