Bank of Nova Scotia raised its stake in Concentrix Co. (NASDAQ:CNXC – Get Rating) by 34.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,776 shares of the company’s stock after acquiring an additional 1,233 shares during the quarter. Bank of Nova Scotia’s holdings in Concentrix were worth $648,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. Wilson Asset Management International PTY Ltd. purchased a new position in shares of Concentrix during the first quarter valued at approximately $21,836,000. Prudential Financial Inc. boosted its holdings in shares of Concentrix by 131.2% during the first quarter. Prudential Financial Inc. now owns 205,214 shares of the company’s stock worth $34,181,000 after purchasing an additional 116,465 shares during the last quarter. Causeway Capital Management LLC grew its position in shares of Concentrix by 22.1% in the first quarter. Causeway Capital Management LLC now owns 605,638 shares of the company’s stock valued at $100,875,000 after purchasing an additional 109,600 shares during the period. Invesco Ltd. grew its position in shares of Concentrix by 47.4% in the first quarter. Invesco Ltd. now owns 308,472 shares of the company’s stock valued at $51,380,000 after purchasing an additional 99,159 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ purchased a new position in Concentrix during the first quarter worth about $13,375,000. 93.24% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Separately, Barrington Research decreased their price target on Concentrix from $183.00 to $174.00 and set an “outperform” rating on the stock in a research note on Friday, September 30th.
Insider Transactions at Concentrix
Concentrix Stock Performance
Shares of CNXC stock opened at $120.12 on Monday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.67 and a current ratio of 1.67. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 0.90 and a beta of 0.69. Concentrix Co. has a one year low of $108.57 and a one year high of $208.48. The company has a 50 day moving average price of $119.22 and a 200 day moving average price of $131.62.
Concentrix (NASDAQ:CNXC – Get Rating) last released its quarterly earnings data on Wednesday, September 28th. The company reported $2.81 EPS for the quarter, topping analysts’ consensus estimates of $2.76 by $0.05. Concentrix had a return on equity of 21.55% and a net margin of 7.39%. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same period in the prior year, the firm posted $2.35 EPS. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. Sell-side analysts anticipate that Concentrix Co. will post 11.31 EPS for the current year.
Concentrix Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 8th. Stockholders of record on Friday, October 28th were paid a $0.275 dividend. This is a positive change from Concentrix’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a dividend yield of 0.92%. The ex-dividend date of this dividend was Thursday, October 27th. Concentrix’s payout ratio is currently 12.76%.
Concentrix Company Profile
Concentrix Corporation provides 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. It also offers customer lifecycle management; customer experience/user experience strategy and design; digital transformation; and voice of the customer and analytics solutions.
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