Headlands Technologies LLC Acquires 2,911 Shares of Concentrix Co. (NASDAQ:CNXC)

Headlands Technologies LLC increased its holdings in Concentrix Co. (NASDAQ:CNXC) by 48.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,909 shares of the company’s stock after purchasing an additional 2,911 shares during the period. Headlands Technologies LLC’s holdings in Concentrix were worth $564,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Groupe Bruxelles Lambert acquired a new position in shares of Concentrix in the 4th quarter worth approximately $861,662,000. Vanguard Group Inc. grew its position in Concentrix by 23.9% in the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after acquiring an additional 1,034,546 shares during the period. Pzena Investment Management LLC raised its stake in Concentrix by 246.3% during the first quarter. Pzena Investment Management LLC now owns 1,013,208 shares of the company’s stock worth $67,095,000 after acquiring an additional 720,616 shares in the last quarter. Impactive Capital LP lifted its holdings in shares of Concentrix by 13.0% during the first quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock valued at $254,707,000 after acquiring an additional 443,045 shares during the period. Finally, Norges Bank acquired a new stake in shares of Concentrix in the 4th quarter valued at $31,294,000. Institutional investors own 90.34% of the company’s stock.

Concentrix Trading Down 0.9 %

CNXC opened at $68.49 on Thursday. Concentrix Co. has a 1-year low of $53.89 and a 1-year high of $106.10. The firm has a 50-day moving average price of $68.58 and a two-hundred day moving average price of $64.29. The stock has a market capitalization of $4.47 billion, a PE ratio of 15.85, a PEG ratio of 0.77 and a beta of 0.61. The company has a current ratio of 1.54, a quick ratio of 1.56 and a debt-to-equity ratio of 1.21.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, June 26th. The company reported $2.69 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.06. The firm had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. Concentrix’s revenue was up 47.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.50 EPS. As a group, equities analysts anticipate that Concentrix Co. will post 10.8 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 6th. Investors of record on Friday, July 26th were issued a $0.303 dividend. This represents a $1.21 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend was Friday, July 26th. Concentrix’s dividend payout ratio is 28.01%.

Wall Street Analyst Weigh In

CNXC has been the subject of several analyst reports. Barrington Research reissued an “outperform” rating and set a $84.00 price target on shares of Concentrix in a report on Friday, June 21st. Canaccord Genuity Group reiterated a “buy” rating and issued a $125.00 target price on shares of Concentrix in a research note on Thursday, June 27th. Finally, Bank of America upgraded Concentrix from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $65.00 to $85.00 in a research report on Wednesday, August 28th. One analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Concentrix currently has an average rating of “Moderate Buy” and an average price target of $94.75.

Insider Buying and Selling

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $67.23, for a total transaction of $26,892.00. Following the transaction, the executive vice president now directly owns 29,727 shares in the company, valued at approximately $1,998,546.21. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 1,200 shares of company stock worth $82,028 over the last three months. 3.00% of the stock is currently owned by company insiders.

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.