Amundi Decreases Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

Amundi lowered its stake in Concentrix Co. (NASDAQ:CNXC - Free Report) by 73.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,502 shares of the company's stock after selling 33,826 shares during the quarter. Amundi's holdings in Concentrix were worth $570,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CNXC. State Street Corp lifted its holdings in shares of Concentrix by 1.3% during the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company's stock valued at $71,850,000 after buying an additional 18,304 shares during the period. Copeland Capital Management LLC lifted its holdings in Concentrix by 32.9% in the fourth 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 period. Geode Capital Management LLC boosted its position in Concentrix by 5.2% in the third quarter. Geode Capital Management LLC now owns 878,092 shares of the company's stock worth $45,013,000 after purchasing an additional 43,295 shares during the last quarter. Invenomic Capital Management LP grew its stake in shares of Concentrix by 354.3% during the 3rd quarter. Invenomic Capital Management LP now owns 472,243 shares of the company's stock valued at $24,202,000 after purchasing an additional 368,295 shares during the period. Finally, Loomis Sayles & Co. L P increased its position in shares of Concentrix by 8.1% during the 3rd quarter. Loomis Sayles & Co. L P now owns 305,492 shares of the company's stock valued at $15,657,000 after purchasing an additional 22,815 shares during the last quarter. Institutional investors own 90.34% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

CNXC has been the subject of several recent research reports. Barrington Research cut their target price on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a research report on Monday. Canaccord Genuity Group dropped their price target on shares of Concentrix from $100.00 to $80.00 and set a "buy" rating on the stock in a research note 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 stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $71.80.

Concentrix Price Performance

Shares of NASDAQ CNXC traded up $0.07 during midday trading on Monday, reaching $45.00. The stock had a trading volume of 753,567 shares, compared to its average volume of 631,162. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 12.13, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. Concentrix Co. has a 12-month low of $36.28 and a 12-month high of $77.00. The stock has a 50-day moving average of $47.67 and a 200-day moving average of $48.14. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its quarterly earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.01 by $0.25. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.44 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. Concentrix's revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.36 EPS. As a group, research analysts anticipate that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 11th. Shareholders 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 2.96%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix's dividend payout ratio (DPR) is currently 35.85%.

Insider Activity

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total value of $27,800.00. Following the sale, the executive vice president now directly owns 41,111 shares in the company, valued at approximately $2,285,771.60. The trade was a 1.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.20% of the company's stock.

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.