Millennium Management LLC Raises Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

Millennium Management LLC lifted its stake in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 232.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 578,700 shares of the company's stock after purchasing an additional 404,885 shares during the quarter. Millennium Management LLC owned about 0.90% of Concentrix worth $25,040,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Steward Partners Investment Advisory LLC raised its stake in shares of Concentrix by 81.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock worth $28,000 after purchasing an additional 286 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Concentrix by 0.3% during the fourth quarter. Rhumbline Advisers now owns 128,617 shares of the company's stock worth $5,565,000 after purchasing an additional 324 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in shares of Concentrix by 58.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock worth $52,000 after purchasing an additional 444 shares during the last quarter. Xponance Inc. raised its stake in shares of Concentrix by 8.9% during the fourth quarter. Xponance Inc. now owns 5,540 shares of the company's stock worth $240,000 after purchasing an additional 455 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its stake in shares of Concentrix by 159.6% during the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company's stock worth $34,000 after purchasing an additional 490 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company's stock.

Concentrix Trading Down 0.3%

Shares of CNXC stock opened at $56.05 on Tuesday. The business's fifty day moving average price is $50.01 and its 200 day moving average price is $46.99. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $77.00. The firm has a market capitalization of $3.58 billion, a PE ratio of 15.11, a P/E/G ratio of 0.63 and a beta of 0.52. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, topping analysts' consensus estimates of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The firm had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the prior year, the company posted $2.57 earnings per share. Concentrix's quarterly revenue was down 1.3% on a year-over-year basis. As a group, sell-side analysts forecast that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th were issued a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend was Friday, April 25th. Concentrix's dividend payout ratio (DPR) is 33.33%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Bank of America upped their price target on Concentrix from $58.00 to $59.00 and gave the stock a "neutral" rating in a research note on Thursday, March 27th. Barrington Research dropped their price objective on Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a report on Monday, March 24th. One analyst has 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 has a consensus rating of "Buy" and a consensus target price of $65.75.

Insider Buying and Selling at Concentrix

In other news, CEO Christopher A. Caldwell bought 1,000 shares of the stock in a transaction on Monday, April 21st. The shares were bought 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 of the company's stock, valued at approximately $13,954,652. This trade represents a 0.33% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Cormac J. Twomey sold 500 shares of the company's stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $50.70, for a total value of $25,350.00. Following the completion of the sale, the executive vice president now directly owns 38,630 shares in the company, valued at $1,958,541. This trade represents a 1.28% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,444 shares of company stock valued at $1,481,628. Insiders own 3.20% of the company's stock.

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.

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