Lyrical Asset Management LP Increases Position in Concentrix Co. (NASDAQ:CNXC)

Lyrical Asset Management LP increased its position in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 3.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,258,398 shares of the company's stock after purchasing an additional 41,540 shares during the quarter. Lyrical Asset Management LP owned approximately 1.95% of Concentrix worth $54,451,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of Concentrix by 1.3% in the third quarter. State Street Corp now owns 1,401,953 shares of the company's stock valued at $71,850,000 after purchasing an additional 18,304 shares during the period. Nordea Investment Management AB boosted its holdings in Concentrix by 43.9% in the 4th 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. Neo Ivy Capital Management purchased a new stake in shares of Concentrix in the 3rd quarter valued at approximately $2,844,000. Thompson Investment Management Inc. increased its holdings in shares of 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 buying an additional 129,876 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Concentrix during the 4th quarter valued at approximately $4,752,000. 90.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Concentrix

In related news, Director Kathryn Hayley purchased 500 shares of the business's stock in a transaction on Wednesday, January 22nd. The shares were bought at an average price of $50.22 per share, for a total transaction of $25,110.00. Following the acquisition, the director now directly owns 3,034 shares in the company, valued at $152,367.48. This trade represents a 19.73 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on CNXC shares. Barrington Research lowered their price objective on Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a research report on Monday, March 24th. Bank of America increased their price target on Concentrix from $58.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, March 27th. Finally, Canaccord Genuity Group reduced their price objective 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. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Concentrix has an average rating of "Buy" and a consensus price target of $69.60.

Concentrix Trading Down 0.4 %

Shares of NASDAQ CNXC traded down $0.21 during trading on Friday, reaching $47.43. The stock had a trading volume of 304,426 shares, compared to its average volume of 689,541. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The company has a market cap of $3.03 billion, a P/E ratio of 12.77, a PEG ratio of 0.63 and a beta of 0.51. Concentrix Co. has a fifty-two week low of $36.28 and a fifty-two week high of $77.00. The business's 50-day moving average price is $47.55 and its 200-day moving average price is $46.55.

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

Concentrix Announces Dividend

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 issued a dividend of $0.3328 per share. The ex-dividend date 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 (DPR) is presently 33.33%.

Concentrix 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.