KLP Kapitalforvaltning AS Buys 6,400 Shares of Concentrix Corporation (NASDAQ:CNXC)

Key Points

• KLP Kapitalforvaltning AS increased its stake in Concentrix Corporation by 80.0%, owning 14,400 shares worth $801,000 after acquiring an additional 6,400 shares in the first quarter.
• Concentrix announced a quarterly dividend of $0.3328 per share, with a dividend yield of 2.30%, to be paid on August 5th.
• Analysts have varied ratings on Concentrix, with a consensus rating of "Moderate Buy" and an average target price of $66.75.

KLP Kapitalforvaltning AS increased its position in Concentrix Corporation (NASDAQ:CNXC - Free Report) by 80.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,400 shares of the company's stock after acquiring an additional 6,400 shares during the period. KLP Kapitalforvaltning AS's holdings in Concentrix were worth $801,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CNXC. UMB Bank n.a. raised its stake in shares of Concentrix by 47.3% in the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock worth $38,000 after purchasing an additional 217 shares during the last quarter. First Horizon Advisors Inc. raised its position in Concentrix by 111.8% in the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after buying an additional 444 shares during the last quarter. Fifth Third Bancorp lifted its stake in Concentrix by 36.5% during the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock valued at $114,000 after acquiring an additional 548 shares during the period. Versant Capital Management Inc boosted its holdings in shares of Concentrix by 582.5% during the 1st quarter. Versant Capital Management Inc now owns 2,109 shares of the company's stock valued at $117,000 after acquiring an additional 1,800 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Concentrix by 761.3% in the first quarter. GAMMA Investing LLC now owns 2,446 shares of the company's stock worth $136,000 after acquiring an additional 2,162 shares during the period. 90.34% of the stock is owned by institutional investors.

Concentrix Price Performance

Shares of CNXC traded down $5.75 during trading hours on Friday, reaching $46.22. 1,002,733 shares of the stock traded hands, compared to its average volume of 626,299. The company has a market cap of $2.91 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 0.62 and a beta of 0.53. 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 company's 50-day moving average price is $56.23 and its two-hundred day moving average price is $51.81. Concentrix Corporation has a 52-week low of $36.28 and a 52-week high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its earnings results 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 return on equity of 16.31% and a net margin of 2.54%. The company had revenue of $2.42 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same period last year, the firm posted $2.69 EPS. Concentrix's quarterly revenue was up 1.5% compared to the same quarter last year. On average, analysts anticipate that Concentrix Corporation will post 10.11 earnings per share for the current year.

Concentrix Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th will be issued a $0.3328 dividend. The ex-dividend date is Friday, July 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.9%. Concentrix's payout ratio is 36.54%.

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction 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 completion of the transaction, the executive vice president directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.20% of the company's stock.

Analyst Ratings Changes

CNXC has been the topic of a number of research analyst reports. 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. Canaccord Genuity Group reissued a "buy" rating and set a $80.00 price target on shares of Concentrix in a report on Monday, June 30th. Barrington Research reaffirmed an "outperform" rating and issued a $54.00 price objective on shares of Concentrix in a report on Tuesday, June 24th. Bank of America reduced their price objective on Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research report on Friday, June 27th. Finally, Wall Street Zen lowered shares of Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price 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.