Pzena Investment Management LLC decreased its position in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 2.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,286,864 shares of the company's stock after selling 62,735 shares during the period. Pzena Investment Management LLC owned 3.58% of Concentrix worth $127,241,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of CNXC. Napatree Capital LLC acquired a new stake in shares of Concentrix in the first quarter worth about $732,000. Parcion Private Wealth LLC acquired a new stake in shares of Concentrix in the first quarter worth about $300,000. Victory Capital Management Inc. lifted its position in shares of Concentrix by 120.5% in the first quarter. Victory Capital Management Inc. now owns 143,126 shares of the company's stock worth $7,964,000 after buying an additional 78,219 shares during the last quarter. CWM LLC lifted its position in shares of Concentrix by 8,608.1% in the first quarter. CWM LLC now owns 66,617 shares of the company's stock worth $3,707,000 after buying an additional 65,852 shares during the last quarter. Finally, Cerity Partners LLC acquired a new position in shares of Concentrix during the 1st quarter worth about $3,773,000. Institutional investors and hedge funds own 90.34% of the company's stock.
Insider Activity
In related news, CEO Christopher A. Caldwell acquired 1,000 shares of the firm's stock in a transaction dated Monday, April 21st. The stock was bought at an average price of $46.00 per share, for a total transaction of $46,000.00. Following the acquisition, the chief executive officer directly owned 303,362 shares of the company's stock, valued at approximately $13,954,652. The trade was a 0.33% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Cormac J. Twomey sold 500 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were 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 of the company's stock, valued at $2,175,697.80. The trade was a 1.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.20% of the company's stock.
Concentrix Trading Up 1.4%
NASDAQ:CNXC traded up $0.80 during trading hours on Friday, hitting $58.33. 504,506 shares of the stock were exchanged, compared to its average volume of 750,861. The company's 50 day moving average is $55.90 and its two-hundred day moving average is $51.08. Concentrix Corporation has a twelve month low of $36.28 and a twelve month high of $77.00. 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 company has a market capitalization of $3.68 billion, a P/E ratio of 16.02, a price-to-earnings-growth ratio of 0.77 and a beta of 0.53.
Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings results on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing analysts' consensus estimates of $2.76 by ($0.06). The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The business's revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period last year, the company earned $2.69 EPS. On average, sell-side analysts anticipate that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.
Concentrix Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Friday, July 25th will be given a $0.3328 dividend. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Friday, July 25th. Concentrix's dividend payout ratio is currently 36.54%.
Analyst Ratings Changes
Several equities analysts recently issued reports on the company. Wall Street Zen lowered Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. Canaccord Genuity Group restated a "buy" rating and set a $80.00 price target on shares of Concentrix in a research note on Monday, June 30th. Bank of America lowered their price target on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a research note on Friday, June 27th. Robert W. Baird boosted their price target on Concentrix from $62.00 to $72.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. Finally, Barrington Research restated an "outperform" rating and set a $54.00 price target on shares of Concentrix in a research note on Tuesday, June 24th. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Concentrix has a consensus rating of "Moderate Buy" and an average price target of $66.75.
Get Our Latest Analysis on Concentrix
Concentrix Profile
(
Free Report)
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.
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