Concentrix Corporation $CNXC Shares Sold by 1832 Asset Management L.P.

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

Other hedge funds and other institutional investors have also made changes to their positions in the company. UMB Bank n.a. boosted its holdings in Concentrix by 47.3% in the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock valued at $38,000 after acquiring an additional 217 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in shares of Concentrix by 111.8% during the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after purchasing an additional 444 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Concentrix by 47.3% during the first quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock worth $84,000 after purchasing an additional 483 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of Concentrix by 36.5% during the first quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock worth $114,000 after purchasing an additional 548 shares in the last quarter. Finally, Versant Capital Management Inc lifted its stake in shares of Concentrix by 582.5% during the first quarter. Versant Capital Management Inc now owns 2,109 shares of the company's stock worth $117,000 after purchasing an additional 1,800 shares in the last quarter. Hedge funds and other institutional investors own 90.34% of the company's stock.

Concentrix Stock Down 0.4%

Concentrix stock traded down $0.21 during midday trading on Thursday, hitting $50.58. The stock had a trading volume of 115,329 shares, compared to its average volume of 788,846. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.14. The stock has a market cap of $3.19 billion, a P/E ratio of 13.92, a P/E/G ratio of 0.67 and a beta of 0.53. Concentrix Corporation has a 12 month low of $36.28 and a 12 month high of $76.95. The business has a fifty day moving average price of $53.46 and a 200 day moving average price of $51.51.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.76 by ($0.06). Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the firm earned $2.69 EPS. The company's revenue for the quarter was up 1.5% compared to the same quarter last year. Concentrix has set its FY 2025 guidance at 11.530-11.760 EPS. Q3 2025 guidance at 2.800-2.910 EPS. Research analysts predict that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Friday, July 25th were issued a $0.3328 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Friday, July 25th. Concentrix's dividend payout ratio is 36.54%.

Analyst Ratings Changes

A number of research analysts have commented on CNXC shares. Canaccord Genuity Group restated 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. Bank of America reduced their price objective on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research note on Friday, June 27th. Barrington Research restated an "outperform" rating and set a $54.00 price objective on shares of Concentrix in a research note on Tuesday, June 24th. Finally, Robert W. Baird boosted their price target on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a research note on Thursday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Concentrix presently has a consensus rating of "Buy" and an average target price of $66.75.

Insider Transactions at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total transaction of $28,955.00. Following the completion of the transaction, the executive vice president directly owned 37,130 shares of the company's stock, valued at approximately $2,150,198.30. This trade represents a 1.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.20% of the company's stock.

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.