Concentrix Co. (NASDAQ:CNXC) Shares Sold by Corebridge Financial Inc.

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

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp increased its position in shares of Concentrix by 1.3% in the third quarter. State Street Corp now owns 1,401,953 shares of the company’s stock valued at $71,850,000 after buying an additional 18,304 shares in the last quarter. Nordea Investment Management AB increased its holdings in Concentrix by 43.9% in the 4th quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock worth $3,076,000 after acquiring an additional 21,568 shares in the last quarter. Neo Ivy Capital Management acquired a new position in Concentrix during the third quarter worth $2,844,000. Thompson Investment Management Inc. lifted 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 valued at $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 fourth quarter valued at about $4,752,000. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Concentrix Price Performance

CNXC stock opened at $54.03 on Wednesday. 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 PE ratio of 14.56, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The business has a 50 day simple moving average of $48.27 and a 200-day simple moving average of $47.29.

Concentrix (NASDAQ:CNXC) last issued its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.58 by $0.21. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the company earned $2.57 EPS. Equities research analysts anticipate that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Dividend Announcement

The company also recently declared 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 is Friday, April 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.46%. Concentrix’s dividend payout ratio (DPR) is 33.33%.

Analyst Ratings Changes

Several research analysts recently weighed in on CNXC shares. Barrington Research reduced their price target on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, March 24th. Bank of America raised their target price on Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research report on Thursday, March 27th. Finally, Canaccord Genuity Group dropped their price target 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 analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $69.60.

Insider Transactions at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the sale, the executive vice president now owns 41,111 shares of the company’s stock, valued at $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 through the SEC website. Insiders own 3.20% of the company’s stock.

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.