Kestrel Investment Management Corp Takes Position in Concentrix Corporation (NASDAQ:CNXC)

Key Points

• Kestrel Investment Management Corp purchased 106,950 shares of Concentrix Corporation, valued at approximately $5,950,000, making it the firm's 8th largest holding.
• Concentrix reported quarterly earnings of $2.70 per share, missing estimates, although revenue increased by 1.5% year-over-year to $2.42 billion.
• The company recently declared a quarterly dividend of $0.3328 per share, resulting in an annualized yield of 2.6%.

Kestrel Investment Management Corp purchased a new stake in Concentrix Corporation (NASDAQ:CNXC - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 106,950 shares of the company's stock, valued at approximately $5,950,000. Concentrix accounts for approximately 3.6% of Kestrel Investment Management Corp's holdings, making the stock its 8th largest holding. Kestrel Investment Management Corp owned approximately 0.17% of Concentrix as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Concentrix by 38.1% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company's stock valued at $128,998,000 after acquiring an additional 823,228 shares during the last quarter. Copeland Capital Management LLC increased its holdings in Concentrix by 3.0% in the first quarter. Copeland Capital Management LLC now owns 1,373,432 shares of the company's stock valued at $76,418,000 after purchasing an additional 40,226 shares during the period. Lyrical Asset Management LP increased its holdings in Concentrix by 3.4% in the fourth quarter. Lyrical Asset Management LP now owns 1,258,398 shares of the company's stock valued at $54,451,000 after purchasing an additional 41,540 shares during the period. Deprince Race & Zollo Inc. increased its holdings in Concentrix by 55.3% in 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 period. Finally, Paradigm Capital Management Inc. NY increased its holdings in Concentrix by 2.7% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 750,142 shares of the company's stock valued at $32,459,000 after purchasing an additional 19,418 shares during the period. 90.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction 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 completion of the sale, the executive vice president directly owned 37,130 shares of the company's stock, valued at $2,150,198.30. This represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.20% of the company's stock.

Wall Street Analysts Forecast Growth

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

Concentrix Price Performance

Shares of CNXC stock traded up $0.45 on Tuesday, reaching $46.44. The company's stock had a trading volume of 531,196 shares, compared to its average volume of 810,516. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.14. Concentrix Corporation has a 12-month low of $36.28 and a 12-month high of $77.00. The company has a market capitalization of $2.93 billion, a P/E ratio of 12.81, a PEG ratio of 0.62 and a beta of 0.53. The stock's 50 day simple moving average is $56.04 and its 200-day simple moving average is $51.81.

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 the consensus estimate of $2.76 by ($0.06). The business 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 business's revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.69 earnings per share. As a group, equities analysts predict that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Announces Dividend

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

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.