Y Intercept Hong Kong Ltd Raises Stock Holdings in Concentrix Corporation (NASDAQ:CNXC)

Y Intercept Hong Kong Ltd boosted its stake in shares of Concentrix Corporation (NASDAQ:CNXC - Free Report) by 695.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 54,046 shares of the company's stock after acquiring an additional 47,255 shares during the period. Y Intercept Hong Kong Ltd owned 0.08% of Concentrix worth $3,007,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Allianz Asset Management GmbH bought a new position in shares of Concentrix in the 1st quarter valued at $4,291,000. Hussman Strategic Advisors Inc. bought a new position in shares of Concentrix in the 1st quarter valued at $3,505,000. Napatree Capital LLC bought a new position in shares of Concentrix in the 1st quarter valued at $732,000. Parcion Private Wealth LLC bought a new position in shares of Concentrix in the 1st quarter valued at $300,000. Finally, Victory Capital Management Inc. increased its stake in shares of Concentrix by 120.5% in the 1st quarter. Victory Capital Management Inc. now owns 143,126 shares of the company's stock valued at $7,964,000 after purchasing an additional 78,219 shares during the last quarter. Institutional investors own 90.34% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CNXC. Barrington Research reiterated an "outperform" rating and issued a $54.00 price target on shares of Concentrix in a research note on Tuesday, June 24th. Robert W. Baird raised 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. Canaccord Genuity Group reissued a "buy" rating and set a $80.00 price objective on shares of Concentrix in a report on Monday, June 30th. Bank of America cut 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. Finally, Wall Street Zen downgraded Concentrix from a "buy" rating to a "hold" rating in a report on Saturday, June 21st. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $66.75.

Concentrix Trading Down 0.4%

CNXC traded down $0.23 during midday trading 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 market capitalization of $3.82 billion, a P/E ratio of 16.63, a P/E/G ratio of 0.81 and a beta of 0.53. Concentrix Corporation has a 1-year low of $36.28 and a 1-year high of $77.00. The firm's 50 day moving average price is $56.40 and its 200-day moving average price is $51.54. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 1.14.

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

Concentrix Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th will be issued a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend is Friday, July 25th. Concentrix's payout ratio is presently 36.54%.

Insider Buying and Selling

In other news, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $57.06, for a total value of $28,530.00. Following the transaction, the executive vice president directly owned 38,130 shares of the company's stock, valued at $2,175,697.80. The trade was a 1.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 3.20% of the company's stock.

Concentrix 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.