Victory Capital Management Inc. Purchases 36,134 Shares of Concentrix Co. (NASDAQ:CNXC)

Victory Capital Management Inc. boosted its stake in Concentrix Co. (NASDAQ:CNXC - Free Report) by 125.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 64,907 shares of the company's stock after acquiring an additional 36,134 shares during the period. Victory Capital Management Inc. owned 0.10% of Concentrix worth $2,809,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Invenomic Capital Management LP grew its stake in shares of Concentrix by 354.3% during the 3rd quarter. Invenomic Capital Management LP now owns 472,243 shares of the company's stock worth $24,202,000 after acquiring an additional 368,295 shares during the period. Copeland Capital Management LLC lifted its holdings in Concentrix by 32.9% during the fourth quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company's stock valued at $57,688,000 after purchasing an additional 329,831 shares during the last quarter. Thompson Investment Management Inc. boosted its position in Concentrix by 1,232.8% during the fourth 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 during the period. Neo Ivy Capital Management bought a new stake in shares of Concentrix in the third quarter valued at approximately $2,844,000. Finally, New York State Common Retirement Fund raised its position 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 purchasing an additional 46,406 shares during the period. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

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Concentrix Price Performance

Shares of Concentrix stock traded down $1.76 on Thursday, reaching $45.05. The stock had a trading volume of 362,106 shares, compared to its average volume of 627,201. The business's 50 day moving average is $47.70 and its two-hundred day moving average is $48.75. 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 1 year low of $36.28 and a 1 year high of $77.00. The company has a market cap of $2.90 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.01 by $0.25. The business had revenue of $2.45 billion for the quarter, compared to analysts' expectations of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The business's revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the company posted $3.36 EPS. As a group, research analysts anticipate that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 11th. Investors of record on Friday, January 31st were given a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a yield of 2.95%. The ex-dividend date was Friday, January 31st. Concentrix's payout ratio is 35.85%.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group cut their price objective on shares of Concentrix from $100.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Concentrix currently has a consensus rating of "Buy" and a consensus target price of $75.00.

Insiders Place Their Bets

In related news, Director Kathryn Hayley bought 500 shares of the company's stock in a transaction on Wednesday, January 22nd. The stock was acquired at an average cost of $50.22 per share, for a total transaction of $25,110.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 3.20% of the company's stock.

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.