Kestrel Investment Management Corp Buys Shares of 106,950 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 bought a new stake in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 106,950 shares of the company's stock, valued at approximately $5,950,000. Concentrix accounts for about 3.6% of Kestrel Investment Management Corp's investment portfolio, making the stock its 8th biggest holding. Kestrel Investment Management Corp owned approximately 0.17% of Concentrix at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CNXC. Natixis Advisors LLC purchased a new stake in Concentrix in the 1st quarter worth about $1,539,000. Arkadios Wealth Advisors purchased a new position in Concentrix during the 1st quarter valued at about $540,000. Bayforest Capital Ltd purchased a new position in Concentrix during the 1st quarter valued at about $813,000. XTX Topco Ltd grew its holdings in Concentrix by 144.4% during the 1st quarter. XTX Topco Ltd now owns 13,913 shares of the company's stock valued at $774,000 after buying an additional 8,220 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in Concentrix by 124.5% during the 1st quarter. Federated Hermes Inc. now owns 2,364 shares of the company's stock valued at $132,000 after buying an additional 1,311 shares in the last quarter. Institutional investors own 90.34% of the company's stock.

Concentrix Stock Down 6.0%

Shares of CNXC opened at $51.97 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61. Concentrix Corporation has a 1 year low of $36.28 and a 1 year high of $77.00. The stock has a 50 day simple moving average of $56.42 and a two-hundred day simple moving average of $51.79. The firm has a market cap of $3.28 billion, a P/E ratio of 14.28, a P/E/G ratio of 0.74 and a beta of 0.53.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced 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). Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the firm posted $2.69 EPS. The business's revenue for the quarter was up 1.5% compared to the same quarter last year. On average, analysts forecast that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The business also recently disclosed 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 2.6%. Concentrix's payout ratio is presently 36.54%.

Analysts Set New Price Targets

CNXC has been the subject of a number of recent analyst reports. Canaccord Genuity Group reaffirmed a "buy" rating and set a $80.00 target price on shares of Concentrix in a report on Monday, June 30th. Barrington Research reaffirmed an "outperform" rating and set a $54.00 target price on shares of Concentrix in a report on Tuesday, June 24th. Wall Street Zen lowered Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Robert W. Baird lifted their target price on Concentrix from $62.00 to $72.00 and gave the company an "outperform" rating in a report on Thursday, June 26th. Finally, Bank of America cut their price objective on Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a report on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Concentrix currently has a consensus rating of "Moderate Buy" and a consensus target price of $66.75.

Insiders Place Their Bets

In other Concentrix 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 owned 37,130 shares in the company, valued at approximately $2,150,198.30. The trade was a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.20% of the company's stock.

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.

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