Caitong International Asset Management Co. Ltd Acquires 6,864 Shares of Concentrix Corporation (NASDAQ:CNXC)

Key Points

• Caitong International Asset Management Co. Ltd significantly increased its stake in Concentrix Corporation by acquiring an additional 6,864 shares, raising its holdings by 22,880.0% and valuing them at $384,000.
• In recent analyst reports, Concentrix received mixed ratings with targets ranging from $54 to $80, reflecting a consensus rating of "Moderate Buy" and an average target price of $66.75.
• The company announced a quarterly dividend of $0.3328 per share, reflecting an annualized payout of $1.33 and a dividend yield of 2.9%.

Caitong International Asset Management Co. Ltd raised its holdings in Concentrix Corporation (NASDAQ:CNXC - Free Report) by 22,880.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,894 shares of the company's stock after buying an additional 6,864 shares during the quarter. Caitong International Asset Management Co. Ltd's holdings in Concentrix were worth $384,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CNXC. LPL Financial LLC bought a new stake in shares of Concentrix during the fourth quarter valued at approximately $1,278,000. JPMorgan Chase & Co. boosted its position in shares of Concentrix by 10.9% during the fourth quarter. JPMorgan Chase & Co. now owns 173,203 shares of the company's stock valued at $7,494,000 after purchasing an additional 17,073 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Concentrix by 38.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 153,419 shares of the company's stock valued at $6,638,000 after purchasing an additional 42,795 shares in the last quarter. Invesco Ltd. boosted its position in shares of Concentrix by 138.6% during the fourth quarter. Invesco Ltd. now owns 402,457 shares of the company's stock valued at $17,414,000 after purchasing an additional 233,765 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Concentrix by 1.5% during the fourth quarter. Legal & General Group Plc now owns 115,217 shares of the company's stock valued at $4,985,000 after purchasing an additional 1,697 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total value 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 represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Barrington Research reiterated an "outperform" rating and set a $54.00 price objective on shares of Concentrix in a research note on Tuesday, June 24th. Robert W. Baird lifted their price objective on Concentrix from $62.00 to $72.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. Canaccord Genuity Group reiterated a "buy" rating and set a $80.00 price objective on shares of Concentrix in a research note on Monday, June 30th. Wall Street Zen cut Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. Finally, Bank of America decreased their price target on Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research note on Friday, June 27th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $66.75.

Concentrix Stock Up 1.0%

CNXC stock opened at $46.38 on Wednesday. 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 1-year low of $36.28 and a 1-year high of $77.00. The stock has a market capitalization of $2.92 billion, a P/E ratio of 12.74, a P/E/G ratio of 0.61 and a beta of 0.53. The business has a fifty day moving average price of $54.87 and a 200-day moving average price of $51.63.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its quarterly earnings data on Thursday, June 26th. The company reported $2.70 EPS for the quarter, missing the consensus estimate of $2.76 by ($0.06). The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 16.31% and a net margin of 2.54%. The business's revenue was up 1.5% on a year-over-year basis. During the same period in the previous year, the firm earned $2.69 EPS. Equities analysts forecast that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th were paid 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 2.9%. Concentrix's dividend payout ratio is 36.54%.

Concentrix Company 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.

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