Intech Investment Management LLC Decreases Stake in Concentrix Co. (NASDAQ:CNXC)

Intech Investment Management LLC trimmed its holdings in shares of Concentrix Co. (NASDAQ:CNXC) by 40.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 14,455 shares of the company’s stock after selling 10,024 shares during the quarter. Intech Investment Management LLC’s holdings in Concentrix were worth $625,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its holdings in Concentrix by 32.1% in the 3rd quarter. Victory Capital Management Inc. now owns 28,773 shares of the company’s stock worth $1,475,000 after acquiring an additional 6,990 shares during the period. Quest Partners LLC purchased a new position in shares of Concentrix in the third quarter valued at $146,000. Cerity Partners LLC grew its holdings in Concentrix by 92.6% during the 3rd quarter. Cerity Partners LLC now owns 11,778 shares of the company’s stock valued at $604,000 after purchasing an additional 5,663 shares in the last quarter. Loomis Sayles & Co. L P increased its stake in Concentrix by 8.1% during the 3rd quarter. Loomis Sayles & Co. L P now owns 305,492 shares of the company’s stock worth $15,657,000 after buying an additional 22,815 shares during the period. Finally, Clark Estates Inc. NY lifted its holdings in Concentrix by 2.0% in the 3rd quarter. Clark Estates Inc. NY now owns 45,150 shares of the company’s stock worth $2,314,000 after buying an additional 900 shares in the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the transaction, the executive vice president now directly owns 41,111 shares in the company, valued at $2,285,771.60. The trade was a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Barrington Research lowered their target price on Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday. 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 note 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 given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $71.80.

Concentrix Stock Up 0.2 %

NASDAQ:CNXC opened at $45.00 on Tuesday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The company has a market capitalization 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 one year low of $36.28 and a one year high of $77.00. The stock has a 50-day simple moving average of $47.64 and a 200 day simple moving average of $47.94.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share for the quarter, beating analysts’ consensus estimates of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same period in the previous year, the business earned $3.36 EPS. The business’s quarterly revenue was up 9.7% on a year-over-year basis. Sell-side analysts predict that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st were given a $0.3328 dividend. The ex-dividend date was Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.96%. Concentrix’s payout ratio is currently 35.85%.

About Concentrix

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.