Corebridge Financial Inc. Sells 2,813 Shares of Concentrix Co. (NASDAQ:CNXC)

Corebridge Financial Inc. cut its holdings in shares of Concentrix Co. (NASDAQ:CNXC) by 5.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 52,810 shares of the company’s stock after selling 2,813 shares during the period. Corebridge Financial Inc. owned 0.08% of Concentrix worth $2,285,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Pzena Investment Management LLC increased its holdings in shares of Concentrix by 60.0% in the 4th quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company’s stock valued at $101,667,000 after acquiring an additional 880,960 shares during the period. Invenomic Capital Management LP grew its stake in 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 purchasing an additional 368,295 shares during the last quarter. Copeland Capital Management LLC raised its holdings in Concentrix by 32.9% in the fourth quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock worth $57,688,000 after purchasing an additional 329,831 shares in the last quarter. Boston Partners lifted its position in shares of Concentrix by 51.2% during the fourth quarter. Boston Partners now owns 533,144 shares of the company’s stock valued at $23,576,000 after buying an additional 180,581 shares during the last quarter. Finally, Thompson Investment Management Inc. boosted its holdings in shares of Concentrix by 1,232.8% in the 4th quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock valued at $6,076,000 after buying an additional 129,876 shares in the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CNXC shares. Bank of America increased their target price on shares of Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research report on Thursday, March 27th. Barrington Research lowered their price objective on Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, March 24th. Finally, Canaccord Genuity Group reduced their target price on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $69.60.

Insider Buying and Selling

In related news, Director Kathryn Hayley bought 500 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were purchased at an average cost of $50.22 per share, with a total value of $25,110.00. Following the completion of the acquisition, the director now directly owns 3,034 shares in the company, valued at approximately $152,367.48. The trade was a 19.73 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.20% of the stock is currently owned by corporate insiders.

Concentrix Stock Performance

Shares of CNXC stock opened at $54.03 on Wednesday. The business has a fifty day moving average of $48.27 and a 200 day moving average of $47.29. Concentrix Co. has a 1 year low of $36.28 and a 1 year high of $77.00. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. The firm has a market capitalization of $3.48 billion, a price-to-earnings ratio of 14.56, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.58 by $0.21. The firm had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period last year, the business posted $2.57 earnings per share. As a group, research analysts expect that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th will be paid a $0.3328 dividend. The ex-dividend date of this dividend is Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.46%. Concentrix’s payout ratio is currently 33.33%.

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.