Concentrix Co. (NASDAQ:CNXC) Shares Purchased by Covestor Ltd

Covestor Ltd lifted its stake in Concentrix Co. (NASDAQ:CNXC) by 18.7% in the 4th quarter, Holdings Channel reports. The firm owned 16,090 shares of the company’s stock after purchasing an additional 2,536 shares during the quarter. Concentrix accounts for approximately 0.4% of Covestor Ltd’s portfolio, making the stock its 17th biggest position. Covestor Ltd’s holdings in Concentrix were worth $697,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pzena Investment Management LLC lifted its position in Concentrix by 60.0% during the fourth quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company’s stock valued at $101,667,000 after buying an additional 880,960 shares in the last quarter. Norges Bank acquired a new position in Concentrix during the fourth quarter valued at approximately $15,315,000. Copeland Capital Management LLC lifted its position in Concentrix by 32.9% during the fourth quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock valued at $57,688,000 after buying an additional 329,831 shares in the last quarter. Invesco Ltd. lifted its position in Concentrix by 138.6% during the fourth quarter. Invesco Ltd. now owns 402,457 shares of the company’s stock valued at $17,414,000 after buying an additional 233,765 shares in the last quarter. Finally, Boston Partners lifted its position in Concentrix by 51.2% during the fourth quarter. Boston Partners now owns 533,144 shares of the company’s stock valued at $23,576,000 after buying an additional 180,581 shares in the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Bank of America boosted their target price on shares of Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, March 27th. Canaccord Genuity Group reduced their target price on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Finally, Barrington Research reduced their target price on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, March 24th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $69.60.

Concentrix Stock Down 1.5 %

NASDAQ CNXC traded down $0.76 during trading hours on Thursday, reaching $48.48. 75,466 shares of the company traded hands, compared to its average volume of 686,474. Concentrix Co. has a 12 month low of $36.28 and a 12 month high of $77.00. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $3.10 billion, a PE ratio of 13.07, a PEG ratio of 0.63 and a beta of 0.51. The company has a 50 day moving average of $47.58 and a two-hundred day moving average of $46.66.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $2.58 by $0.21. The firm had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.37 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm’s revenue was down 1.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.57 EPS. As a group, equities analysts expect that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be paid a dividend of $0.3328 per share. The ex-dividend date is Friday, April 25th. This represents a $1.33 annualized dividend and a yield of 2.75%. Concentrix’s payout ratio is 33.33%.

Insider Buying and Selling at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total transaction of $27,800.00. Following the transaction, the executive vice president now owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. This trade represents a 1.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.20% of the stock is owned by corporate insiders.

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.