KLP Kapitalforvaltning AS Raises Stake in 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 grew its position in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 80.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,400 shares of the company's stock after acquiring an additional 6,400 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Concentrix were worth $801,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CNXC. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Concentrix during the 1st quarter worth approximately $1,931,000. Y Intercept Hong Kong Ltd grew its holdings in Concentrix by 695.8% during the first quarter. Y Intercept Hong Kong Ltd now owns 54,046 shares of the company's stock worth $3,007,000 after buying an additional 47,255 shares in the last quarter. Allianz Asset Management GmbH purchased a new stake in Concentrix in the 1st quarter valued at $4,291,000. Hussman Strategic Advisors Inc. bought a new position in Concentrix during the 1st quarter valued at $3,505,000. Finally, Napatree Capital LLC purchased a new position in Concentrix during the 1st quarter worth $732,000. Institutional investors own 90.34% of the company's stock.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 500 shares of the business'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 value of $28,955.00. Following 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 3.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CNXC has been the subject of several analyst reports. Wall Street Zen downgraded shares of Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Canaccord Genuity Group reiterated a "buy" rating and issued a $80.00 price objective on shares of Concentrix in a research note on Monday, June 30th. Robert W. Baird boosted their target price on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a research note on Thursday, June 26th. Barrington Research reaffirmed an "outperform" rating and set a $54.00 price target on shares of Concentrix in a research report on Tuesday, June 24th. Finally, Bank of America dropped 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. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $66.75.

Concentrix Stock Performance

Shares of CNXC stock traded down $5.75 during trading hours on Friday, hitting $46.22. 1,002,733 shares of the company were exchanged, compared to its average volume of 626,299. 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 capitalization of $2.91 billion, a price-to-earnings ratio of 12.70, a P/E/G ratio of 0.69 and a beta of 0.53. The firm has a fifty day simple moving average of $56.42 and a 200 day simple moving average of $51.79. 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.76 by ($0.06). Concentrix had a return on equity of 16.31% and a net margin of 2.54%. The firm had revenue of $2.42 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same period in the prior year, the business earned $2.69 earnings per share. The business's quarterly revenue was up 1.5% compared to the same quarter last year. Research analysts predict that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th will be given a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Friday, July 25th. Concentrix's dividend payout ratio (DPR) is currently 36.54%.

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.