Ieq Capital LLC Makes New $9.38 Million Investment in Concentrix Corporation $CNXC

Key Points

• Ieq Capital LLC acquired 168,582 shares of Concentrix Corporation valued at approximately $9.38 million, representing 0.26% ownership as of their latest filing with the SEC.
• Concentrix reported earnings per share (EPS) of $2.70 for the last quarter, which fell short of analysts' expectations of $2.76, while its revenue rose by 1.5% compared to the previous year.
• The company recently announced a quarterly dividend of $0.3328 per share, yielding 2.6%, with a dividend payout ratio of 36.54%.

Ieq Capital LLC acquired a new stake in Concentrix Corporation (NASDAQ:CNXC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 168,582 shares of the company's stock, valued at approximately $9,380,000. Ieq Capital LLC owned about 0.26% of Concentrix as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CNXC. UMB Bank n.a. grew its position 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 acquiring an additional 217 shares during the last quarter. First Horizon Advisors Inc. grew its position 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 acquiring an additional 444 shares during the last quarter. PNC Financial Services Group Inc. grew its position 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 acquiring an additional 483 shares during the last quarter. Quarry LP grew its position in shares of Concentrix by 843.9% during the 4th quarter. Quarry LP now owns 2,539 shares of the company's stock worth $110,000 after buying an additional 2,270 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in shares of Concentrix by 36.5% during the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock worth $114,000 after buying an additional 548 shares in the last quarter. Institutional investors own 90.34% of the company's stock.

Wall Street Analysts Forecast Growth

CNXC has been the topic of a number of recent research reports. 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 research report on Friday, June 27th. Barrington Research reissued an "outperform" rating and set a $54.00 price target on shares of Concentrix in a research report on Tuesday, June 24th. Canaccord Genuity Group reissued a "buy" rating and set a $80.00 price target on shares of Concentrix in a research report on Monday, June 30th. Robert W. Baird increased their price target on Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Finally, Wall Street Zen downgraded Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Concentrix has a consensus rating of "Buy" and an average target price of $66.75.

Concentrix Stock Up 4.8%

Concentrix stock traded up $2.40 during midday trading on Monday, reaching $52.76. The company's stock had a trading volume of 858,690 shares, compared to its average volume of 642,433. Concentrix Corporation has a 52-week low of $36.28 and a 52-week high of $76.95. The stock has a market capitalization of $3.33 billion, a P/E ratio of 14.49, a PEG ratio of 0.70 and a beta of 0.53. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61. The stock's 50-day simple moving average is $53.46 and its 200-day simple moving average is $51.61.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share (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 firm had revenue of $2.42 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same quarter in the previous year, the business earned $2.69 earnings per share. The company's revenue for the quarter was up 1.5% compared to the same quarter last year. Concentrix has set its FY 2025 guidance at 11.530-11.760 EPS. Q3 2025 guidance at 2.800-2.910 EPS. On average, sell-side analysts expect that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th were given a $0.3328 dividend. The ex-dividend date was Friday, July 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.5%. Concentrix's payout ratio is 36.54%.

Insider Activity at Concentrix

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 stock was sold at an average price of $57.91, for a total value of $28,955.00. Following the completion of the sale, the executive vice president directly owned 37,130 shares in the company, 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 link. 3.20% of the stock is owned by company insiders.

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.