Xponance Inc. Trims Stake in Concentrix Co. (NASDAQ:CNXC)

Xponance Inc. lowered its holdings in Concentrix Co. (NASDAQ:CNXC) by 8.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,077 shares of the company’s stock after selling 458 shares during the quarter. Xponance Inc.’s holdings in Concentrix were worth $321,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CNXC. Groupe Bruxelles Lambert purchased a new stake in Concentrix in the fourth quarter valued at $861,662,000. Vanguard Group Inc. raised its position in Concentrix by 23.9% in the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after purchasing an additional 1,034,546 shares during the period. 1832 Asset Management L.P. purchased a new stake in Concentrix in the second quarter valued at $62,738,000. Pzena Investment Management LLC raised its position in Concentrix by 246.3% in the first quarter. Pzena Investment Management LLC now owns 1,013,208 shares of the company’s stock valued at $67,095,000 after purchasing an additional 720,616 shares during the period. Finally, Impactive Capital LP raised its position in Concentrix by 13.0% in the first quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock valued at $254,707,000 after purchasing an additional 443,045 shares during the period. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the transaction, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 3.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CNXC. Barrington Research cut their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. Canaccord Genuity Group cut their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, September 26th. Finally, Bank of America cut their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.25.

Concentrix Trading Down 0.6 %

NASDAQ:CNXC opened at $50.94 on Wednesday. The stock has a 50-day simple moving average of $66.66 and a 200-day simple moving average of $63.44. The stock has a market cap of $3.33 billion, a P/E ratio of 11.79, a P/E/G ratio of 0.55 and a beta of 0.61. Concentrix Co. has a 1 year low of $50.23 and a 1 year high of $106.10. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.56 and a current ratio of 1.57.

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

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th will be paid a dividend of $0.333 per share. The ex-dividend date of this dividend is Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a yield of 2.61%. Concentrix’s dividend payout ratio is currently 30.79%.

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.