Pzena Investment Management LLC Sells 62,735 Shares of Concentrix Corporation (NASDAQ:CNXC)

Pzena Investment Management LLC reduced its stake in Concentrix Corporation (NASDAQ:CNXC - Free Report) by 2.7% during the first quarter, according to its most recent filing with the SEC. The fund owned 2,286,864 shares of the company's stock after selling 62,735 shares during the quarter. Pzena Investment Management LLC owned 3.58% of Concentrix worth $127,241,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CNXC. Fuller & Thaler Asset Management Inc. lifted its holdings in Concentrix by 38.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company's stock valued at $128,998,000 after purchasing an additional 823,228 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in Concentrix during the fourth quarter valued at about $21,123,000. Millennium Management LLC lifted its holdings in Concentrix by 232.9% during the fourth quarter. Millennium Management LLC now owns 578,700 shares of the company's stock valued at $25,040,000 after purchasing an additional 404,885 shares during the last quarter. Marshall Wace LLP lifted its holdings in Concentrix by 209.0% during the fourth quarter. Marshall Wace LLP now owns 593,043 shares of the company's stock valued at $25,661,000 after purchasing an additional 401,133 shares during the last quarter. Finally, Deprince Race & Zollo Inc. lifted its holdings in Concentrix by 55.3% during the fourth quarter. Deprince Race & Zollo Inc. now owns 1,009,133 shares of the company's stock valued at $43,665,000 after purchasing an additional 359,476 shares during the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Concentrix Price Performance

Shares of CNXC stock traded up $0.80 during trading on Friday, hitting $58.33. The company had a trading volume of 504,506 shares, compared to its average volume of 747,091. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.14. The stock's 50-day moving average is $55.80 and its two-hundred day moving average is $50.87. The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of 16.02, a price-to-earnings-growth ratio of 0.73 and a beta of 0.53. 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 posted its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing the consensus estimate of $2.76 by ($0.06). The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 16.31% and a net margin of 2.54%. The firm's revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter last year, the company posted $2.69 earnings per share. As a group, analysts predict that Concentrix Corporation will post 10.11 EPS for the current fiscal year.

Concentrix Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th will be paid a $0.3328 dividend. The ex-dividend date of this dividend is Friday, July 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.28%. Concentrix's dividend payout ratio (DPR) is 36.54%.

Insider Buying and Selling at Concentrix

In related news, CEO Christopher A. Caldwell acquired 1,000 shares of the firm's stock in a transaction dated Monday, April 21st. The shares were purchased at an average price of $46.00 per share, for a total transaction of $46,000.00. Following the completion of the acquisition, the chief executive officer owned 303,362 shares in the company, valued at approximately $13,954,652. This represents a 0.33% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $57.06, for a total value of $28,530.00. Following the completion of the transaction, the executive vice president owned 38,130 shares in the company, valued at approximately $2,175,697.80. This represents a 1.29% decrease in their position. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CNXC shares. Canaccord Genuity Group reissued a "buy" rating and issued a $80.00 price target on shares of Concentrix in a report on Monday, June 30th. Robert W. Baird increased their price target on shares of Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. Barrington Research reissued an "outperform" rating and issued a $54.00 price target on shares of Concentrix in a report on Tuesday, June 24th. Bank of America lowered their price target on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a report on Friday, June 27th. Finally, Wall Street Zen downgraded shares of Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $66.75.

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.