Dimensional Fund Advisors LP Sells 419,500 Shares of Concentrix Co. (NASDAQ:CNXC)

Dimensional Fund Advisors LP reduced its holdings in Concentrix Co. (NASDAQ:CNXC) by 31.8% in the second quarter, HoldingsChannel reports. The firm owned 901,348 shares of the company’s stock after selling 419,500 shares during the period. Dimensional Fund Advisors LP’s holdings in Concentrix were worth $57,036,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Envestnet Asset Management Inc. increased its holdings in Concentrix by 35.0% in the second quarter. Envestnet Asset Management Inc. now owns 110,282 shares of the company’s stock worth $6,979,000 after purchasing an additional 28,615 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Concentrix by 21.2% during the second quarter. Oppenheimer Asset Management Inc. now owns 4,370 shares of the company’s stock valued at $277,000 after acquiring an additional 764 shares in the last quarter. Headlands Technologies LLC increased its holdings in shares of Concentrix by 48.5% during the second quarter. Headlands Technologies LLC now owns 8,909 shares of the company’s stock valued at $564,000 after acquiring an additional 2,911 shares in the last quarter. Mawer Investment Management Ltd. increased its holdings in shares of Concentrix by 40.6% during the second quarter. Mawer Investment Management Ltd. now owns 169,766 shares of the company’s stock valued at $10,743,000 after acquiring an additional 48,999 shares in the last quarter. Finally, Oak Thistle LLC bought a new stake in shares of Concentrix during the second quarter valued at approximately $267,000. 90.34% of the stock is currently owned by institutional investors.

Concentrix Stock Up 0.0 %

Shares of NASDAQ:CNXC opened at $51.56 on Friday. The stock has a market cap of $3.35 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 0.68 and a beta of 0.61. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21. Concentrix Co. has a 12-month low of $50.23 and a 12-month high of $106.10. The business’s 50 day moving average is $67.29 and its 200 day moving average is $63.58.

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

Concentrix Increases Dividend

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

Insiders Place Their Bets

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total value of $29,852.00. Following the transaction, the executive vice president now owns 29,327 shares of the company’s stock, valued at $2,188,674.01. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 3.00% of the company’s stock.

Analyst Ratings Changes

CNXC has been the subject of several recent research reports. Canaccord Genuity Group decreased their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a report on Thursday. Bank of America decreased their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Barrington Research decreased their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $81.25.

Concentrix Company 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.