Sei Investments Co. Raises Stake in Concentrix Co. (NASDAQ:CNXC)

Sei Investments Co. raised its position in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 16.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 65,116 shares of the company's stock after purchasing an additional 9,237 shares during the quarter. Sei Investments Co. owned approximately 0.10% of Concentrix worth $2,818,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Pzena Investment Management LLC lifted its stake in shares of Concentrix by 60.0% in 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 lifted its stake in Concentrix by 32.9% in the fourth quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company's stock valued at $57,688,000 after buying an additional 329,831 shares during the period. Boston Partners boosted its holdings in shares of 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 buying an additional 180,581 shares in the last quarter. Thompson Investment Management Inc. grew its position 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 period. Finally, Raymond James Financial Inc. bought a new stake in shares of Concentrix in the 4th quarter valued at $4,752,000. Institutional investors own 90.34% of the company's stock.

Insider Activity

In related news, Director Kathryn Hayley acquired 500 shares of the firm's stock in a transaction that occurred on Wednesday, January 22nd. The stock was acquired at an average price of $50.22 per share, for a total transaction of $25,110.00. Following the completion of the acquisition, the director now owns 3,034 shares of the company's stock, valued at approximately $152,367.48. This represents a 19.73 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on CNXC. Bank of America raised their price target on shares of Concentrix from $58.00 to $59.00 and gave the stock a "neutral" rating in a report on Thursday, March 27th. Barrington Research reduced their target price on Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a research note on Monday, March 24th. Finally, Canaccord Genuity Group reduced their price objective on Concentrix from $100.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, January 16th. 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, Concentrix has an average rating of "Buy" and an average price target of $69.60.

Concentrix Stock Up 7.7 %

Shares of Concentrix stock traded up $3.51 on Wednesday, hitting $49.24. The company had a trading volume of 1,075,115 shares, compared to its average volume of 688,675. 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 stock has a 50 day moving average of $47.58 and a 200-day moving average of $46.66. Concentrix Co. has a 1 year low of $36.28 and a 1 year high of $77.00. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 13.27, a P/E/G ratio of 0.63 and a beta of 0.51.

Concentrix (NASDAQ:CNXC - Get Free Report) last released its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, beating analysts' consensus estimates of $2.58 by $0.21. The company 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 firm's revenue was down 1.3% on a year-over-year basis. During the same period last year, the firm earned $2.57 earnings per share. As a group, sell-side analysts forecast that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Announces Dividend

The firm also recently disclosed 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 of this dividend is Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.70%. 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.