FIL Ltd Sells 39,875 Shares of Concentrix Co. (NASDAQ:CNXC)

FIL Ltd reduced its position in Concentrix Co. (NASDAQ:CNXC) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,657,443 shares of the company’s stock after selling 39,875 shares during the quarter. FIL Ltd owned approximately 2.50% of Concentrix worth $162,777,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Horizon Advisors Inc. lifted its holdings in shares of Concentrix by 381.7% during the fourth quarter. First Horizon Advisors Inc. now owns 342 shares of the company’s stock valued at $34,000 after acquiring an additional 271 shares during the period. Parkside Financial Bank & Trust lifted its holdings in shares of Concentrix by 146.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 630 shares of the company’s stock valued at $62,000 after acquiring an additional 374 shares during the period. Blue Trust Inc. lifted its holdings in shares of Concentrix by 29.8% during the fourth quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock valued at $113,000 after acquiring an additional 264 shares during the period. Covestor Ltd lifted its holdings in shares of Concentrix by 163.3% during the third quarter. Covestor Ltd now owns 1,522 shares of the company’s stock valued at $122,000 after acquiring an additional 944 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in shares of Concentrix by 9.1% during the fourth quarter. Fifth Third Bancorp now owns 1,481 shares of the company’s stock valued at $145,000 after acquiring an additional 123 shares during the period. 90.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CNXC shares. Bank of America reissued an “underperform” rating and set a $60.00 price objective (down from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. Barrington Research cut their price objective on Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a report on Wednesday, March 27th. Finally, Scotiabank lowered their target price on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Monday, April 29th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Concentrix currently has a consensus rating of “Hold” and a consensus target price of $74.75.

Insider Buying and Selling

In other news, CEO Christopher A. Caldwell acquired 900 shares of the stock in a transaction that occurred on Friday, April 19th. The stock was purchased at an average cost of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the transaction, the chief executive officer now directly owns 239,128 shares in the company, valued at $13,053,997.52. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders bought a total of 1,679 shares of company stock worth $98,546 over the last three months. 3.00% of the stock is currently owned by company insiders.

Concentrix Stock Performance

Shares of NASDAQ:CNXC opened at $58.22 on Friday. Concentrix Co. has a twelve month low of $53.89 and a twelve month high of $106.10. The firm has a market cap of $3.84 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 0.69 and a beta of 0.60. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.56 and a current ratio of 1.56. The business has a fifty day moving average of $60.02 and a 200-day moving average of $75.75.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Tuesday, March 26th. The company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 3.53% and a return on equity of 17.70%. On average, equities research analysts predict that Concentrix Co. will post 11.03 EPS for the current fiscal year.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 7th. Investors of record on Friday, April 26th were given a $0.303 dividend. This represents a $1.21 dividend on an annualized basis and a yield of 2.08%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, April 25th. Concentrix’s dividend payout ratio (DPR) is presently 24.95%.

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.