Amundi Sells 33,826 Shares of Concentrix Co. (NASDAQ:CNXC)

Amundi decreased its position in Concentrix Co. (NASDAQ:CNXC) by 73.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 12,502 shares of the company’s stock after selling 33,826 shares during the period. Amundi’s holdings in Concentrix were worth $570,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC boosted its holdings in Concentrix by 81.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in Concentrix by 159.6% in the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after acquiring an additional 490 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in Concentrix by 58.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock valued at $52,000 after acquiring an additional 444 shares in the last quarter. KBC Group NV boosted its holdings in Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock valued at $87,000 after acquiring an additional 815 shares in the last quarter. Finally, Quest Partners LLC bought a new stake in Concentrix in the third quarter valued at $146,000. Institutional investors own 90.34% of the company’s stock.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group lowered their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $75.00.

Concentrix Trading Down 3.7 %

Concentrix stock opened at $45.06 on Friday. Concentrix Co. has a 1 year low of $36.28 and a 1 year high of $77.00. The firm’s 50 day moving average price is $47.69 and its 200-day moving average price is $48.73. 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 stock has a market cap of $2.90 billion, a P/E ratio of 12.15, a PEG ratio of 0.63 and a beta of 0.69.

Concentrix (NASDAQ:CNXC) last announced its quarterly 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 the consensus estimate of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. Concentrix’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.36 EPS. On average, equities analysts predict that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st were paid a $0.3328 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.95%. Concentrix’s payout ratio is currently 35.85%.

Insiders Place Their Bets

In other news, Director Kathryn Hayley purchased 500 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was purchased at an average cost of $50.22 per share, with a total value of $25,110.00. Following the purchase, the director now owns 3,034 shares in the company, valued at approximately $152,367.48. This trade represents 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 available at this hyperlink. Corporate insiders own 3.20% of the company’s stock.

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.