Allspring Global Investments Holdings LLC Has $13.61 Million Position in Concentrix Co. (NASDAQ:CNXC)

Allspring Global Investments Holdings LLC trimmed its holdings in Concentrix Co. (NASDAQ:CNXC) by 25.7% during the second quarter, Holdings Channel reports. The firm owned 215,145 shares of the company’s stock after selling 74,396 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Concentrix were worth $13,614,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Groupe Bruxelles Lambert acquired a new position in Concentrix in the fourth quarter valued at approximately $861,662,000. Vanguard Group Inc. increased its stake in shares of Concentrix by 23.9% in the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after acquiring an additional 1,034,546 shares in the last quarter. Impactive Capital LP lifted its position in shares of Concentrix by 13.0% during the 1st quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock valued at $254,707,000 after acquiring an additional 443,045 shares during the period. Capital International Investors boosted its stake in Concentrix by 0.3% during the first quarter. Capital International Investors now owns 2,525,762 shares of the company’s stock worth $167,256,000 after acquiring an additional 7,333 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Concentrix by 5.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,397,083 shares of the company’s stock worth $137,213,000 after purchasing an additional 69,081 shares during the period. Institutional investors own 90.34% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction on Monday, July 29th. The stock was sold at an average price of $67.23, for a total transaction of $26,892.00. Following the sale, the executive vice president now directly owns 29,727 shares in the company, valued at approximately $1,998,546.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.00% of the company’s stock.

Concentrix Stock Performance

Shares of CNXC stock opened at $75.58 on Friday. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.54 and a quick ratio of 1.56. The firm has a 50-day moving average of $66.65 and a 200-day moving average of $65.03. Concentrix Co. has a one year low of $53.89 and a one year high of $106.10. The company has a market cap of $4.94 billion, a P/E ratio of 17.50, a P/E/G ratio of 0.70 and a beta of 0.61.

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

Concentrix Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 6th. Shareholders of record on Friday, July 26th were given a $0.303 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.21 annualized dividend and a yield of 1.60%. Concentrix’s dividend payout ratio is currently 28.01%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CNXC shares. Bank of America raised Concentrix from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $65.00 to $85.00 in a research note on Wednesday. Barrington Research reiterated an “outperform” rating and issued a $84.00 target price on shares of Concentrix in a report on Friday, June 21st. Finally, Canaccord Genuity Group restated a “buy” rating and set a $125.00 price target on shares of Concentrix in a research note on Thursday, June 27th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Concentrix presently has a consensus rating of “Moderate Buy” and an average price target of $89.80.

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.