Fmr LLC Decreases Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

FMR LLC reduced its stake in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 61.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,130,949 shares of the company's stock after selling 3,467,909 shares during the period. FMR LLC owned 3.31% of Concentrix worth $92,206,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Stifel Financial Corp grew its holdings in Concentrix by 9.0% in the 3rd quarter. Stifel Financial Corp now owns 36,131 shares of the company's stock valued at $1,852,000 after buying an additional 2,997 shares in the last quarter. State Street Corp increased its position in Concentrix by 1.3% during the third quarter. State Street Corp now owns 1,401,953 shares of the company's stock worth $71,850,000 after purchasing an additional 18,304 shares during the last quarter. Barclays PLC raised its stake in Concentrix by 134.3% during the third quarter. Barclays PLC now owns 35,862 shares of the company's stock worth $1,837,000 after purchasing an additional 20,559 shares during the period. Geode Capital Management LLC boosted its holdings in 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 purchasing an additional 43,295 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new stake in shares of Concentrix in the 3rd quarter valued at approximately $445,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on CNXC shares. Canaccord Genuity Group decreased their price objective on Concentrix from $100.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, January 16th. Bank of America upped their price target on Concentrix from $58.00 to $59.00 and gave the company a "neutral" rating in a research note on Thursday, March 27th. Finally, Barrington Research lowered their price target on Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a report on Monday, March 24th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $69.60.

Insider Buying and Selling

In other Concentrix news, Director Olivier Duha sold 29,444 shares of the company's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total transaction of $1,428,622.88. Following the sale, the director now owns 1,155,862 shares in the company, valued at $56,082,424.24. This represents a 2.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kathryn Hayley purchased 500 shares of Concentrix stock in a transaction on Wednesday, January 22nd. The stock was bought at an average cost of $50.22 per share, for a total transaction of $25,110.00. Following the transaction, the director now directly owns 3,034 shares in the company, valued at $152,367.48. This represents a 19.73 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 30,444 shares of company stock valued at $1,484,078 in the last ninety days. Company insiders own 3.20% of the company's stock.

Concentrix Trading Down 1.0 %

NASDAQ CNXC traded down $0.46 on Monday, reaching $46.87. The stock had a trading volume of 660,973 shares, compared to its average volume of 696,582. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The stock has a fifty day moving average price of $47.53 and a two-hundred day moving average price of $46.24. Concentrix Co. has a 12-month low of $36.28 and a 12-month high of $77.00. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of 12.63, a P/E/G ratio of 0.63 and a beta of 0.51.

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, beating the consensus estimate of $2.58 by $0.21. The firm had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company's quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.57 EPS. As a group, sell-side analysts forecast that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Investors of record on Friday, April 25th will be paid a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a yield of 2.84%. The ex-dividend date is Friday, April 25th. Concentrix's payout ratio is currently 33.33%.

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.