Bank of America Corp DE Acquires 814,446 Shares of Concentrix Corporation $CNXC

Key Points

• Bank of America acquired 814,446 Concentrix shares worth approximately $18.25 million, giving it a 1.33% stake. Institutional investors and hedge funds collectively own 90.34% of the company.
• Analyst sentiment is mixed, with three Buy, two Hold and one Sell ratings; the consensus rating is Hold with an average price target of $32.75, despite several recent target reductions.
• Concentrix shares opened at $29.39, while the company narrowly missed quarterly EPS and revenue estimates. It also declared a quarterly dividend of $0.36 per share, representing an annualized yield of about 4.9%.

Bank of America Corp DE bought a new stake in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 814,446 shares of the company's stock, valued at approximately $18,248,000. Bank of America Corp DE owned 1.33% of Concentrix as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of CNXC. BlackRock Inc. acquired a new stake in shares of Concentrix in the 2nd quarter valued at $149,639,000. Dimensional Fund Advisors LP raised its position in Concentrix by 18.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,951,378 shares of the company's stock worth $80,746,000 after purchasing an additional 460,108 shares during the last quarter. Pzena Investment Management LLC raised its position in Concentrix by 0.5% during the 1st quarter. Pzena Investment Management LLC now owns 2,943,212 shares of the company's stock worth $80,526,000 after purchasing an additional 16,016 shares during the last quarter. Groupe Bruxelles Lambert acquired a new position in Concentrix during the 2nd quarter worth about $68,000,000. Finally, Kopernik Global Investors LLC bought a new stake in shares of Concentrix in the 1st quarter valued at about $44,523,000. 90.34% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

CNXC has been the topic of several analyst reports. Zacks Research upgraded Concentrix from a "strong sell" rating to a "hold" rating in a report on Monday, August 31st. Robert W. Baird dropped their price target on shares of Concentrix from $40.00 to $30.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 30th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Concentrix in a research note on Friday, July 24th. Bank of America dropped their price objective on Concentrix from $32.00 to $26.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 30th. Finally, Barrington Research decreased their target price on Concentrix from $38.00 to $30.00 and set an "outperform" rating for the company in a research note on Tuesday, June 30th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $32.75.

Concentrix Stock Performance

Shares of Concentrix stock opened at $29.39 on Friday. The business has a 50-day simple moving average of $26.92 and a 200 day simple moving average of $26.68. Concentrix Corporation has a one year low of $19.12 and a one year high of $55.52. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of -1.38, a PEG ratio of 0.56 and a beta of 0.47.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings results on Monday, June 29th. The company reported $2.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.64 by ($0.01). Concentrix had a positive return on equity of 19.82% and a negative net margin of 13.16%.The firm had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter in the previous year, the company posted $2.70 EPS. The firm's revenue was up 1.9% on a year-over-year basis. Concentrix has set its FY 2026 guidance at 10.830-11.180 EPS and its Q3 2026 guidance at 2.650-2.770 EPS. On average, research analysts anticipate that Concentrix Corporation will post 9.67 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 4th. Shareholders of record on Friday, July 24th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date was Friday, July 24th. Concentrix's payout ratio is -6.75%.

About Concentrix

Concentrix Corporation is a global technology and services company that helps organizations manage customer experience, business operations and digital transformation. Its offerings include customer care, technical support, sales and marketing services, back-office support, analytics, artificial intelligence and automation solutions.

The company serves clients across industries such as technology and consumer electronics, retail, banking and financial services, healthcare, communications and media, travel, and automotive.

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