Geode Capital Management LLC Has $37.89 Million Stock Position in Concentrix Co. (NASDAQ:CNXC)

Geode Capital Management LLC lessened its position in shares of Concentrix Co. (NASDAQ:CNXC) by 0.3% during the 4th quarter, HoldingsChannel reports. The fund owned 875,464 shares of the company’s stock after selling 2,628 shares during the quarter. Geode Capital Management LLC’s holdings in Concentrix were worth $37,892,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Pzena Investment Management LLC grew its position in shares of Concentrix by 60.0% during the 4th quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company’s stock worth $101,667,000 after buying an additional 880,960 shares during the period. Norges Bank bought a new stake in shares of Concentrix during the 4th quarter valued at $15,315,000. Copeland Capital Management LLC lifted its stake in shares of Concentrix by 32.9% in the 4th quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock valued at $57,688,000 after purchasing an additional 329,831 shares during the period. Boston Partners boosted its position in shares of Concentrix by 51.2% in the 4th quarter. Boston Partners now owns 533,144 shares of the company’s stock worth $23,576,000 after purchasing an additional 180,581 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in shares of Concentrix by 48.5% during the fourth quarter. Loomis Sayles & Co. L P now owns 453,773 shares of the company’s stock worth $19,634,000 after purchasing an additional 148,281 shares during the period. Institutional investors own 90.34% of the company’s stock.

Concentrix Stock Performance

CNXC opened at $47.95 on Wednesday. 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 company has a market capitalization of $3.06 billion, a price-to-earnings ratio of 12.92, a P/E/G ratio of 0.63 and a beta of 0.51. The business’s 50-day moving average price is $47.56 and its two-hundred day moving average price is $46.41. Concentrix Co. has a 1 year low of $36.28 and a 1 year high of $77.00.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, beating the consensus estimate of $2.58 by $0.21. The firm had revenue of $2.37 billion for 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%. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.57 EPS. Equities analysts expect that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

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 annualized dividend and a yield of 2.78%. Concentrix’s payout ratio is currently 33.33%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Bank of America increased their price target on shares of Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research report on Thursday, March 27th. Barrington Research dropped their price objective on Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, March 24th. Finally, Canaccord Genuity Group decreased their target price 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 analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $69.60.

Insiders Place Their Bets

In related 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 transaction of $27,800.00. Following the sale, the executive vice president now owns 41,111 shares in the company, valued at approximately $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 accessible through this hyperlink. 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.