1832 Asset Management L.P. Sells 70,718 Shares of Concentrix Corporation $CNXC

Key Points

• 1832 Asset Management L.P. reduced its stake in Concentrix Corporation by 4.5%, now holding 1,498,141 shares valued at approximately $83.36 million.
• Concentrix reported earnings of $2.70 per share, missing estimates by $0.06, despite a 1.5% year-over-year revenue increase.
• The company declared a quarterly dividend of $0.3328 per share, reflecting an annualized yield of 2.6% and a dividend payout ratio of 36.54%.

1832 Asset Management L.P. reduced its stake in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 4.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,498,141 shares of the company's stock after selling 70,718 shares during the quarter. 1832 Asset Management L.P. owned approximately 2.35% of Concentrix worth $83,357,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Concentrix by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 5,242,763 shares of the company's stock worth $291,707,000 after acquiring an additional 106,217 shares in the last quarter. Copeland Capital Management LLC increased its stake in shares of Concentrix by 3.0% in the 1st quarter. Copeland Capital Management LLC now owns 1,373,432 shares of the company's stock worth $76,418,000 after acquiring an additional 40,226 shares in the last quarter. Deprince Race & Zollo Inc. increased its stake in shares of Concentrix by 55.3% in the 4th quarter. Deprince Race & Zollo Inc. now owns 1,009,133 shares of the company's stock worth $43,665,000 after acquiring an additional 359,476 shares in the last quarter. Paradigm Capital Management Inc. NY grew its position in Concentrix by 2.7% during the 4th quarter. Paradigm Capital Management Inc. NY now owns 750,142 shares of the company's stock valued at $32,459,000 after purchasing an additional 19,418 shares during the last quarter. Finally, Invenomic Capital Management LP grew its position in Concentrix by 41.1% during the 4th quarter. Invenomic Capital Management LP now owns 666,433 shares of the company's stock valued at $28,837,000 after purchasing an additional 194,190 shares during the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president owned 37,130 shares in the company, valued at approximately $2,150,198.30. This trade represents a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.20% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Robert W. Baird increased their price objective on shares of Concentrix from $62.00 to $72.00 and gave the company an "outperform" rating in a research report on Thursday, June 26th. Bank of America cut their price objective on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research report on Friday, June 27th. Wall Street Zen downgraded shares of Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Canaccord Genuity Group reissued a "buy" rating and set a $80.00 price objective on shares of Concentrix in a research report on Monday, June 30th. Finally, Barrington Research reissued an "outperform" rating and set a $54.00 price objective on shares of Concentrix in a research report on Tuesday, June 24th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $66.75.

Concentrix Stock Performance

Shares of NASDAQ:CNXC traded up $0.76 during trading on Wednesday, hitting $50.79. The company's stock had a trading volume of 612,971 shares, compared to its average volume of 792,038. The company has a 50-day moving average of $53.51 and a 200-day moving average of $51.51. Concentrix Corporation has a 12 month low of $36.28 and a 12 month high of $77.00. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of 13.95, a P/E/G ratio of 0.68 and a beta of 0.53.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing the consensus estimate of $2.76 by ($0.06). Concentrix had a return on equity of 16.31% and a net margin of 2.54%.The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter last year, the company earned $2.69 EPS. Concentrix's revenue for the quarter was up 1.5% on a year-over-year basis. Concentrix has set its FY 2025 guidance at 11.530-11.760 EPS. Q3 2025 guidance at 2.800-2.910 EPS. On average, sell-side analysts expect that Concentrix Corporation will post 10.11 earnings per share for the current 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. This represents a $1.33 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Friday, July 25th. Concentrix's dividend payout ratio is 36.54%.

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.