Intech Investment Management LLC Trims Position in Concentrix Co. (NASDAQ:CNXC)

Intech Investment Management LLC cut its holdings in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 40.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,455 shares of the company's stock after selling 10,024 shares during the quarter. Intech Investment Management LLC's holdings in Concentrix were worth $625,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. State Street Corp boosted its holdings in Concentrix by 1.3% in the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company's stock worth $71,850,000 after buying an additional 18,304 shares during the period. Nordea Investment Management AB grew its position in shares of 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 in the last quarter. Neo Ivy Capital Management bought a new stake in shares of Concentrix during the 3rd quarter valued at $2,844,000. Thompson Investment Management Inc. lifted its holdings in Concentrix by 1,232.8% during the 4th quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company's stock worth $6,076,000 after purchasing an additional 129,876 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Concentrix in the 4th quarter worth about $4,752,000. Hedge funds and other institutional investors own 90.34% of the company's stock.

Analyst Ratings Changes

CNXC has been the topic of a number of recent analyst reports. Canaccord Genuity Group lowered their price target 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. Barrington Research lowered their target price on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a research note on Monday. Finally, Bank of America boosted their price target on shares of Concentrix from $58.00 to $59.00 and gave the company a "neutral" rating in a research report on Thursday. 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 company. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $69.60.

Remove Ads

Concentrix Price Performance

Shares of CNXC traded down $8.09 during midday trading on Friday, reaching $56.95. The stock had a trading volume of 3,240,808 shares, compared to its average volume of 671,244. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 15.35, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The company's 50-day moving average is $47.90 and its 200 day moving average is $47.85. Concentrix Co. has a 12-month low of $36.28 and a 12-month high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its 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. The business had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. Concentrix's revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.57 earnings per share. On average, equities analysts predict that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Announces Dividend

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 given a dividend of $0.3328 per share. The ex-dividend date of this dividend is Friday, April 25th. This represents a $1.33 annualized dividend and a yield of 2.34%. Concentrix's payout ratio is 35.85%.

Insider Activity

In related news, Director Kathryn Hayley purchased 500 shares of Concentrix stock in a transaction that occurred on Wednesday, January 22nd. The shares were acquired 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. The trade was a 19.73 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.20% of the company's stock.

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.