Millennium Management LLC Boosts Stake in Concentrix Co. (NASDAQ:CNXC)

Millennium Management LLC raised its holdings in shares of Concentrix Co. (NASDAQ:CNXC) by 212.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 138,532 shares of the company’s stock after buying an additional 94,130 shares during the period. Millennium Management LLC owned about 0.21% of Concentrix worth $8,766,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Groupe Bruxelles Lambert bought a new stake in Concentrix during the 4th quarter valued at about $861,662,000. Vanguard Group Inc. increased its stake in shares of Concentrix by 23.9% during the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after buying an additional 1,034,546 shares during the period. Impactive Capital LP raised its holdings in shares of 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 acquiring an additional 443,045 shares in the last quarter. Capital International Investors lifted its stake in Concentrix by 0.3% in the first quarter. Capital International Investors now owns 2,525,762 shares of the company’s stock worth $167,256,000 after acquiring an additional 7,333 shares during the period. Finally, Pzena Investment Management LLC lifted its stake in Concentrix by 46.6% in the second quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock worth $93,965,000 after acquiring an additional 471,699 shares during the period. Institutional investors own 90.34% of the company’s stock.

Concentrix Trading Down 5.6 %

NASDAQ:CNXC opened at $48.74 on Wednesday. The company has a market capitalization of $3.18 billion, a P/E ratio of 11.28, a PEG ratio of 0.71 and a beta of 0.58. The company has a current ratio of 1.57, a quick ratio of 1.56 and a debt-to-equity ratio of 1.18. Concentrix Co. has a 12 month low of $48.71 and a 12 month high of $106.10. The firm has a fifty day simple moving average of $65.50 and a 200-day simple moving average of $63.17.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The firm 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 business’s revenue was up 46.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.54 EPS. On average, equities research analysts anticipate that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be given a $0.333 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.73%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is currently 30.79%.

Insider Buying and Selling

In other news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $67.23, for a total value of $26,892.00. Following the sale, the executive vice president now directly owns 29,727 shares of the company’s stock, valued at $1,998,546.21. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the transaction, the chief executive officer now owns 241,841 shares of the company’s stock, valued at $12,745,020.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $67.23, for a total value of $26,892.00. Following the completion of the sale, the executive vice president now owns 29,727 shares in the company, valued at $1,998,546.21. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,167 shares of company stock worth $653,747. 3.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CNXC shares. Robert W. Baird began coverage on Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price for the company. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Barrington Research cut their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Bank of America cut their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Finally, Canaccord Genuity Group dropped their target price on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, September 26th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $79.00.

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.