Two Sigma Advisers LP Increases Position in Concentrix Co. (NASDAQ:CNXC)

Two Sigma Advisers LP boosted its holdings in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 200.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,700 shares of the company's stock after acquiring an additional 47,200 shares during the period. Two Sigma Advisers LP owned 0.11% of Concentrix worth $3,059,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Thompson Investment Management Inc. lifted its position in Concentrix by 1,232.8% during the 4th quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company's stock valued at $6,076,000 after acquiring an additional 129,876 shares during the period. Raymond James Financial Inc. purchased a new position in Concentrix in the fourth quarter worth about $4,752,000. BNP Paribas Financial Markets purchased a new position in Concentrix in the fourth quarter worth about $294,000. American Century Companies Inc. purchased a new position in Concentrix in the fourth quarter worth about $539,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Concentrix in the fourth quarter worth about $294,000. 90.34% of the stock is owned by hedge funds and other institutional investors.

Concentrix Stock Performance

Shares of CNXC traded down $0.95 during mid-day trading on Friday, hitting $56.49. 745,799 shares of the company traded hands, compared to its average volume of 712,191. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The stock has a 50-day moving average price of $52.01 and a two-hundred day moving average price of $47.86. Concentrix Co. has a 1 year low of $36.28 and a 1 year high of $77.00. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of 15.23, a P/E/G ratio of 0.63 and a beta of 0.52.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.58 by $0.21. The business had revenue of $2.37 billion for the quarter, compared to analysts' expectations of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business's revenue for the quarter was down 1.3% on a year-over-year basis. During the same period last year, the firm posted $2.57 earnings per share. Equities analysts anticipate that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th were issued a dividend of $0.3328 per share. The ex-dividend date was Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.36%. Concentrix's dividend payout ratio is currently 33.33%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CNXC. Barrington Research decreased their target price on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a report on Monday, March 24th. Bank of America lifted their target price on shares of Concentrix from $58.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, March 27th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Concentrix has a consensus rating of "Buy" and an average target price of $65.75.

Insider Buying and Selling at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the company's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $55.31, for a total transaction of $27,655.00. Following the completion of the sale, the executive vice president now directly owns 39,130 shares of the company's stock, valued at approximately $2,164,280.30. This represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Olivier Duha sold 29,444 shares of the company's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total transaction of $1,428,622.88. Following the sale, the director now directly owns 1,155,862 shares of the company's stock, valued at approximately $56,082,424.24. This represents a 2.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,444 shares of company stock valued at $1,481,628. Insiders own 3.20% of the company's stock.

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.