FIL Ltd Trims Position in Concentrix Co. (NASDAQ:CNXC)

FIL Ltd reduced its stake in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 1.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,558,398 shares of the company's stock after selling 40,034 shares during the period. FIL Ltd owned 3.97% of Concentrix worth $110,702,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Pzena Investment Management LLC boosted its position in shares of Concentrix by 60.0% during the 4th quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company's stock valued at $101,667,000 after purchasing an additional 880,960 shares in the last quarter. State Street Corp lifted its stake in Concentrix by 1.3% in the third quarter. State Street Corp now owns 1,401,953 shares of the company's stock valued at $71,850,000 after buying an additional 18,304 shares during the period. Copeland Capital Management LLC boosted its holdings 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 worth $57,688,000 after buying an additional 329,831 shares in the last quarter. Lyrical Asset Management LP grew its position in shares of Concentrix by 3.4% during the 4th quarter. Lyrical Asset Management LP now owns 1,258,398 shares of the company's stock worth $54,451,000 after buying an additional 41,540 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Concentrix by 5.2% in the 3rd quarter. Geode Capital Management LLC now owns 878,092 shares of the company's stock valued at $45,013,000 after acquiring an additional 43,295 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CNXC shares. Canaccord Genuity Group dropped their price target on Concentrix from $100.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, January 16th. Barrington Research decreased their price objective on Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a report on Monday, March 24th. Finally, Bank of America increased their target price on Concentrix from $58.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, March 27th. 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. Based on data from MarketBeat.com, Concentrix has an average rating of "Buy" and a consensus price target of $69.60.

Insider Transactions at Concentrix

In other news, Director Kathryn Hayley acquired 500 shares of the firm's stock in a transaction that occurred on Wednesday, January 22nd. The stock was bought at an average price of $50.22 per share, with a total value of $25,110.00. Following the acquisition, the director now owns 3,034 shares in the company, valued at $152,367.48. The trade was a 19.73 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 3.20% of the company's stock.

Concentrix Stock Up 1.6 %

Shares of Concentrix stock traded up $0.80 on Monday, hitting $49.62. The company had a trading volume of 205,903 shares, compared to its average volume of 691,057. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 13.37, a P/E/G ratio of 0.63 and a beta of 0.51. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. Concentrix Co. has a 1 year low of $36.28 and a 1 year high of $77.00. The stock has a 50 day moving average of $47.54 and a 200-day moving average of $46.41.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.58 by $0.21. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same period in the previous year, the firm earned $2.57 EPS. The business's revenue for the quarter was down 1.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be given a dividend of $0.3328 per share. The ex-dividend date is Friday, April 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.68%. Concentrix's dividend payout ratio is currently 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.