Vanguard Group Inc. Sells 124,473 Shares of Concentrix Corporation $CNXC

Key Points

• Vanguard trimmed its Concentrix stake by 2.5% in the fourth quarter, selling 124,473 shares and ending with 4.93 million shares valued at about $205.1 million.
• Analysts remain cautious on CNXC after several price-target cuts; the stock currently carries a consensus rating of “Hold” with an average target price of $48.50.
• Concentrix reported mixed fundamentals: quarterly EPS of $2.61 missed estimates slightly, while revenue of $2.50 billion beat expectations and rose 5.4% year over year. The company also pays a quarterly dividend of $0.36 per share, implying a 5.9% yield.

Vanguard Group Inc. lessened its position in Concentrix Corporation (NASDAQ:CNXC - Free Report) by 2.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,932,539 shares of the company's stock after selling 124,473 shares during the quarter. Vanguard Group Inc. owned about 7.92% of Concentrix worth $205,095,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Osaic Holdings Inc. increased its holdings in shares of Concentrix by 13.4% during the 2nd quarter. Osaic Holdings Inc. now owns 2,222 shares of the company's stock worth $118,000 after purchasing an additional 263 shares during the period. Clearstead Advisors LLC increased its holdings in shares of Concentrix by 26.4% during the 3rd quarter. Clearstead Advisors LLC now owns 1,650 shares of the company's stock worth $76,000 after purchasing an additional 345 shares during the period. Brevan Howard Capital Management LP increased its holdings in shares of Concentrix by 4.5% during the 2nd quarter. Brevan Howard Capital Management LP now owns 8,951 shares of the company's stock worth $473,000 after purchasing an additional 384 shares during the period. California State Teachers Retirement System increased its holdings in shares of Concentrix by 1.1% during the 2nd quarter. California State Teachers Retirement System now owns 36,387 shares of the company's stock worth $1,923,000 after purchasing an additional 384 shares during the period. Finally, Orion Porfolio Solutions LLC increased its holdings in shares of Concentrix by 7.5% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 5,679 shares of the company's stock worth $262,000 after purchasing an additional 398 shares during the period. Institutional investors own 90.34% of the company's stock.

Analyst Ratings Changes

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

Insider Activity

In other Concentrix news, CFO Andre S. Valentine bought 2,500 shares of the firm's stock in a transaction dated Thursday, April 9th. The shares were acquired at an average cost of $27.95 per share, for a total transaction of $69,875.00. Following the transaction, the chief financial officer owned 89,066 shares in the company, valued at approximately $2,489,394.70. The trade was a 2.89% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of Concentrix stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $22.25, for a total transaction of $133,500,000.00. Following the sale, the insider 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. The disclosure for this sale is available in the SEC filing. 0.90% of the stock is currently owned by insiders.

Concentrix Price Performance

Shares of Concentrix stock opened at $24.27 on Friday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.18 and a current ratio of 1.18. The firm's 50-day simple moving average is $29.07 and its 200-day simple moving average is $35.39. Concentrix Corporation has a twelve month low of $22.85 and a twelve month high of $62.14. The firm has a market cap of $1.48 billion, a P/E ratio of -1.13, a price-to-earnings-growth ratio of 0.30 and a beta of 0.37.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its earnings results 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). Concentrix had a negative net margin of 13.35% and a positive return on equity of 17.80%. The business had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same quarter last year, the firm posted $2.79 earnings per share. Concentrix's revenue was up 5.4% on a year-over-year basis. As a group, research analysts expect that Concentrix Corporation will post 10.42 EPS for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Friday, April 24th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 5.9%. The ex-dividend date was Friday, April 24th. Concentrix's payout ratio is -6.68%.

About Concentrix

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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