Quantbot Technologies LP Buys New Position in Concentrix Co. (NASDAQ:CNXC)

Quantbot Technologies LP bought a new stake in shares of Concentrix Co. (NASDAQ:CNXC) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 57,002 shares of the company’s stock, valued at approximately $2,466,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CNXC. Pzena Investment Management LLC boosted its position in shares of Concentrix by 60.0% during the 4th quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company’s stock valued at $101,667,000 after purchasing an additional 880,960 shares in the last quarter. Invenomic Capital Management LP boosted its holdings in Concentrix by 354.3% in the third quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock worth $24,202,000 after acquiring an additional 368,295 shares in the last quarter. Copeland Capital Management LLC boosted its holdings in Concentrix by 32.9% in the fourth quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock worth $57,688,000 after acquiring an additional 329,831 shares in the last quarter. Boston Partners boosted its holdings in Concentrix by 51.2% in the fourth quarter. Boston Partners now owns 533,144 shares of the company’s stock worth $23,576,000 after acquiring an additional 180,581 shares in the last quarter. Finally, Thompson Investment Management Inc. boosted its holdings in Concentrix by 1,232.8% in the fourth quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock worth $6,076,000 after acquiring an additional 129,876 shares in the last quarter. Institutional investors own 90.34% of the company’s stock.

Concentrix Stock Performance

Shares of Concentrix stock opened at $44.93 on Friday. The company has a market cap of $2.89 billion, a PE ratio of 12.11, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. Concentrix Co. has a 52 week low of $36.28 and a 52 week high of $77.00. The business has a 50 day moving average price of $47.67 and a 200-day moving average price of $48.33. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, topping the consensus estimate of $3.01 by $0.25. The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.44 billion. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the business posted $3.36 earnings per share. Equities analysts anticipate that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st were paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix’s dividend payout ratio (DPR) is presently 35.85%.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group cut their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $75.00.

Insider Transactions at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the sale, the executive vice president now directly owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. This trade represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company 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.