Bank of New York Mellon Corp Trims Holdings in Concentrix Co. (NASDAQ:CNXC)

Bank of New York Mellon Corp reduced its holdings in shares of Concentrix Co. (NASDAQ:CNXC) by 33.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 310,386 shares of the company’s stock after selling 159,189 shares during the period. Bank of New York Mellon Corp owned approximately 0.48% of Concentrix worth $13,430,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of CNXC. Invenomic Capital Management LP boosted its stake in shares of Concentrix by 354.3% during the third quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock worth $24,202,000 after buying an additional 368,295 shares during the period. Copeland Capital Management LLC raised its stake in Concentrix by 32.9% during the 4th quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock valued at $57,688,000 after acquiring an additional 329,831 shares during the last quarter. Thompson Investment Management Inc. lifted its position in Concentrix by 1,232.8% during the 4th quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock worth $6,076,000 after acquiring an additional 129,876 shares during the period. Neo Ivy Capital Management purchased a new position in shares of Concentrix in the 3rd quarter valued at approximately $2,844,000. Finally, New York State Common Retirement Fund increased its holdings in shares of Concentrix by 47.3% in the fourth quarter. New York State Common Retirement Fund now owns 144,557 shares of the company’s stock valued at $6,255,000 after purchasing an additional 46,406 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Concentrix Stock Performance

NASDAQ CNXC opened at $44.28 on Thursday. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 0.63 and a beta of 0.69. The business’s 50 day moving average is $47.69 and its two-hundred day moving average is $49.74. 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.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share for the quarter, topping analysts’ consensus estimates of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the prior year, the company posted $3.36 earnings per share. Concentrix’s quarterly revenue was up 9.7% on a year-over-year basis. Research analysts expect that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 11th. Investors of record on Friday, January 31st were issued a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Friday, January 31st. Concentrix’s dividend payout ratio is currently 35.85%.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group decreased their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $75.00.

Insiders Place Their Bets

In related news, Director Kathryn Hayley purchased 500 shares of Concentrix stock in a transaction dated Wednesday, January 22nd. The stock was bought at an average cost of $50.22 per share, for a total transaction of $25,110.00. Following the transaction, the director now owns 3,034 shares in the company, valued at approximately $152,367.48. The trade was a 19.73 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.20% of the stock is currently 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.