Hotchkis & Wiley Capital Management LLC Decreases Stock Position in Concentrix Co. (NASDAQ:CNXC)

Hotchkis & Wiley Capital Management LLC cut its position in Concentrix Co. (NASDAQ:CNXC - Free Report) by 54.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 89,955 shares of the company's stock after selling 109,100 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 0.14% of Concentrix worth $4,610,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC increased its holdings 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 acquiring an additional 389 shares during the period. GAMMA Investing LLC increased its holdings in shares of Concentrix by 1,005.0% in the second quarter. GAMMA Investing LLC now owns 442 shares of the company's stock valued at $28,000 after purchasing an additional 402 shares during the period. First Horizon Advisors Inc. raised its stake in shares of Concentrix by 54.0% during the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company's stock worth $51,000 after purchasing an additional 285 shares during the last quarter. Benjamin F. Edwards & Company Inc. acquired a new position in Concentrix in the 2nd quarter valued at $68,000. Finally, Quarry LP raised its position in Concentrix by 769.9% during the 2nd quarter. Quarry LP now owns 1,244 shares of the company's stock worth $79,000 after buying an additional 1,101 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Bank of America reduced 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. Canaccord Genuity Group decreased their target price on shares of Concentrix from $125.00 to $100.00 and set a "buy" rating on the stock in a research report on Thursday, September 26th. Barrington Research reduced their price objective on shares of Concentrix from $84.00 to $70.00 and set an "outperform" rating for the company in a research note on Thursday, September 26th. Robert W. Baird started coverage on shares of Concentrix in a report on Thursday, October 3rd. They issued an "outperform" rating and a $70.00 target price for the company. Finally, Baird R W upgraded Concentrix to a "strong-buy" rating in a report on Thursday, October 3rd. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $79.00.

Concentrix Trading Down 2.1 %

NASDAQ:CNXC traded down $0.93 on Friday, reaching $43.28. The stock had a trading volume of 704,096 shares, compared to its average volume of 577,189. 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 $2.81 billion, a price-to-earnings ratio of 14.35, a P/E/G ratio of 0.58 and a beta of 0.63. The firm's fifty day moving average is $45.24 and its two-hundred day moving average is $58.45. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57.

Concentrix (NASDAQ:CNXC - Get Free Report) last announced its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.93 by ($0.06). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the business posted $2.54 EPS. The firm's revenue was up 46.2% compared to the same quarter last year. Equities analysts expect that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were paid a $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 3.08%. This is a positive change from Concentrix's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, October 25th. Concentrix's dividend payout ratio (DPR) is presently 43.18%.

Insider Activity

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 241,841 shares in the company, valued at approximately $12,745,020.70. This represents a 3.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Cormac J. Twomey sold 1,544 shares of the business's stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the transaction, the executive vice president now owns 27,783 shares in the company, valued at approximately $1,427,490.54. This represents a 5.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,367 shares of company stock valued at $641,668 in the last 90 days. 3.10% of the stock is currently owned by insiders.

About Concentrix

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.