Geode Capital Management LLC Increases Position in Concentrix Co. (NASDAQ:CNXC)

Geode Capital Management LLC boosted its holdings in shares of Concentrix Co. (NASDAQ:CNXC) by 5.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 878,092 shares of the company’s stock after purchasing an additional 43,295 shares during the quarter. Geode Capital Management LLC owned approximately 1.35% of Concentrix worth $45,013,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CNXC. GAMMA Investing LLC lifted its position in shares of Concentrix by 64.9% during the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after buying an additional 287 shares in the last quarter. nVerses Capital LLC lifted its holdings in Concentrix by 10.7% during the second quarter. nVerses Capital LLC now owns 3,100 shares of the company’s stock valued at $196,000 after purchasing an additional 300 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Concentrix by 51.7% in the second quarter. Fifth Third Bancorp now owns 1,573 shares of the company’s stock valued at $100,000 after purchasing an additional 536 shares during the period. Oppenheimer Asset Management Inc. grew its position in shares of Concentrix by 21.2% in the second quarter. Oppenheimer Asset Management Inc. now owns 4,370 shares of the company’s stock valued at $277,000 after purchasing an additional 764 shares during the period. Finally, Clark Estates Inc. NY increased its stake in shares of Concentrix by 2.0% during the third quarter. Clark Estates Inc. NY now owns 45,150 shares of the company’s stock worth $2,314,000 after purchasing an additional 900 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Concentrix

In related news, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the completion of the transaction, the executive vice president now owns 27,783 shares in the company, valued at approximately $1,427,490.54. The trade was a 5.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of the firm’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the sale, the chief executive officer now owns 241,841 shares in the company, valued at approximately $12,745,020.70. This represents a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,367 shares of company stock worth $641,668. Company insiders own 3.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on CNXC shares. Bank of America lowered their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. Canaccord Genuity Group dropped their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, September 26th. Baird R W raised shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Barrington Research lowered their price target on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Finally, Robert W. Baird began coverage on shares of Concentrix in a report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Concentrix currently has an average rating of “Buy” and a consensus target price of $79.00.

Concentrix Stock Up 3.5 %

Shares of NASDAQ:CNXC opened at $41.89 on Tuesday. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 0.56 and a beta of 0.63. Concentrix Co. has a 12-month low of $36.28 and a 12-month high of $106.10. The business has a 50-day moving average price of $43.64 and a 200 day moving average price of $56.90. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.06). The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The business’s revenue was up 46.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.54 earnings per share. Sell-side analysts expect that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were paid a $0.333 dividend. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a dividend yield of 3.18%. The ex-dividend date was Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is presently 43.18%.

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.