AQR Capital Management LLC Buys 347,230 Shares of Concentrix Co. (NASDAQ:CNXC)

AQR Capital Management LLC increased its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 74.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 813,864 shares of the company’s stock after purchasing an additional 347,230 shares during the quarter. AQR Capital Management LLC’s holdings in Concentrix were worth $51,160,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CNXC. Groupe Bruxelles Lambert purchased a new stake in shares of Concentrix during the 4th quarter valued at $861,662,000. Vanguard Group Inc. raised its stake 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 buying an additional 1,034,546 shares during the last quarter. 1832 Asset Management L.P. acquired a new stake in Concentrix in the second quarter worth about $62,738,000. Pzena Investment Management LLC boosted its holdings in Concentrix by 246.3% in 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. Finally, Impactive Capital LP grew its stake 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 worth $254,707,000 after acquiring an additional 443,045 shares during the last quarter. Institutional investors own 90.34% of the company’s stock.

Concentrix Price Performance

Shares of NASDAQ CNXC opened at $51.56 on Friday. Concentrix Co. has a 52 week low of $50.23 and a 52 week high of $106.10. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21. The firm has a market cap of $3.35 billion, a P/E ratio of 11.94, a P/E/G ratio of 0.68 and a beta of 0.61. The business’s 50 day moving average price is $67.29 and its 200 day moving average price is $63.58.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). Concentrix had a return on equity of 17.00% and a net margin of 3.08%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the company earned $2.54 EPS. The firm’s revenue was up 46.2% compared to the same quarter last year. On average, sell-side analysts expect that Concentrix Co. will post 10.8 earnings per share for the current year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be issued a $0.333 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, October 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s payout ratio is 28.01%.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $67.23, for a total transaction of $26,892.00. Following the completion of the transaction, the executive vice president now directly owns 29,727 shares in the company, valued at $1,998,546.21. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.00% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on CNXC shares. Barrington Research decreased their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday. Bank of America decreased their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Canaccord Genuity Group dropped their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Concentrix has a consensus rating of “Moderate Buy” and a consensus price target of $81.25.

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.