ExodusPoint Capital Management LP Takes Position in Concentrix Co. (NASDAQ:CNXC)

ExodusPoint Capital Management LP bought a new position in Concentrix Co. (NASDAQ:CNXC - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 45,508 shares of the company's stock, valued at approximately $1,969,000. ExodusPoint Capital Management LP owned about 0.07% of Concentrix as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Pzena Investment Management LLC raised its stake in shares of Concentrix by 60.0% in the 4th quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company's stock valued at $101,667,000 after acquiring an additional 880,960 shares in the last quarter. Norges Bank bought a new stake in shares of Concentrix in the fourth quarter valued at approximately $15,315,000. Copeland Capital Management LLC boosted its position in shares of Concentrix by 32.9% during the 4th 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 in the last quarter. Boston Partners lifted its stake in Concentrix by 51.2% during the fourth quarter. Boston Partners now owns 533,144 shares of the company's stock worth $23,576,000 after purchasing an additional 180,581 shares during the period. Finally, Loomis Sayles & Co. L P grew its position in Concentrix by 48.5% in the fourth quarter. Loomis Sayles & Co. L P now owns 453,773 shares of the company's stock valued at $19,634,000 after acquiring an additional 148,281 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CNXC has been the subject of several analyst reports. Barrington Research lowered their price target on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a research report on Monday, March 24th. Bank of America raised their price objective on shares of Concentrix from $58.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, March 27th. Finally, Canaccord Genuity Group lowered their price objective on shares of Concentrix from $100.00 to $80.00 and set a "buy" rating on the stock in a report 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $69.60.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $55.31, for a total transaction of $27,655.00. Following the transaction, the executive vice president now directly owns 39,130 shares in the company, valued at approximately $2,164,280.30. The trade was a 1.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.20% of the stock is currently owned by insiders.

Concentrix Stock Performance

Shares of Concentrix stock traded up $1.22 during trading on Monday, hitting $50.04. 141,443 shares of the stock were exchanged, compared to its average volume of 690,721. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $77.00. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 13.49, a price-to-earnings-growth ratio of 0.63 and a beta of 0.51. The company has a fifty day moving average price of $47.54 and a 200-day moving average price of $46.41. 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 posted its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.58 by $0.21. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter last year, the business posted $2.57 EPS. The firm's revenue for the quarter was down 1.3% on a year-over-year basis. As a group, equities analysts predict that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be paid a dividend of $0.3328 per share. The ex-dividend date is Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.66%. Concentrix's dividend payout ratio (DPR) is presently 33.33%.

Concentrix 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.