Voya Investment Management LLC Boosts Stake in Concentrix Corporation $CNXC

Key Points

• Voya Investment Management LLC significantly increased its stake in Concentrix Corporation by 356.5% during the first quarter, owning 26,227 shares worth approximately $1,459,000.
• Analysts have mixed ratings on Concentrix, with a target price range between $54.00 and $80.00, and a consensus rating of "Buy".
• Concentrix recently declared a quarterly dividend of $0.3328, equivalent to an annual yield of 2.4%, with a payout ratio of 36.54%.

Voya Investment Management LLC raised its position in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 356.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,227 shares of the company's stock after acquiring an additional 20,482 shares during the period. Voya Investment Management LLC's holdings in Concentrix were worth $1,459,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. UMB Bank n.a. lifted its stake in shares of Concentrix by 47.3% in the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock worth $38,000 after acquiring an additional 217 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of Concentrix by 111.8% in the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after buying an additional 444 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Concentrix by 3.8% in the first quarter. American Century Companies Inc. now owns 12,942 shares of the company's stock valued at $720,000 after buying an additional 476 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Concentrix by 47.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company's stock valued at $84,000 after buying an additional 483 shares during the period. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Concentrix by 532.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company's stock worth $34,000 after acquiring an additional 522 shares in the last quarter. Hedge funds and other institutional investors own 90.34% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Bank of America decreased their target price on Concentrix from $65.00 to $61.00 and set a "neutral" rating for the company in a research report on Friday, June 27th. Wall Street Zen lowered Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Barrington Research restated an "outperform" rating and set a $54.00 target price on shares of Concentrix in a report on Tuesday, June 24th. Canaccord Genuity Group restated a "buy" rating and set a $80.00 target price on shares of Concentrix in a report on Monday, June 30th. Finally, Robert W. Baird raised their target price on Concentrix from $72.00 to $75.00 and gave the company an "outperform" rating in a report on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $67.50.

Concentrix Stock Performance

CNXC stock opened at $55.53 on Tuesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.61 and a quick ratio of 1.61. The company has a 50 day moving average price of $52.75 and a 200 day moving average price of $52.52. Concentrix Corporation has a fifty-two week low of $36.28 and a fifty-two week high of $66.00. The stock has a market capitalization of $3.50 billion, a PE ratio of 15.26, a price-to-earnings-growth ratio of 0.76 and a beta of 0.53.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 16.31% and a net margin of 2.54%.The business's revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.69 EPS. Concentrix has set its FY 2025 guidance at 11.530-11.760 EPS. Q3 2025 guidance at 2.800-2.910 EPS. Analysts forecast that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th were issued a $0.3328 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.4%. Concentrix's payout ratio is 36.54%.

Insider Activity

In other news, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $57.91, for a total value of $28,955.00. Following the completion of the transaction, the executive vice president owned 37,130 shares of the company's stock, valued at $2,150,198.30. The trade was a 1.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.20% of the stock is owned by company insiders.

About Concentrix

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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