KLP Kapitalforvaltning AS Makes New Investment in Concentrix Co. (NASDAQ:CNXC)

KLP Kapitalforvaltning AS bought a new position in Concentrix Co. (NASDAQ:CNXC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 8,000 shares of the company's stock, valued at approximately $346,000.

A number of other large investors also recently modified their holdings of the stock. Steward Partners Investment Advisory LLC raised its position in Concentrix by 81.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company's stock worth $28,000 after purchasing an additional 286 shares during the last quarter. Venturi Wealth Management LLC raised its position in shares of Concentrix by 159.6% during the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company's stock worth $34,000 after acquiring an additional 490 shares during the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of Concentrix by 58.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company's stock valued at $52,000 after acquiring an additional 444 shares during the period. KBC Group NV boosted its holdings in Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company's stock valued at $87,000 after acquiring an additional 815 shares during the last quarter. Finally, SRS Capital Advisors Inc. boosted its holdings in Concentrix by 665.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 4,169 shares of the company's stock valued at $180,000 after acquiring an additional 3,624 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

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

Concentrix Trading Down 3.2 %

Shares of NASDAQ:CNXC traded down $1.60 during mid-day trading on Thursday, reaching $47.64. The stock had a trading volume of 1,157,821 shares, compared to its average volume of 691,011. The firm has a market cap of $3.04 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 0.63 and a beta of 0.51. The firm has a 50 day simple moving average of $47.55 and a two-hundred day simple moving average of $46.55. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $77.00.

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

Concentrix Dividend Announcement

The firm also recently announced 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 is Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.79%. Concentrix's payout ratio is 33.33%.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 500 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the transaction, the executive vice president now owns 41,111 shares in the company, valued at $2,285,771.60. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate 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.