Vanguard Group Inc. Has $205.10 Million Holdings in Concentrix Corporation $CNXC

Vanguard Group Inc. cut its stake in Concentrix Corporation (NASDAQ:CNXC) by 2.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,932,539 shares of the company’s stock after selling 124,473 shares during the period. Vanguard Group Inc. owned 0.08% of Concentrix worth $205,095,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. AQR Capital Management LLC raised its stake in shares of Concentrix by 1.8% in the third quarter. AQR Capital Management LLC now owns 4,380,821 shares of the company’s stock worth $202,175,000 after acquiring an additional 75,352 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Concentrix by 18.4% in the third quarter. Dimensional Fund Advisors LP now owns 1,939,492 shares of the company’s stock worth $89,515,000 after acquiring an additional 301,550 shares during the last quarter. State Street Corp raised its stake in shares of Concentrix by 8.7% in the second quarter. State Street Corp now owns 1,622,854 shares of the company’s stock worth $85,776,000 after acquiring an additional 130,529 shares during the last quarter. Invenomic Capital Management LP raised its stake in shares of Concentrix by 19.7% in the third quarter. Invenomic Capital Management LP now owns 822,345 shares of the company’s stock worth $37,951,000 after acquiring an additional 135,429 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Concentrix by 8.5% in the third quarter. First Trust Advisors LP now owns 585,308 shares of the company’s stock worth $27,012,000 after acquiring an additional 46,102 shares during the last quarter. 90.34% of the stock is owned by institutional investors.

Insider Activity at Concentrix

In other Concentrix news, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $22.25, for a total value of $133,500,000.00. Following the completion of the sale, the insider owned 2,773,667 shares of the company’s stock, valued at approximately $61,714,090.75. This represents a 68.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andre S. Valentine bought 2,500 shares of the stock in a transaction on Thursday, April 9th. The stock was purchased at an average cost of $27.95 per share, with a total value of $69,875.00. Following the purchase, the chief financial officer directly owned 89,066 shares of the company’s stock, valued at approximately $2,489,394.70. This represents a 2.89% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.90% of the stock is currently owned by corporate insiders.

Concentrix Trading Down 4.7%

CNXC opened at $24.27 on Friday. The company has a debt-to-equity ratio of 1.43, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -1.13, a price-to-earnings-growth ratio of 0.30 and a beta of 0.37. The firm has a 50 day simple moving average of $29.07 and a 200 day simple moving average of $35.39. Concentrix Corporation has a fifty-two week low of $22.85 and a fifty-two week high of $62.14.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Tuesday, March 24th. The company reported $2.61 earnings per share for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.04). The business had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. Concentrix had a positive return on equity of 17.80% and a negative net margin of 13.35%.The company’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period last year, the firm earned $2.79 earnings per share. On average, sell-side analysts anticipate that Concentrix Corporation will post 10.42 earnings per share for the current year.

Concentrix Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Friday, April 24th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend was Friday, April 24th. Concentrix’s dividend payout ratio is presently -6.68%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CNXC. Wall Street Zen downgraded shares of Concentrix from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Concentrix in a research note on Monday, April 27th. Canaccord Genuity Group dropped their target price on shares of Concentrix from $80.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Barrington Research dropped their target price on shares of Concentrix from $62.00 to $38.00 and set an “outperform” rating for the company in a research note on Wednesday, March 25th. Finally, Robert W. Baird dropped their target price on shares of Concentrix from $52.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, March 25th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $48.50.

About Concentrix

Concentrix Inc (NASDAQ: CNXC) is a global business services company specializing in customer engagement solutions and technology‐driven business process outsourcing. The firm’s offerings encompass customer care delivered across voice and digital channels, back‐office processing, analytics and consulting, and automated workflow management. By integrating proprietary platforms, strategic partnerships and advanced automation, Concentrix helps clients enhance customer experiences and streamline operations.

Its capabilities extend to digital marketing and technology implementation, leveraging artificial intelligence, machine learning and data analytics to optimize customer journeys.