Bridgewater Associates LP Sells 11,115 Shares of Concentrix Co. (NASDAQ:CNXC)

Bridgewater Associates LP trimmed its position in Concentrix Co. (NASDAQ:CNXC - Free Report) by 54.4% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 9,317 shares of the company's stock after selling 11,115 shares during the period. Bridgewater Associates LP's holdings in Concentrix were worth $477,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hexagon Capital Partners LLC lifted its stake in shares of Concentrix by 2,992.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company's stock valued at $25,000 after purchasing an additional 389 shares during the period. GAMMA Investing LLC boosted its holdings in Concentrix by 1,005.0% during the second quarter. GAMMA Investing LLC now owns 442 shares of the company's stock worth $28,000 after buying an additional 402 shares during the last quarter. First Horizon Advisors Inc. grew its position in shares of 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 buying an additional 285 shares during the period. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Concentrix in the 2nd quarter valued at about $68,000. Finally, Quarry LP raised its position in shares of Concentrix by 769.9% in the 2nd quarter. Quarry LP now owns 1,244 shares of the company's stock valued at $79,000 after acquiring an additional 1,101 shares during the period. Institutional investors own 90.34% of the company's stock.

Insiders Place Their Bets

In related news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the sale, the chief executive officer now directly owns 241,841 shares of the company's stock, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Cormac J. Twomey sold 1,544 shares of the company's stock in a transaction on Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the transaction, the executive vice president now owns 27,783 shares of the company's stock, valued at $1,427,490.54. This trade represents a 5.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,367 shares of company stock worth $641,668 in the last 90 days. Company insiders own 3.10% of the company's stock.

Concentrix Stock Performance

Shares of CNXC stock traded down $0.03 during trading on Tuesday, reaching $45.47. 477,468 shares of the company's stock were exchanged, compared to its average volume of 746,220. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The firm's fifty day moving average price is $46.48 and its 200-day moving average price is $58.92. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $106.10. The stock has a market capitalization of $2.95 billion, a PE ratio of 14.75, a PEG ratio of 0.58 and a beta of 0.63.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced 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). Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the company posted $2.54 EPS. The firm's quarterly revenue was up 46.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were paid a $0.333 dividend. This is a boost from Concentrix's previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend was Friday, October 25th. Concentrix's payout ratio is 43.18%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CNXC. Bank of America lowered their price objective on shares of Concentrix from $85.00 to $70.00 and set a "neutral" rating for the company in a research report on Thursday, September 26th. Barrington Research reduced their target price on shares of Concentrix from $84.00 to $70.00 and set an "outperform" rating for the company in a report on Thursday, September 26th. Canaccord Genuity Group lowered their price target on shares of Concentrix from $125.00 to $100.00 and set a "buy" rating on the stock in a research note on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a "strong-buy" rating in a research note on Thursday, October 3rd. Finally, Robert W. Baird started coverage on Concentrix in a research report on Thursday, October 3rd. They issued an "outperform" rating and a $70.00 target price on the stock. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $79.00.

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.