Invesco Ltd. Boosts Position in Concentrix Co. (NASDAQ:CNXC)

Invesco Ltd. grew its position in Concentrix Co. (NASDAQ:CNXC) by 138.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 402,457 shares of the company’s stock after buying an additional 233,765 shares during the quarter. Invesco Ltd. owned 0.62% of Concentrix worth $17,414,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Barclays PLC lifted its stake in Concentrix by 134.3% in the 3rd quarter. Barclays PLC now owns 35,862 shares of the company’s stock valued at $1,837,000 after buying an additional 20,559 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Concentrix by 5.2% in the third quarter. Geode Capital Management LLC now owns 878,092 shares of the company’s stock valued at $45,013,000 after acquiring an additional 43,295 shares in the last quarter. Franklin Resources Inc. acquired a new stake in shares of Concentrix during the third quarter valued at $445,000. Nordea Investment Management AB increased its position in Concentrix by 43.9% during the 4th quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock worth $3,076,000 after purchasing an additional 21,568 shares in the last quarter. Finally, First Hawaiian Bank raised its stake in Concentrix by 51.3% in the 4th quarter. First Hawaiian Bank now owns 13,619 shares of the company’s stock valued at $589,000 after purchasing an additional 4,619 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

Concentrix Price Performance

Shares of NASDAQ CNXC opened at $47.33 on Monday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $77.00. The business has a 50-day moving average of $47.54 and a 200-day moving average of $46.28. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 0.63 and a beta of 0.51.

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

Concentrix Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Investors of record on Friday, April 25th will be given a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Friday, April 25th. Concentrix’s dividend payout ratio (DPR) is currently 33.33%.

Wall Street Analyst Weigh In

CNXC has been the topic of several analyst reports. Canaccord Genuity Group decreased their price target 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. Bank of America lifted their target price 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. Finally, Barrington Research reduced their price target on Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, March 24th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Concentrix has an average rating of “Buy” and a consensus price target of $69.60.

Insider Activity

In related news, Director Olivier Duha sold 29,444 shares of the company’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total value of $1,428,622.88. Following the completion of the sale, the director now owns 1,155,862 shares in the company, valued at $56,082,424.24. This represents a 2.48 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kathryn Hayley bought 500 shares of Concentrix stock in a transaction that occurred on Wednesday, January 22nd. The stock was bought at an average cost of $50.22 per share, with a total value of $25,110.00. Following the completion of the purchase, the director now owns 3,034 shares in the company, valued at approximately $152,367.48. This trade represents a 19.73 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 30,444 shares of company stock valued at $1,484,078. Insiders own 3.20% of the company’s stock.

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.