FMR LLC decreased its position in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 24.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,598,858 shares of the company's stock after selling 1,780,179 shares during the period. FMR LLC owned approximately 8.64% of Concentrix worth $286,941,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the company. Loomis Sayles & Co. L P lifted its stake in shares of Concentrix by 8.1% in 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. Cerity Partners LLC boosted its stake in Concentrix by 92.6% during the third quarter. Cerity Partners LLC now owns 11,778 shares of the company's stock worth $604,000 after buying an additional 5,663 shares during the period. Intech Investment Management LLC bought a new position in Concentrix during the third quarter valued at $1,255,000. Quest Partners LLC purchased a new stake in shares of Concentrix in the third quarter valued at $146,000. Finally, Islay Capital Management LLC bought a new stake in shares of Concentrix in the 3rd quarter worth about $838,000. Hedge funds and other institutional investors own 90.34% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on CNXC shares. Baird R W raised shares of Concentrix to a "strong-buy" rating in a research report on Thursday, October 3rd. Robert W. Baird initiated coverage on Concentrix in a report on Thursday, October 3rd. They issued an "outperform" rating and a $70.00 price target on the stock. Canaccord Genuity Group dropped their price objective on Concentrix from $125.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, September 26th. Barrington Research reduced their target price on Concentrix from $84.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, September 26th. Finally, Bank of America decreased their target price on Concentrix from $85.00 to $70.00 and set a "neutral" rating for the company in a research report on Thursday, September 26th. One 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 company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $79.00.
Get Our Latest Stock Report on Concentrix
Concentrix Stock Up 1.4 %
NASDAQ CNXC traded up $0.63 on Monday, reaching $45.58. 197,392 shares of the stock traded hands, compared to its average volume of 575,139. Concentrix Co. has a 12 month low of $36.28 and a 12 month high of $106.10. The company has a market cap of $2.95 billion, a price-to-earnings ratio of 14.59, a PEG ratio of 0.62 and a beta of 0.61. The company has a fifty day moving average price of $46.48 and a 200-day moving average price of $58.92. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57.
Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the firm earned $2.54 earnings per share. The business's revenue was up 46.2% compared to the same quarter last year. As a group, research analysts forecast that Concentrix Co. will post 10.18 EPS for the current fiscal year.
Concentrix Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were issued a dividend of $0.333 per share. The ex-dividend date was Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.92%. This is a positive change from Concentrix's previous quarterly dividend of $0.30. Concentrix's dividend payout ratio is currently 43.18%.
Insider Buying and Selling at Concentrix
In other Concentrix news, EVP Cormac J. Twomey sold 1,544 shares of the firm's stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the sale, the executive vice president now directly owns 27,783 shares in the company, valued at $1,427,490.54. This trade represents a 5.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the completion of the transaction, the chief executive officer now directly owns 241,841 shares in the company, valued at $12,745,020.70. This represents a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,867 shares of company stock valued at $619,093. 3.10% of the stock is currently owned by corporate insiders.
Concentrix Profile
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Free Report)
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.
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