Intech Investment Management LLC Lowers Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

Intech Investment Management LLC cut its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 40.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,455 shares of the company’s stock after selling 10,024 shares during the period. Intech Investment Management LLC’s holdings in Concentrix were worth $625,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Pzena Investment Management LLC lifted its holdings in shares of Concentrix by 60.0% during the fourth quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company’s stock worth $101,667,000 after purchasing an additional 880,960 shares during the period. Invenomic Capital Management LP boosted its holdings in shares of Concentrix by 354.3% in the third quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock valued at $24,202,000 after acquiring an additional 368,295 shares in the last quarter. Copeland Capital Management LLC increased its stake in shares of Concentrix by 32.9% during the fourth quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock worth $57,688,000 after acquiring an additional 329,831 shares during the period. Thompson Investment Management Inc. raised its holdings 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 in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Concentrix in the 4th quarter valued at approximately $4,752,000. 90.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total value of $27,800.00. Following the sale, the executive vice president now directly owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. This trade represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently commented on the stock. Canaccord Genuity Group reduced their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Barrington Research lowered their price target on Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $71.80.

Concentrix Stock Performance

NASDAQ CNXC opened at $45.00 on Tuesday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 12.13, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. Concentrix Co. has a fifty-two week low of $36.28 and a fifty-two week high of $77.00. The business has a fifty day moving average of $47.64 and a 200-day moving average of $47.94.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.01 by $0.25. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the firm earned $3.36 EPS. As a group, analysts predict that Concentrix Co. will post 10.11 earnings per share for the current fiscal 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. The ex-dividend date was Friday, January 31st. This represents a $1.33 annualized dividend and a yield of 2.96%. Concentrix’s dividend payout ratio (DPR) is presently 35.85%.

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.