UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduces Holdings in Concentrix Co. (NASDAQ:CNXC)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its stake in Concentrix Co. (NASDAQ:CNXC) by 3.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 107,750 shares of the company’s stock after selling 3,697 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.17% of Concentrix worth $5,522,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. 1832 Asset Management L.P. purchased a new position in Concentrix during the 2nd quarter worth $62,738,000. Pzena Investment Management LLC grew its position in Concentrix by 46.6% during the 2nd quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock worth $93,965,000 after purchasing an additional 471,699 shares during the last quarter. Paradigm Capital Management Inc. NY grew its position in Concentrix by 126.4% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 623,542 shares of the company’s stock worth $39,458,000 after purchasing an additional 348,100 shares during the last quarter. AQR Capital Management LLC grew its position in Concentrix by 74.4% during the 2nd quarter. AQR Capital Management LLC now owns 813,864 shares of the company’s stock worth $51,160,000 after purchasing an additional 347,230 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in Concentrix during the 2nd quarter worth $6,852,000. 90.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the completion of the sale, the executive vice president now directly owns 27,783 shares in the company, valued at $1,427,490.54. The trade was a 5.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the sale, the chief executive officer now owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. This trade represents a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 12,367 shares of company stock worth $641,668. 3.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CNXC has been the subject of several recent analyst reports. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Canaccord Genuity Group reduced their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, September 26th. Bank of America reduced their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday, September 26th. Robert W. Baird initiated coverage on shares of Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 target price for the company. Finally, Barrington Research reduced their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Concentrix has an average rating of “Buy” and a consensus price target of $79.00.

Concentrix Stock Down 1.8 %

Shares of NASDAQ CNXC opened at $45.48 on Wednesday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. Concentrix Co. has a 52 week low of $36.28 and a 52 week high of $106.10. The firm has a 50-day moving average price of $44.97 and a 200 day moving average price of $58.10. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of 15.04, a price-to-earnings-growth ratio of 0.55 and a beta of 0.63.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter last year, the business posted $2.54 earnings per share. The business’s revenue was up 46.2% compared to the same quarter last year. Equities research analysts anticipate that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were issued a dividend of $0.333 per share. This is an increase from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a yield of 2.93%. The ex-dividend date was Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is 43.18%.

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.