ARGA Investment Management LP Takes $473,000 Position in Concentrix Co. (NASDAQ:CNXC)

ARGA Investment Management LP acquired a new position in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,934 shares of the company's stock, valued at approximately $473,000.

A number of other hedge funds also recently modified their holdings of the business. State Street Corp lifted its holdings in shares of Concentrix by 1.3% during the third quarter. State Street Corp now owns 1,401,953 shares of the company's stock worth $71,850,000 after purchasing an additional 18,304 shares during the period. Copeland Capital Management LLC lifted its holdings in shares of Concentrix by 32.9% during the fourth quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company's stock worth $57,688,000 after purchasing an additional 329,831 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Concentrix by 5.2% during 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 period. Invenomic Capital Management LP lifted its holdings 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 purchasing an additional 368,295 shares during the period. Finally, Loomis Sayles & Co. L P lifted its holdings in shares of Concentrix by 8.1% during the third quarter. Loomis Sayles & Co. L P now owns 305,492 shares of the company's stock worth $15,657,000 after purchasing an additional 22,815 shares during the period. Institutional investors and hedge funds own 90.34% of the company's stock.

Insider Transactions at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the transaction, the executive vice president now directly owns 41,111 shares of the company's stock, valued at $2,285,771.60. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 1,500 shares of company stock valued at $72,400 in the last 90 days. 3.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Separately, Canaccord Genuity Group lowered their price target on shares of 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 assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Concentrix has an average rating of "Buy" and an average price target of $75.00.

Concentrix Trading Down 0.6 %

NASDAQ CNXC traded down $0.28 during trading hours on Friday, hitting $47.79. 666,307 shares of the company's stock were exchanged, compared to its average volume of 849,456. The stock has a 50-day simple moving average of $46.45 and a 200 day simple moving average of $53.12. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $85.36. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 0.66 and a beta of 0.67. 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 - Get Free Report) last released its earnings results on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, topping the consensus estimate of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.45 billion during the quarter, compared to analysts' expectations of $2.44 billion. During the same quarter last year, the firm posted $3.36 earnings per share. The firm's revenue was up 9.7% on a year-over-year basis. On average, equities analysts forecast that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 11th. Investors of record on Friday, January 31st will be paid a dividend of $0.3328 per share. The ex-dividend date is Friday, January 31st. This represents a $1.33 annualized dividend and a yield of 2.79%. Concentrix's dividend payout ratio is currently 35.85%.

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.