Clark Estates Inc. NY Sells 11,128 Shares of Concentrix Corporation (NASDAQ:CNXC)

Key Points

• Clark Estates Inc. NY decreased its stake in Concentrix Corporation by 27.6%, now holding 29,142 shares valued at approximately $1.62 million.
• Despite the decline from Clark Estates, several institutional investors, such as UMB Bank n.a. and First Horizon Advisors Inc., increased their positions significantly during the same period.
• Concentrix reported $2.70 EPS for the latest quarter, which was below the consensus estimate, and also announced a quarterly dividend of $0.3328 per share.

Clark Estates Inc. NY lowered its position in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 27.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,142 shares of the company's stock after selling 11,128 shares during the period. Clark Estates Inc. NY's holdings in Concentrix were worth $1,621,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Arkadios Wealth Advisors purchased a new position in Concentrix during the first quarter valued at approximately $540,000. Bayforest Capital Ltd purchased a new position in Concentrix during the first quarter valued at approximately $813,000. XTX Topco Ltd grew its stake in Concentrix by 144.4% during the first quarter. XTX Topco Ltd now owns 13,913 shares of the company's stock valued at $774,000 after acquiring an additional 8,220 shares in the last quarter. Federated Hermes Inc. grew its stake in Concentrix by 124.5% in the 1st quarter. Federated Hermes Inc. now owns 2,364 shares of the company's stock worth $132,000 after buying an additional 1,311 shares in the last quarter. Finally, Prescott Group Capital Management L.L.C. grew its stake in Concentrix by 100.0% in the 1st quarter. Prescott Group Capital Management L.L.C. now owns 40,000 shares of the company's stock worth $2,226,000 after buying an additional 20,000 shares in the last quarter. Hedge funds and other institutional investors own 90.34% of the company's stock.

Insider Buying and Selling at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the company's stock in a transaction on 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 sale, the executive vice president directly owned 37,130 shares in the company, valued at $2,150,198.30. This represents a 1.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 3.20% of the company's stock.

Concentrix Trading Down 8.4%

Shares of CNXC traded down $4.38 during mid-day trading on Friday, reaching $47.59. The company's stock had a trading volume of 144,273 shares, compared to its average volume of 805,696. The stock has a market cap of $3.00 billion, a PE ratio of 13.06, a P/E/G ratio of 0.74 and a beta of 0.53. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.14. Concentrix Corporation has a 52 week low of $36.28 and a 52 week high of $77.00. The company's fifty day moving average price is $56.42 and its two-hundred day moving average price is $51.79.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing analysts' consensus estimates of $2.76 by ($0.06). The business 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 company's revenue was up 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.69 earnings per share. On average, analysts predict that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th will be issued a $0.3328 dividend. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Friday, July 25th. Concentrix's payout ratio is presently 36.54%.

Analyst Ratings Changes

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

Concentrix 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.