Northern Trust Corp Boosts Stock Holdings in Concentrix Corporation $CNXC

Key Points

• Northern Trust Corp has increased its position in Concentrix Corporation by 6.2%, owning a total of 522,746 shares worth approximately $29.09 million as of the latest SEC filing.
• Concentrix reported earnings of $2.70 per share for the last quarter, falling short of analysts' estimates of $2.76, despite achieving a 1.5% year-over-year increase in revenue.
• The company recently announced a quarterly dividend of $0.3328 per share, which offers an annualized yield of 2.5% based on its current payout ratio of 36.54%.

Northern Trust Corp raised its holdings in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 6.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 522,746 shares of the company's stock after acquiring an additional 30,527 shares during the period. Northern Trust Corp owned about 0.82% of Concentrix worth $29,086,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. UMB Bank n.a. lifted its holdings in shares of 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 buying an additional 217 shares during the period. First Horizon Advisors Inc. lifted its stake in Concentrix by 111.8% during the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after purchasing an additional 444 shares in the last quarter. American Century Companies Inc. increased its position in shares of Concentrix by 3.8% during the first quarter. American Century Companies Inc. now owns 12,942 shares of the company's stock worth $720,000 after acquiring an additional 476 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Concentrix by 47.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock worth $84,000 after purchasing an additional 483 shares during the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of Concentrix by 36.5% in the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock valued at $114,000 after purchasing an additional 548 shares during the period. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CNXC. Wall Street Zen downgraded shares of Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Bank of America decreased their target price on Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research note on Friday, June 27th. Barrington Research reissued an "outperform" rating and issued a $54.00 price target on shares of Concentrix in a research note on Tuesday, June 24th. Robert W. Baird boosted their price objective on shares of Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $80.00 target price on shares of Concentrix in a report on Monday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $66.75.

Concentrix Price Performance

Shares of NASDAQ CNXC traded up $1.08 during midday trading on Friday, reaching $53.54. 195,171 shares of the company were exchanged, compared to its average volume of 784,034. Concentrix Corporation has a one year low of $36.28 and a one year high of $74.32. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.14. The stock's 50-day moving average price is $53.34 and its 200-day moving average price is $51.68. The stock has a market cap of $3.37 billion, a P/E ratio of 14.72, a PEG ratio of 0.69 and a beta of 0.53.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.76 by ($0.06). The firm had revenue of $2.42 billion for the quarter, compared to analysts' expectations of $2.38 billion. Concentrix had a return on equity of 16.31% and a net margin of 2.54%.Concentrix's revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.69 earnings per share. 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 anticipate that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th were issued a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, July 25th. Concentrix's dividend payout ratio (DPR) is presently 36.54%.

Insiders Place Their Bets

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of Concentrix 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 sale, the executive vice president owned 37,130 shares of the company's stock, valued at $2,150,198.30. The trade was a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company 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.