LPL Financial LLC Takes Position in Concentrix Co. (NASDAQ:CNXC)

LPL Financial LLC purchased a new stake in Concentrix Co. (NASDAQ:CNXC - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The fund purchased 29,539 shares of the company's stock, valued at approximately $1,278,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Pzena Investment Management LLC boosted its position in Concentrix by 60.0% during the 4th quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company's stock valued at $101,667,000 after purchasing an additional 880,960 shares during the period. Copeland Capital Management LLC boosted its position in Concentrix by 32.9% during the 4th quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company's stock worth $57,688,000 after acquiring an additional 329,831 shares during the period. Geode Capital Management LLC boosted its position in Concentrix by 5.2% during the 3rd quarter. Geode Capital Management LLC now owns 878,092 shares of the company's stock worth $45,013,000 after acquiring an additional 43,295 shares during the period. Boston Partners boosted its position in Concentrix by 51.2% during the 4th quarter. Boston Partners now owns 533,144 shares of the company's stock worth $23,576,000 after acquiring an additional 180,581 shares during the period. Finally, New York State Common Retirement Fund lifted its holdings in shares of Concentrix by 47.3% in the fourth quarter. New York State Common Retirement Fund now owns 144,557 shares of the company's stock valued at $6,255,000 after buying an additional 46,406 shares during the period. Institutional investors and hedge funds own 90.34% of the company's stock.

Concentrix Trading Up 3.4 %

Shares of NASDAQ CNXC traded up $1.64 during midday trading on Wednesday, reaching $49.46. 76,539 shares of the stock were exchanged, compared to its average volume of 693,840. The business has a 50-day simple moving average of $47.51 and a two-hundred day simple moving average of $46.25. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of 13.33, a P/E/G ratio of 0.63 and a beta of 0.51. Concentrix Co. has a 12 month low of $36.28 and a 12 month high of $77.00. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its quarterly earnings results 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 analyst estimates of $2.37 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The company's revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.57 EPS. As a group, equities research analysts expect that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The business 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 $0.3328 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend is Friday, April 25th. Concentrix's dividend payout ratio is currently 33.33%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CNXC. Bank of America boosted their target price on Concentrix from $58.00 to $59.00 and gave the stock a "neutral" rating in a research report on Thursday, March 27th. Canaccord Genuity Group cut their target price on Concentrix from $100.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, January 16th. Finally, Barrington Research cut their target price on Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a research report on Monday, March 24th. 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 company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $69.60.

Insider Buying and Selling

In related news, Director Olivier Duha sold 29,444 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total transaction of $1,428,622.88. Following the transaction, the director now owns 1,155,862 shares in the company, valued at $56,082,424.24. The trade was a 2.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Cormac J. Twomey sold 500 shares of the business's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the sale, the executive vice president now directly owns 41,111 shares in the company, valued at $2,285,771.60. The trade was a 1.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,444 shares of company stock worth $1,484,078 in the last 90 days. 3.20% of the stock is owned by company insiders.

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.