Concentrix Co. (NASDAQ:CNXC) Stake Cut by Amalgamated Bank

Amalgamated Bank decreased its holdings in shares of Concentrix Co. (NASDAQ:CNXC) by 6.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,378 shares of the company’s stock after selling 2,138 shares during the period. Amalgamated Bank’s holdings in Concentrix were worth $1,859,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. SG Americas Securities LLC bought a new stake in shares of Concentrix during the 2nd quarter valued at about $1,445,000. Vanguard Group Inc. raised its position in shares of Concentrix by 23.9% during the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock worth $526,788,000 after purchasing an additional 1,034,546 shares during the period. Natixis bought a new stake in shares of Concentrix in the 1st quarter worth approximately $542,000. Tweedy Browne Co LLC boosted its position in Concentrix by 21.6% during the 1st quarter. Tweedy Browne Co LLC now owns 173,338 shares of the company’s stock valued at $11,478,000 after purchasing an additional 30,798 shares during the period. Finally, Groupe Bruxelles Lambert bought a new position in Concentrix during the 4th quarter worth $861,662,000. 90.34% of the stock is owned by institutional investors and hedge funds.

Concentrix Stock Performance

Shares of CNXC opened at $63.62 on Thursday. The firm has a market capitalization of $4.13 billion, a PE ratio of 14.73, a P/E/G ratio of 0.67 and a beta of 0.61. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21. The firm has a 50-day moving average price of $67.93 and a 200 day moving average price of $63.76. Concentrix Co. has a 52-week low of $53.89 and a 52-week high of $106.10.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, June 26th. The company reported $2.69 EPS for the quarter, beating analysts’ consensus estimates of $2.63 by $0.06. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.35 billion. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The business’s revenue for the quarter was up 47.4% on a year-over-year basis. During the same quarter last year, the business earned $2.50 earnings per share. On average, sell-side analysts anticipate that Concentrix Co. will post 10.8 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $63.21, for a total value of $25,284.00. Following the completion of the sale, the executive vice president now owns 30,127 shares in the company, valued at $1,904,327.67. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 1,200 shares of company stock worth $82,028. 3.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CNXC shares. Barrington Research reissued an “outperform” rating and set a $84.00 price target on shares of Concentrix in a report on Friday, September 20th. Canaccord Genuity Group restated a “buy” rating and issued a $125.00 target price on shares of Concentrix in a research report on Thursday, June 27th. Finally, Bank of America raised Concentrix from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $65.00 to $85.00 in a report on Wednesday, August 28th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $94.75.

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.