Ontario Teachers Pension Plan Board Trims Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

Ontario Teachers Pension Plan Board trimmed its stake in Concentrix Co. (NASDAQ:CNXC) by 39.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 4,788 shares of the company’s stock after selling 3,097 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Concentrix were worth $317,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Groupe Bruxelles Lambert purchased a new stake in shares of Concentrix during the fourth quarter worth $861,662,000. Vanguard Group Inc. raised its stake in Concentrix by 23.9% in the fourth quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after buying an additional 1,034,546 shares in the last quarter. Capital International Investors lifted its holdings in Concentrix by 2.6% during the 4th quarter. Capital International Investors now owns 2,518,429 shares of the company’s stock worth $247,335,000 after buying an additional 64,001 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Concentrix by 5.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,397,083 shares of the company’s stock worth $137,213,000 after buying an additional 69,081 shares during the last quarter. Finally, Pzena Investment Management LLC boosted its position in shares of Concentrix by 246.3% during the 1st quarter. Pzena Investment Management LLC now owns 1,013,208 shares of the company’s stock worth $67,095,000 after acquiring an additional 720,616 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Concentrix Stock Performance

NASDAQ:CNXC traded up $0.69 during trading hours on Monday, reaching $67.56. 316,257 shares of the company’s stock were exchanged, compared to its average volume of 509,008. Concentrix Co. has a 1-year low of $53.89 and a 1-year high of $106.10. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21. The firm has a market capitalization of $4.41 billion, a price-to-earnings ratio of 15.48, a P/E/G ratio of 0.71 and a beta of 0.60. The company has a 50-day moving average of $63.28 and a 200 day moving average of $69.82.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, June 26th. The company reported $2.69 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.06. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.35 billion. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The business’s quarterly revenue was up 47.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.50 earnings per share. Research analysts anticipate that Concentrix Co. will post 10.8 EPS for the current year.

Concentrix Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 6th. Investors of record on Friday, July 26th will be issued a dividend of $0.303 per share. This represents a $1.21 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Friday, July 26th. Concentrix’s dividend payout ratio is presently 28.01%.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $63.21, for a total value of $25,284.00. Following the sale, the executive vice president now owns 30,127 shares of the company’s stock, valued at $1,904,327.67. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 1,200 shares of company stock worth $71,800 in the last three months. Insiders own 3.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Scotiabank lowered their price target on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a report on Monday, April 29th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $125.00 target price on shares of Concentrix in a research report on Thursday, June 27th. Barrington Research reissued an “outperform” rating and issued a $84.00 price target on shares of Concentrix in a research report on Friday, June 21st. Finally, Bank of America reaffirmed an “underperform” rating and set a $60.00 price objective (down previously from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Concentrix currently has a consensus rating of “Hold” and an average price target of $84.80.

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.