991,430 Shares in Concentrix Co. (NASDAQ:CNXC) Bought by 1832 Asset Management L.P.

1832 Asset Management L.P. bought a new position in shares of Concentrix Co. (NASDAQ:CNXC) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 991,430 shares of the company’s stock, valued at approximately $62,738,000. 1832 Asset Management L.P. owned about 1.52% of Concentrix at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC grew its stake in Concentrix by 2,992.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after buying an additional 389 shares during the last quarter. GAMMA Investing LLC lifted its position in Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after acquiring an additional 402 shares during the period. Pineridge Advisors LLC acquired a new stake in Concentrix during the 4th quarter worth about $35,000. First Horizon Advisors Inc. lifted its position in Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after acquiring an additional 285 shares during the period. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in Concentrix during the 2nd quarter worth about $68,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on CNXC. Barrington Research reaffirmed an “outperform” rating and set a $84.00 price target on shares of Concentrix in a research report on Friday. Canaccord Genuity Group reaffirmed a “buy” rating and set a $125.00 price target on shares of Concentrix in a research report on Thursday, June 27th. Finally, Bank of America raised Concentrix from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $65.00 to $85.00 in a research report on Wednesday, August 28th. One analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.75.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the transaction, the executive vice president now owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 1,200 shares of company stock valued at $82,028. 3.00% of the stock is owned by company insiders.

Concentrix Stock Performance

Shares of CNXC stock opened at $63.38 on Monday. The stock has a market cap of $4.14 billion, a PE ratio of 14.67, a price-to-earnings-growth ratio of 0.70 and a beta of 0.61. The business has a 50-day simple moving average of $68.36 and a 200-day simple moving average of $63.82. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21. Concentrix Co. has a 52-week low of $53.89 and a 52-week high of $106.10.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Wednesday, June 26th. The company reported $2.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.63 by $0.06. The business had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The company’s revenue for the quarter was up 47.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.50 EPS. On average, equities analysts expect that Concentrix Co. will post 10.8 EPS for the current year.

Concentrix Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 6th. Investors of record on Friday, July 26th were issued a $0.303 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.21 dividend on an annualized basis and a yield of 1.91%. Concentrix’s payout ratio is 28.01%.

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.