Css LLC Il Makes New Investment in Concentrix Co. (NASDAQ:CNXC)

Css LLC Il purchased a new stake in shares of Concentrix Co. (NASDAQ:CNXC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,210 shares of the company’s stock, valued at approximately $355,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Thompson Investment Management Inc. lifted its position in shares of Concentrix by 1,232.8% during the 4th 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 during the last quarter. Raymond James Financial Inc. bought a new position in Concentrix in the 4th quarter worth approximately $4,752,000. American Century Companies Inc. acquired a new position in shares of Concentrix during the fourth quarter worth approximately $539,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Concentrix in the fourth quarter valued at approximately $294,000. Finally, Bleakley Financial Group LLC acquired a new stake in shares of Concentrix in the fourth quarter worth $276,000. 90.34% of the stock is owned by institutional investors and hedge funds.

Concentrix Price Performance

Shares of NASDAQ:CNXC opened at $56.20 on Friday. The firm has a market capitalization of $3.59 billion, a PE ratio of 15.15, a PEG ratio of 0.63 and a beta of 0.52. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $77.00. The business’s 50 day moving average is $50.68 and its 200-day moving average is $47.21.

Concentrix (NASDAQ:CNXC) last issued its earnings results on Wednesday, March 26th. The company reported $2.79 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%. Concentrix’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period last year, the business earned $2.57 earnings per share. Sell-side analysts predict that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 6th. Investors of record on Friday, April 25th were paid a $0.3328 dividend. The ex-dividend date was Friday, April 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.37%. Concentrix’s payout ratio is currently 33.33%.

Insider Buying and Selling

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $50.70, for a total transaction of $25,350.00. Following the sale, the executive vice president now directly owns 38,630 shares of the company’s stock, valued at approximately $1,958,541. The trade was a 1.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Olivier Duha sold 29,444 shares of the stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total value of $1,428,622.88. Following the completion of the transaction, the director now directly owns 1,155,862 shares of the company’s stock, valued at approximately $56,082,424.24. The trade was a 2.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,444 shares of company stock valued at $1,481,628 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CNXC. Barrington Research cut their target price on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, March 24th. Bank of America boosted their price objective on shares of Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a report on Thursday, March 27th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $65.75.

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.