Headlands Technologies LLC Buys New Stake in Concentrix Corporation (NASDAQ:CNXC)

Key Points

• Headlands Technologies LLC acquired 7,015 shares of Concentrix Corporation, valued at approximately $390,000, indicating growing institutional interest in the company.
• Concentrix reported earnings of $2.70 per share for the last quarter, missing estimates but showing a revenue increase to $2.42 billion, reflecting a 1.5% growth year-over-year.
• The company recently declared a quarterly dividend of $0.3328 per share, resulting in an annualized dividend yield of 2.8%.

Headlands Technologies LLC purchased a new position in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,015 shares of the company's stock, valued at approximately $390,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. UMB Bank n.a. lifted 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 buying an additional 217 shares in the last quarter. First Horizon Advisors Inc. lifted 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 buying an additional 444 shares in the last quarter. PNC Financial Services Group Inc. lifted 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 buying an additional 483 shares in the last quarter. Quarry LP lifted its stake in Concentrix by 843.9% in the 4th quarter. Quarry LP now owns 2,539 shares of the company's stock valued at $110,000 after buying an additional 2,270 shares in the last quarter. Finally, Fifth Third Bancorp lifted its stake in Concentrix by 36.5% in the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock valued at $114,000 after buying an additional 548 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction that occurred 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 sale, the executive vice president owned 37,130 shares of the company's stock, valued at approximately $2,150,198.30. The trade was a 1.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.20% of the company's stock.

Concentrix Price Performance

CNXC traded down $0.89 during trading on Thursday, reaching $48.30. The company's stock had a trading volume of 232,357 shares, compared to its average volume of 800,976. The company has a market cap of $3.04 billion, a price-to-earnings ratio of 13.26, a PEG ratio of 0.62 and a beta of 0.53. 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 firm has a fifty day simple moving average of $54.76 and a two-hundred day simple moving average of $51.61. Concentrix Corporation has a 1 year low of $36.28 and a 1 year high of $77.00.

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

Concentrix Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th were given a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, July 25th. Concentrix's payout ratio is presently 36.54%.

Analyst Ratings Changes

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

Concentrix 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.