Prescott Group Capital Management L.L.C. raised its stake in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 100.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,000 shares of the company's stock after purchasing an additional 20,000 shares during the period. Prescott Group Capital Management L.L.C. owned 0.06% of Concentrix worth $2,226,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. raised its position in shares of Concentrix by 38.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company's stock valued at $128,998,000 after buying an additional 823,228 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in Concentrix during the fourth quarter worth about $21,123,000. Millennium Management LLC boosted its stake in 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 period. Marshall Wace LLP boosted its stake in Concentrix by 209.0% during the fourth quarter. Marshall Wace LLP now owns 593,043 shares of the company's stock worth $25,661,000 after buying an additional 401,133 shares during the period. Finally, Deprince Race & Zollo Inc. boosted its stake in Concentrix by 55.3% during the fourth quarter. Deprince Race & Zollo Inc. now owns 1,009,133 shares of the company's stock worth $43,665,000 after buying an additional 359,476 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on CNXC shares. Wall Street Zen lowered shares of Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, June 21st. Bank of America lowered their target price on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research note on Friday, June 27th. Robert W. Baird increased their target price on shares of Concentrix from $62.00 to $72.00 and gave the stock an "outperform" rating in a research note on Thursday, June 26th. Barrington Research reaffirmed an "outperform" rating and set a $54.00 target price on shares of Concentrix in a research note on Tuesday, June 24th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $80.00 target price on shares of Concentrix in a research note on Monday, June 30th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $66.75.
Check Out Our Latest Stock Report on Concentrix
Insider Transactions at Concentrix
In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $57.06, for a total transaction of $28,530.00. Following the sale, the executive vice president directly owned 38,130 shares in the company, valued at approximately $2,175,697.80. The trade was a 1.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.20% of the company's stock.
Concentrix Stock Performance
CNXC traded down $0.99 during trading on Tuesday, hitting $58.82. The stock had a trading volume of 246,380 shares, compared to its average volume of 810,370. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market capitalization of $3.71 billion, a P/E ratio of 16.19, a PEG ratio of 0.81 and a beta of 0.53. The company's 50-day moving average price is $56.48 and its 200 day moving average price is $51.68. Concentrix Corporation has a twelve month low of $36.28 and a twelve month high of $77.00.
Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings data on Thursday, June 26th. The company reported $2.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.76 by ($0.06). The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The business's quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.69 earnings per share. On average, equities research analysts forecast that Concentrix Corporation will post 10.11 EPS for the current fiscal year.
Concentrix Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th will be paid a $0.3328 dividend. The ex-dividend date of this dividend is Friday, July 25th. This represents a $1.33 annualized dividend and a yield of 2.26%. Concentrix's dividend payout ratio is currently 36.54%.
About Concentrix
(
Free Report)
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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