Geode Capital Management LLC Increases Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

Geode Capital Management LLC increased its position in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 5.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 878,092 shares of the company's stock after acquiring an additional 43,295 shares during the quarter. Geode Capital Management LLC owned approximately 1.35% of Concentrix worth $45,013,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of CNXC. GAMMA Investing LLC boosted its holdings in Concentrix by 64.9% in the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company's stock valued at $37,000 after purchasing an additional 287 shares during the last quarter. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Concentrix during the 2nd quarter valued at approximately $68,000. Quarry LP lifted its holdings in Concentrix by 769.9% in the second quarter. Quarry LP now owns 1,244 shares of the company's stock valued at $79,000 after acquiring an additional 1,101 shares during the last quarter. Fifth Third Bancorp grew its position in Concentrix by 51.7% in the second quarter. Fifth Third Bancorp now owns 1,573 shares of the company's stock worth $100,000 after acquiring an additional 536 shares during the period. Finally, Quest Partners LLC acquired a new stake in Concentrix during the third quarter worth $146,000. Hedge funds and other institutional investors own 90.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CNXC. Canaccord Genuity Group decreased their price target on Concentrix from $125.00 to $100.00 and set a "buy" rating on the stock in a research note on Thursday, September 26th. Robert W. Baird assumed coverage on shares of Concentrix in a research report on Thursday, October 3rd. They issued an "outperform" rating and a $70.00 target price on the stock. Baird R W upgraded shares of Concentrix to a "strong-buy" rating in a research report on Thursday, October 3rd. Bank of America reduced their price target on shares of Concentrix from $85.00 to $70.00 and set a "neutral" rating on the stock in a research note on Thursday, September 26th. Finally, Barrington Research lowered their price objective on shares of Concentrix from $84.00 to $70.00 and set an "outperform" rating for the company in a research report on Thursday, September 26th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Concentrix currently has an average rating of "Buy" and a consensus target price of $79.00.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction on Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the completion of the sale, the executive vice president now directly owns 27,783 shares of the company's stock, valued at approximately $1,427,490.54. The trade was a 5.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the transaction, the chief executive officer now directly owns 241,841 shares in the company, valued at $12,745,020.70. This trade represents a 3.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,367 shares of company stock worth $641,668 in the last quarter. 3.10% of the stock is owned by company insiders.

Concentrix Trading Up 2.6 %

NASDAQ:CNXC traded up $1.11 on Tuesday, reaching $43.00. 249,442 shares of the company's stock were exchanged, compared to its average volume of 582,141. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 13.96, a price-to-earnings-growth ratio of 0.56 and a beta of 0.63. Concentrix Co. has a 52-week low of $36.28 and a 52-week high of $106.10. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The business has a fifty day moving average of $43.49 and a 200-day moving average of $56.76.

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

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a $0.333 dividend. The ex-dividend date was Friday, October 25th. This is a positive change from Concentrix's previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a yield of 3.10%. Concentrix's dividend payout ratio (DPR) is 43.18%.

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.