Tweedy Browne Co LLC Reduces Holdings in Concentrix Corporation $CNXC

Key Points

• Tweedy Browne Co LLC has reduced its holdings in Concentrix Corporation (NASDAQ:CNXC) by 32.6%, owning 14,858 shares valued at approximately $785,000 after selling 7,193 shares.
• Concentrix has declared a quarterly dividend of $0.36 per share, increasing from the previous $0.33, with a dividend yield of 3.2%.
• Wall Street analysts have mixed opinions on Concentrix, with three analysts giving a Buy rating and a consensus price target of $66.25.

Tweedy Browne Co LLC lowered its position in Concentrix Corporation (NASDAQ:CNXC - Free Report) by 32.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,858 shares of the company's stock after selling 7,193 shares during the period. Tweedy Browne Co LLC's holdings in Concentrix were worth $785,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geneos Wealth Management Inc. boosted its stake in Concentrix by 532.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock valued at $34,000 after purchasing an additional 522 shares during the last quarter. IFP Advisors Inc grew its position in shares of Concentrix by 473.8% during the second quarter. IFP Advisors Inc now owns 700 shares of the company's stock valued at $37,000 after purchasing an additional 578 shares in the last quarter. First Horizon Advisors Inc. grew its position in shares of Concentrix by 111.8% during the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock valued at $47,000 after purchasing an additional 444 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Concentrix by 47.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock worth $84,000 after acquiring an additional 483 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in shares of Concentrix by 36.5% during the first quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock valued at $114,000 after buying an additional 548 shares during the period. Hedge funds and other institutional investors own 90.34% of the company's stock.

Concentrix Trading Up 1.1%

NASDAQ:CNXC opened at $44.87 on Friday. The business's 50-day moving average is $50.35 and its two-hundred day moving average is $52.47. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.56 and a quick ratio of 1.56. Concentrix Corporation has a 12 month low of $36.28 and a 12 month high of $66.00. The firm has a market capitalization of $2.79 billion, a PE ratio of 9.49, a price-to-earnings-growth ratio of 0.64 and a beta of 0.50.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 4th. Stockholders of record on Friday, October 24th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.2%. This is a boost from Concentrix's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Friday, October 24th. Concentrix's dividend payout ratio is presently 28.12%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Weiss Ratings raised shares of Concentrix from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, October 8th. Bank of America dropped their price objective on Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a report on Friday, June 27th. Canaccord Genuity Group reiterated a "buy" rating and set a $80.00 price objective on shares of Concentrix in a research report on Tuesday, September 23rd. Robert W. Baird reduced their price objective on Concentrix from $75.00 to $62.00 and set an "outperform" rating on the stock in a research report on Monday, September 29th. Finally, Barrington Research restated an "outperform" rating and issued a $62.00 target price on shares of Concentrix in a research report on Wednesday, September 24th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Concentrix has a consensus rating of "Moderate Buy" and an average price target of $66.25.

Insider Activity at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell purchased 1,000 shares of the firm's stock in a transaction on Friday, October 10th. The shares were purchased at an average price of $45.35 per share, for a total transaction of $45,350.00. Following the completion of the transaction, the chief executive officer owned 305,345 shares in the company, valued at $13,847,395.75. This represents a 0.33% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $28,955.00. Following the transaction, the executive vice president owned 37,130 shares in the company, valued at approximately $2,150,198.30. The trade was a 1.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.20% of the stock is owned by insiders.

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.

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