Bridgeway Capital Management LLC Purchases New Holdings in Concentrix Corporation $CNXC

Key Points

• Bridgeway Capital Management opened a new position in Concentrix, buying 344,240 shares worth about $14.3 million in the fourth quarter and taking about 0.56% ownership.
• Institutional interest remains high, with hedge funds and other investors holding 90.34% of Concentrix shares. Several firms increased stakes, while analyst opinions remain mixed with a consensus rating of Hold and an average price target of $48.50.
• Concentrix shares were down 4.5% to $25.42, after the company posted earnings of $2.61 per share versus estimates of $2.65. The company also paid a quarterly dividend of $0.36 per share, implying a 5.7% annualized yield.

Bridgeway Capital Management LLC purchased a new stake in Concentrix Corporation (NASDAQ:CNXC - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 344,240 shares of the company's stock, valued at approximately $14,313,000. Bridgeway Capital Management LLC owned approximately 0.56% of Concentrix at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CNXC. Royal Bank of Canada increased its holdings in shares of Concentrix by 9.5% in the first quarter. Royal Bank of Canada now owns 47,501 shares of the company's stock valued at $2,643,000 after purchasing an additional 4,133 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Concentrix by 75.1% in the first quarter. Goldman Sachs Group Inc. now owns 423,287 shares of the company's stock valued at $23,552,000 after acquiring an additional 181,546 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Concentrix by 17.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,515 shares of the company's stock valued at $8,152,000 after acquiring an additional 21,746 shares during the last quarter. Focus Partners Wealth bought a new position in Concentrix in the first quarter valued at approximately $781,000. Finally, Geneos Wealth Management Inc. boosted its stake in Concentrix by 532.7% in the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock valued at $34,000 after acquiring an additional 522 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CNXC shares. Barrington Research reduced their price objective on shares of Concentrix from $62.00 to $38.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 25th. Wall Street Zen cut shares of Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Robert W. Baird reduced their price objective on shares of Concentrix from $52.00 to $40.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 25th. Canaccord Genuity Group reduced their price objective on shares of Concentrix from $80.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday, March 25th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Concentrix in a research note on Monday, April 27th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $48.50.

Concentrix Trading Down 4.5%

Shares of NASDAQ CNXC opened at $25.42 on Thursday. The company's fifty day moving average is $26.42 and its 200-day moving average is $32.79. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of -1.18, a P/E/G ratio of 0.33 and a beta of 0.44. Concentrix Corporation has a twelve month low of $22.05 and a twelve month high of $62.14. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.43.

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

Concentrix Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Friday, April 24th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend was Friday, April 24th. Concentrix's dividend payout ratio (DPR) is currently -6.68%.

Insiders Place Their Bets

In other news, CFO Andre S. Valentine purchased 2,500 shares of Concentrix stock in a transaction dated Thursday, April 9th. The shares were bought at an average cost of $27.95 per share, with a total value of $69,875.00. Following the completion of the transaction, the chief financial officer directly owned 89,066 shares in the company, valued at $2,489,394.70. This trade represents a 2.89% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the business's stock in a transaction 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 completion of the sale, the insider directly owned 2,773,667 shares in the company, valued at $61,714,090.75. This represents a 68.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.90% of the company's stock.

Concentrix Profile

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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