Victory Capital Management Inc. Boosts Position in Concentrix Corporation (NASDAQ:CNXC)

Key Points

• Victory Capital Management Inc. increased its stake in Concentrix Corporation by 120.5%, owning 143,126 shares worth nearly $8 million as of the end of the first quarter.
• Concentrix reported earnings per share of $2.70 for the latest quarter, missing analysts' estimates of $2.76, but had a slight revenue increase of 1.5% compared to the previous year.
• The company announced a quarterly dividend of $0.3328 per share, reflecting an annualized yield of 2.20% with a payout ratio of 36.54%.

Victory Capital Management Inc. boosted its holdings in Concentrix Corporation (NASDAQ:CNXC - Free Report) by 120.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 143,126 shares of the company's stock after acquiring an additional 78,219 shares during the period. Victory Capital Management Inc. owned 0.22% of Concentrix worth $7,964,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CNXC. Fuller & Thaler Asset Management Inc. increased 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 worth $128,998,000 after purchasing an additional 823,228 shares during the period. Copeland Capital Management LLC lifted its stake in shares of Concentrix by 3.0% in the first quarter. Copeland Capital Management LLC now owns 1,373,432 shares of the company's stock worth $76,418,000 after acquiring an additional 40,226 shares during the period. Lyrical Asset Management LP lifted its stake in shares of Concentrix by 3.4% in the fourth quarter. Lyrical Asset Management LP now owns 1,258,398 shares of the company's stock worth $54,451,000 after acquiring an additional 41,540 shares during the period. Deprince Race & Zollo Inc. lifted its stake in shares of Concentrix by 55.3% in the fourth quarter. Deprince Race & Zollo Inc. now owns 1,009,133 shares of the company's stock worth $43,665,000 after acquiring an additional 359,476 shares during the period. Finally, Paradigm Capital Management Inc. NY increased its holdings in Concentrix by 2.7% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 750,142 shares of the company's stock worth $32,459,000 after purchasing an additional 19,418 shares in the last quarter. Institutional investors own 90.34% of the company's stock.

Insider Transactions at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction on Friday, May 30th. The stock was sold at an average price of $57.06, for a total transaction of $28,530.00. Following the completion of the transaction, the executive vice president owned 38,130 shares in the company, valued at approximately $2,175,697.80. The trade was a 1.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.20% of the company's stock.

Concentrix Trading Down 0.4%

CNXC traded down $0.23 on Friday, hitting $60.55. 372,477 shares of the company were exchanged, compared to its average volume of 758,827. The firm has a fifty day simple moving average of $56.40 and a two-hundred day simple moving average of $51.54. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.61 and a current ratio of 1.61. Concentrix Corporation has a 12 month low of $36.28 and a 12 month high of $77.00. The stock has a market capitalization of $3.82 billion, a PE ratio of 16.63, a price-to-earnings-growth ratio of 0.81 and a beta of 0.53.

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

Concentrix Dividend Announcement

The business 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 dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date is Friday, July 25th. Concentrix's payout ratio is 36.54%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CNXC. Robert W. Baird boosted their price objective on Concentrix from $62.00 to $72.00 and gave the company an "outperform" rating in a report on Thursday, June 26th. Wall Street Zen cut Concentrix from a "buy" rating to a "hold" rating in a research report on Saturday, June 21st. 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. Barrington Research reissued an "outperform" rating and set a $54.00 price objective on shares of Concentrix in a report on Tuesday, June 24th. Finally, Canaccord Genuity Group restated a "buy" rating and issued 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 assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $66.75.

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.