Martingale Asset Management L P Decreases Stock Position in Concentrix Co. (NASDAQ:CNXC)

Martingale Asset Management L P reduced its stake in Concentrix Co. (NASDAQ:CNXCGet Rating) by 6.2% in the second quarter, Holdings Channel.com reports. The fund owned 1,982 shares of the company’s stock after selling 130 shares during the period. Martingale Asset Management L P’s holdings in Concentrix were worth $270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Concentrix by 0.3% during the first quarter. Vanguard Group Inc. now owns 4,153,233 shares of the company’s stock worth $691,762,000 after purchasing an additional 11,443 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Concentrix by 1.0% in the first quarter. BlackRock Inc. now owns 3,668,975 shares of the company’s stock worth $611,103,000 after buying an additional 35,619 shares during the period. Wellington Management Group LLP increased its holdings in shares of Concentrix by 0.4% in the first quarter. Wellington Management Group LLP now owns 1,207,876 shares of the company’s stock worth $201,184,000 after buying an additional 4,920 shares during the period. State Street Corp increased its holdings in shares of Concentrix by 3.4% in the first quarter. State Street Corp now owns 1,132,010 shares of the company’s stock worth $188,548,000 after buying an additional 37,693 shares during the period. Finally, Causeway Capital Management LLC increased its holdings 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 worth $100,875,000 after buying an additional 109,600 shares during the period. 93.24% of the stock is owned by institutional investors.

Concentrix Stock Up 0.6 %

Shares of NASDAQ:CNXC opened at $119.11 on Thursday. Concentrix Co. has a 1 year low of $108.57 and a 1 year high of $208.48. The company has a market cap of $6.15 billion, a PE ratio of 13.82, a P/E/G ratio of 0.89 and a beta of 0.69. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.67 and a quick ratio of 1.67. The stock’s 50-day moving average is $118.83 and its 200 day moving average is $131.02.

Concentrix (NASDAQ:CNXCGet Rating) last announced its quarterly earnings results on Wednesday, September 28th. The company reported $2.81 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the previous year, the business earned $2.35 EPS. Concentrix’s revenue was up 13.1% compared to the same quarter last year. 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. Shareholders of record on Friday, October 28th were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 0.92%. This is a boost from Concentrix’s previous quarterly dividend of $0.25. The ex-dividend date was Thursday, October 27th. Concentrix’s payout ratio is presently 12.76%.

Insider Buying and Selling at Concentrix

In other Concentrix news, Director Dennis Polk sold 10,000 shares of Concentrix stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $113.33, for a total transaction of $1,133,300.00. Following the sale, the director now directly owns 16,518 shares of the company’s stock, valued at approximately $1,871,984.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Concentrix news, EVP Cormac J. Twomey sold 2,213 shares of Concentrix stock in a transaction that occurred on Tuesday, October 11th. The stock was sold at an average price of $119.63, for a total transaction of $264,741.19. Following the sale, the executive vice president now directly owns 25,319 shares of the company’s stock, valued at approximately $3,028,911.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dennis Polk sold 10,000 shares of Concentrix stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $113.33, for a total value of $1,133,300.00. Following the sale, the director now directly owns 16,518 shares in the company, valued at $1,871,984.94. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,644 shares of company stock valued at $2,667,540. 0.98% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Barrington Research reduced their price target on Concentrix from $183.00 to $174.00 and set an “outperform” rating on the stock in a report on Friday, September 30th.

Concentrix Profile

(Get Rating)

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.

See Also

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Institutional Ownership by Quarter for Concentrix (NASDAQ:CNXC)

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