Franklin Resources Inc. Buys 36,440 Shares of Concentrix Co. (NASDAQ:CNXC)

Franklin Resources Inc. increased its holdings in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 403.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,482 shares of the company's stock after acquiring an additional 36,440 shares during the quarter. Franklin Resources Inc. owned approximately 0.07% of Concentrix worth $1,968,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CNXC. Stifel Financial Corp boosted its holdings in shares of Concentrix by 9.0% in the 3rd quarter. Stifel Financial Corp now owns 36,131 shares of the company's stock worth $1,852,000 after buying an additional 2,997 shares during the last quarter. State Street Corp grew its position in shares of Concentrix by 1.3% during the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company's stock valued at $71,850,000 after acquiring an additional 18,304 shares during the period. Barclays PLC increased its stake in shares of Concentrix by 134.3% during the 3rd 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 last quarter. Geode Capital Management LLC raised its holdings 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 worth $45,013,000 after purchasing an additional 43,295 shares during the period. Finally, Nordea Investment Management AB lifted its stake in Concentrix by 43.9% in the fourth quarter. Nordea Investment Management AB now owns 70,654 shares of the company's stock valued at $3,076,000 after purchasing an additional 21,568 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CNXC. Bank of America boosted their target price on Concentrix from $58.00 to $59.00 and gave the company a "neutral" rating in a research note on Thursday, March 27th. Barrington Research reduced their target price on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a research note on Monday, March 24th. Finally, Canaccord Genuity Group cut their price objective on shares of Concentrix from $100.00 to $80.00 and set a "buy" rating for the company 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $69.60.

Insider Activity

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total transaction of $27,800.00. Following the transaction, the executive vice president now directly owns 41,111 shares in the company, valued at $2,285,771.60. This trade represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Olivier Duha sold 29,444 shares of Concentrix stock in a transaction that occurred on 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 transaction, the director now directly owns 1,155,862 shares in the company, valued at $56,082,424.24. This trade represents a 2.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,444 shares of company stock worth $1,484,078. 3.20% of the stock is currently owned by corporate insiders.

Concentrix Price Performance

NASDAQ CNXC traded down $0.12 on Friday, hitting $47.33. The stock had a trading volume of 564,548 shares, compared to its average volume of 695,816. The firm has a 50-day moving average of $47.54 and a 200-day moving average of $46.36. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth 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 52-week low of $36.28 and a 52-week high of $77.00.

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

Concentrix Announces Dividend

The business 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 $0.3328 dividend. The ex-dividend date of this dividend is Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.81%. Concentrix's dividend payout ratio is presently 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.