XTX Topco Ltd Buys 8,220 Shares of Concentrix Corporation (NASDAQ:CNXC)

Key Points

• XTX Topco Ltd has significantly increased its stake in Concentrix Corporation by 144.4%, owning 13,913 shares valued at approximately $774,000 as of the latest reporting period.
• Concentrix recently posted quarterly earnings, reporting an EPS of $2.70, which fell short of analyst expectations, despite a revenue increase of 1.5% year-over-year.
• The company announced a quarterly dividend of $0.3328 per share, translating to an annualized dividend yield of 2.9%, with a payout ratio of 36.54%.

XTX Topco Ltd boosted its position in Concentrix Corporation (NASDAQ:CNXC - Free Report) by 144.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,913 shares of the company's stock after acquiring an additional 8,220 shares during the quarter. XTX Topco Ltd's holdings in Concentrix were worth $774,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. UMB Bank n.a. lifted its holdings in shares of Concentrix by 47.3% during the first quarter. UMB Bank n.a. now owns 676 shares of the company's stock worth $38,000 after purchasing an additional 217 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Concentrix by 111.8% during the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company's stock worth $47,000 after purchasing an additional 444 shares during the period. Quarry LP lifted its holdings in shares of Concentrix by 843.9% during the fourth quarter. Quarry LP now owns 2,539 shares of the company's stock worth $110,000 after purchasing an additional 2,270 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Concentrix by 36.5% during the first quarter. Fifth Third Bancorp now owns 2,051 shares of the company's stock worth $114,000 after purchasing an additional 548 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in shares of Concentrix by 582.5% during the first quarter. Versant Capital Management Inc now owns 2,109 shares of the company's stock worth $117,000 after purchasing an additional 1,800 shares during the period. 90.34% of the stock is owned by institutional investors.

Insider Transactions at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the company's stock in a transaction dated 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 sale, the executive vice president directly owned 37,130 shares of the company's stock, valued at approximately $2,150,198.30. This represents a 1.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CNXC shares. Wall Street Zen lowered shares of Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Barrington Research restated an "outperform" rating and issued a $54.00 target price on shares of Concentrix in a report on Tuesday, June 24th. Bank of America dropped their target price on shares of Concentrix from $65.00 to $61.00 and set a "neutral" rating on the stock in a report on Friday, June 27th. Robert W. Baird boosted their target price on shares of Concentrix from $62.00 to $72.00 and gave the company an "outperform" rating in a report on Thursday, June 26th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $80.00 target price on shares of Concentrix in a report on Monday, June 30th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $66.75.

Concentrix Stock Up 2.2%

Shares of NASDAQ CNXC traded up $1.00 during trading on Friday, hitting $47.20. 391,548 shares of the company traded hands, compared to its average volume of 807,612. The business's fifty day moving average is $55.40 and its 200 day moving average is $51.73. Concentrix Corporation has a fifty-two week low of $36.28 and a fifty-two week high of $77.00. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 12.96, a P/E/G ratio of 0.62 and a beta of 0.53. 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 (NASDAQ:CNXC - Get Free Report) last posted its earnings results on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing analysts' consensus estimates of $2.76 by ($0.06). Concentrix had a return on equity of 16.31% and a net margin of 2.54%. The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the company earned $2.69 EPS. The company's revenue was up 1.5% on a year-over-year basis. Equities research analysts predict that Concentrix Corporation will post 10.11 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th were given a $0.3328 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Friday, July 25th. Concentrix's dividend payout ratio is presently 36.54%.

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.