Pzena Investment Management LLC Purchases 714,604 Shares of Concentrix Corporation $CNXC

Key Points

• Pzena Investment Management increased its Concentrix stake by 32.3% in the fourth quarter, buying 714,604 shares and bringing its total holdings to 2.93 million shares worth about $121.7 million.
• Analyst sentiment on CNXC is mixed: the stock has a consensus rating of Hold with an average price target of $48.50, while several firms cut targets and one analyst reiterated a sell rating.
• Concentrix reported quarterly EPS of $2.61, missing estimates, though revenue of $2.50 billion slightly beat expectations and rose 5.4% year over year; the company also pays a quarterly dividend of $0.36 per share, implying a 5.6% yield.

Pzena Investment Management LLC raised its position in Concentrix Corporation (NASDAQ:CNXC - Free Report) by 32.3% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 2,927,196 shares of the company's stock after acquiring an additional 714,604 shares during the period. Pzena Investment Management LLC owned about 4.75% of Concentrix worth $121,713,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Huntington National Bank lifted its stake in Concentrix by 6,011.1% in the 3rd quarter. Huntington National Bank now owns 550 shares of the company's stock valued at $25,000 after acquiring an additional 541 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in Concentrix by 532.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock valued at $34,000 after acquiring an additional 522 shares in the last quarter. Larson Financial Group LLC lifted its stake in Concentrix by 224.9% in the 3rd quarter. Larson Financial Group LLC now owns 692 shares of the company's stock valued at $32,000 after acquiring an additional 479 shares in the last quarter. Rothschild Investment LLC lifted its stake in Concentrix by 14,980.0% in the 3rd quarter. Rothschild Investment LLC now owns 754 shares of the company's stock valued at $35,000 after acquiring an additional 749 shares in the last quarter. Finally, Allworth Financial LP raised its stake in shares of Concentrix by 90.6% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the company's stock worth $40,000 after purchasing an additional 407 shares in the last quarter. Institutional investors own 90.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CNXC shares. Weiss Ratings reiterated a "sell (d)" rating on shares of Concentrix in a research note on Monday, April 27th. Canaccord Genuity Group dropped their price objective on Concentrix from $80.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday, March 25th. Robert W. Baird dropped their price objective on Concentrix from $52.00 to $40.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 25th. Barrington Research dropped their price objective on Concentrix from $62.00 to $38.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 25th. Finally, Wall Street Zen cut Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $48.50.

Insider Buying and Selling at Concentrix

In related news, CFO Andre S. Valentine bought 2,500 shares of Concentrix stock in a transaction dated Thursday, April 9th. The shares were bought at an average cost of $27.95 per share, with a total value of $69,875.00. Following the acquisition, the chief financial officer owned 89,066 shares in the company, valued at $2,489,394.70. This trade represents a 2.89% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $22.25, for a total value of $133,500,000.00. Following the sale, the insider directly owned 2,773,667 shares in the company, valued at approximately $61,714,090.75. This trade represents a 68.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.90% of the company's stock.

Concentrix Stock Up 3.9%

CNXC stock opened at $25.88 on Friday. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.18 and a quick ratio of 1.18. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -1.20, a PEG ratio of 0.31 and a beta of 0.37. The business's fifty day moving average price is $27.29 and its two-hundred day moving average price is $33.92. Concentrix Corporation has a fifty-two week low of $22.05 and a fifty-two week high of $62.14.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings data on Tuesday, March 24th. The company reported $2.61 earnings per share for the quarter, missing the consensus estimate of $2.65 by ($0.04). The firm had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. Concentrix had a positive return on equity of 17.80% and a negative net margin of 13.35%.The firm's quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.79 EPS. On average, equities analysts anticipate that Concentrix Corporation will post 10.42 earnings per share for the current year.

Concentrix Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Friday, April 24th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 5.6%. The ex-dividend date of this dividend was Friday, April 24th. Concentrix's dividend payout ratio is -6.68%.

Concentrix Profile

Concentrix Inc NASDAQ: CNXC is a global business services company specializing in customer engagement solutions and technology‐driven business process outsourcing. The firm’s offerings encompass customer care delivered across voice and digital channels, back‐office processing, analytics and consulting, and automated workflow management. By integrating proprietary platforms, strategic partnerships and advanced automation, Concentrix helps clients enhance customer experiences and streamline operations.

Its capabilities extend to digital marketing and technology implementation, leveraging artificial intelligence, machine learning and data analytics to optimize customer journeys.

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