KLP Kapitalforvaltning AS Invests $346,000 in Concentrix Co. (NASDAQ:CNXC)

KLP Kapitalforvaltning AS acquired a new stake in shares of Concentrix Co. (NASDAQ:CNXC) during the fourth quarter, HoldingsChannel reports. The fund acquired 8,000 shares of the company’s stock, valued at approximately $346,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CNXC. Steward Partners Investment Advisory LLC raised its stake in Concentrix by 81.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the last quarter. Rhumbline Advisers increased its position in Concentrix by 0.3% during the fourth quarter. Rhumbline Advisers now owns 128,617 shares of the company’s stock valued at $5,565,000 after acquiring an additional 324 shares during the last quarter. Parkside Financial Bank & Trust lifted 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 during the period. Xponance Inc. boosted its position in Concentrix by 8.9% in the fourth quarter. Xponance Inc. now owns 5,540 shares of the company’s stock worth $240,000 after purchasing an additional 455 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its stake in shares of Concentrix by 159.6% during the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after purchasing an additional 490 shares during the period. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Wall Street Analyst Weigh In

CNXC has been the topic of several recent research reports. Canaccord Genuity Group lowered their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Barrington Research decreased their price target on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, March 24th. Finally, Bank of America lifted their price target on shares of Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday, March 27th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $69.60.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction dated 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 owns 41,111 shares of the company’s stock, valued at $2,285,771.60. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.20% of the stock is currently owned by company insiders.

Concentrix Stock Down 4.3 %

CNXC stock opened at $48.27 on Friday. The business’s 50-day moving average price is $48.22 and its 200-day moving average price is $47.11. The stock has a market cap of $3.11 billion, a P/E ratio of 13.01, a PEG ratio of 0.63 and a beta of 0.51. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $77.00. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.58 by $0.21. The business had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.37 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.57 earnings per share. On average, equities research analysts forecast that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders 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 yield of 2.76%. Concentrix’s payout ratio is presently 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.