Man Group plc Boosts Stock Position in Concentrix Co. (NASDAQ:CNXC)

Man Group plc boosted its position in Concentrix Co. (NASDAQ:CNXC - Free Report) by 6,212.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 355,670 shares of the company's stock after acquiring an additional 350,036 shares during the quarter. Man Group plc owned 0.55% of Concentrix worth $15,390,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Nomura Holdings Inc. acquired a new stake in shares of Concentrix in the 4th quarter valued at approximately $268,000. Numerai GP LLC acquired a new stake in Concentrix in the fourth quarter valued at approximately $853,000. Millennium Management LLC grew its stake in shares of Concentrix by 232.9% during the fourth quarter. Millennium Management LLC now owns 578,700 shares of the company's stock worth $25,040,000 after buying an additional 404,885 shares during the last quarter. Invenomic Capital Management LP increased its holdings in shares of Concentrix by 41.1% during the fourth quarter. Invenomic Capital Management LP now owns 666,433 shares of the company's stock worth $28,837,000 after buying an additional 194,190 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in shares of Concentrix by 15.2% in the 4th quarter. Janus Henderson Group PLC now owns 120,348 shares of the company's stock valued at $5,207,000 after acquiring an additional 15,849 shares during the last quarter. 90.34% of the stock is owned by institutional investors.

Concentrix Stock Down 1.0%

Shares of NASDAQ:CNXC traded down $0.55 during mid-day trading on Wednesday, hitting $55.59. 494,195 shares of the company traded hands, compared to its average volume of 705,622. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The stock has a 50-day moving average price of $50.27 and a two-hundred day moving average price of $47.05. Concentrix Co. has a 12-month low of $36.28 and a 12-month high of $77.00. The stock has a market cap of $3.55 billion, a P/E ratio of 14.98, a P/E/G ratio of 0.63 and a beta of 0.52.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, beating analysts' consensus estimates of $2.58 by $0.21. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same period in the prior year, the firm earned $2.57 EPS. The company's revenue was down 1.3% compared to the same quarter last year. On average, equities research analysts forecast that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th were given a dividend of $0.3328 per share. The ex-dividend date of this dividend was Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.39%. Concentrix's dividend payout ratio is presently 33.33%.

Insiders Place Their Bets

In other news, CEO Christopher A. Caldwell purchased 1,000 shares of the firm's stock in a transaction dated Monday, April 21st. The shares were purchased at an average price of $46.00 per share, with a total value of $46,000.00. Following the completion of the acquisition, the chief executive officer now owns 303,362 shares in the company, valued at $13,954,652. This trade represents a 0.33% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction on Monday, March 31st. The shares were sold at an average price of $55.31, for a total value of $27,655.00. Following the sale, the executive vice president now directly owns 39,130 shares of the company's stock, valued at $2,164,280.30. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,444 shares of company stock worth $1,481,628 over the last quarter. 3.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CNXC shares. Bank of America lifted their price target on Concentrix from $58.00 to $59.00 and gave the company a "neutral" rating in a research note on Thursday, March 27th. Barrington Research cut their target price on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a research report on Monday, March 24th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $65.75.

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.