Concentrix Corporation $CNXC Shares Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management LLC reduced its holdings in Concentrix Corporation by 0.4%, owning approximately 3.61% of the company, valued at $120.3 million, after selling 10,084 shares.
• Concentrix recently increased its quarterly dividend to $0.36, up from $0.33, representing a 3.2% yield, with the ex-dividend date set for October 24th.
• Wall Street analysts have expressed mixed sentiment, with a downgrade from a "buy" to a "hold" rating by Wall Street Zen, while Canaccord Genuity reaffirmed a "buy" rating with a price target of $80.00.

Pzena Investment Management LLC reduced its holdings in Concentrix Corporation (NASDAQ:CNXC - Free Report) by 0.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,276,780 shares of the company's stock after selling 10,084 shares during the quarter. Pzena Investment Management LLC owned about 3.61% of Concentrix worth $120,339,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. lifted its holdings in shares of Concentrix by 532.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock valued at $34,000 after buying an additional 522 shares during the period. UMB Bank n.a. increased its stake in Concentrix by 47.3% in the 1st quarter. UMB Bank n.a. now owns 676 shares of the company's stock valued at $38,000 after purchasing an additional 217 shares in the last quarter. IFP Advisors Inc increased its stake in Concentrix by 473.8% in the 2nd quarter. IFP Advisors Inc now owns 700 shares of the company's stock valued at $37,000 after purchasing an additional 578 shares in the last quarter. First Horizon Advisors Inc. increased its stake in Concentrix by 111.8% in the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock valued at $47,000 after purchasing an additional 444 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Concentrix by 47.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock valued at $84,000 after purchasing an additional 483 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CNXC. Wall Street Zen downgraded Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. Weiss Ratings raised Concentrix from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, October 8th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Concentrix in a research note on Tuesday, September 23rd. Bank of America dropped their price objective on Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research note on Friday, June 27th. Finally, Robert W. Baird dropped their price target on Concentrix from $75.00 to $62.00 and set an "outperform" rating for the company in a research report on Monday, September 29th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Concentrix has an average rating of "Moderate Buy" and an average target price of $66.25.

Concentrix Stock Performance

Concentrix stock opened at $44.78 on Monday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a fifty day moving average of $50.50 and a two-hundred day moving average of $52.74. The company has a market capitalization of $2.79 billion, a price-to-earnings ratio of 9.47, a PEG ratio of 0.65 and a beta of 0.50. Concentrix Corporation has a fifty-two week low of $36.28 and a fifty-two week high of $66.00.

Concentrix Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 4th. Stockholders of record on Friday, October 24th will be given a $0.36 dividend. This is an increase from Concentrix's previous quarterly dividend of $0.33. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, October 24th. Concentrix's dividend payout ratio (DPR) is presently 28.12%.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total value of $28,955.00. Following the completion of the sale, the executive vice president owned 37,130 shares of the company's stock, valued at $2,150,198.30. The trade was a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.20% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.