Comerica Bank Sells 5,280 Shares of Concentrix Corporation $CNXC

Key Points

• Comerica Bank reduced its stake in Concentrix Corporation by 14% during Q1, selling 5,280 shares and now holding 32,530 shares valued at approximately $1.81 million.
• Multiple hedge funds notably increased their holdings in Concentrix during the previous quarter, with Millennium Management boosting its shares by 232.9% to own 578,700 shares valued at $25 million.
• Concentrix's stock recently traded up 2.6%, reaching $53.82, while the company reported quarterly earnings of $2.70 EPS, slightly missing consensus estimates.

Comerica Bank trimmed its position in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 14.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,530 shares of the company's stock after selling 5,280 shares during the period. Comerica Bank owned approximately 0.05% of Concentrix worth $1,810,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of CNXC. Millennium Management LLC raised its holdings in Concentrix by 232.9% during the 4th quarter. Millennium Management LLC now owns 578,700 shares of the company's stock valued at $25,040,000 after buying an additional 404,885 shares during the period. Deprince Race & Zollo Inc. raised its holdings in Concentrix by 55.3% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,009,133 shares of the company's stock valued at $43,665,000 after buying an additional 359,476 shares during the period. Man Group plc raised its holdings in Concentrix by 6,212.9% during the 4th quarter. Man Group plc now owns 355,670 shares of the company's stock valued at $15,390,000 after buying an additional 350,036 shares during the period. Gotham Asset Management LLC raised its holdings in Concentrix by 2,087.2% during the 4th quarter. Gotham Asset Management LLC now owns 251,900 shares of the company's stock valued at $10,900,000 after buying an additional 240,383 shares during the period. Finally, Invenomic Capital Management LP raised its holdings 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 buying an additional 194,190 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other 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 transaction, the executive vice president owned 37,130 shares of the company's stock, valued at approximately $2,150,198.30. This represents a 1.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.20% of the company's stock.

Concentrix Trading Up 2.6%

Concentrix stock traded up $1.36 during mid-day trading on Friday, hitting $53.82. The company's stock had a trading volume of 614,358 shares, compared to its average volume of 578,521. The company has a 50 day moving average of $53.38 and a 200-day moving average of $51.71. The stock has a market cap of $3.39 billion, a PE ratio of 14.79, a P/E/G ratio of 0.70 and a beta of 0.53. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.61 and a current ratio of 1.61. Concentrix Corporation has a one year low of $36.28 and a one year high of $74.32.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced 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). Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the company earned $2.69 EPS. The business's revenue 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. On average, research analysts anticipate that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th were given a dividend of $0.3328 per share. 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 2.5%. Concentrix's dividend payout ratio is presently 36.54%.

Wall Street Analysts Forecast Growth

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

About Concentrix

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.