Concentrix Corporation (NASDAQ:CNXC - Get Free Report) major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the company's stock in a transaction dated 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 directly owned 2,773,667 shares of the company's stock, valued at approximately $61,714,090.75. This trade represents a 68.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Concentrix Stock Performance
Shares of CNXC stock opened at $24.53 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 stock has a market cap of $1.50 billion, a PE ratio of -1.14, a price-to-earnings-growth ratio of 0.30 and a beta of 0.37. The stock has a 50-day moving average of $29.47 and a 200-day moving average of $35.95. Concentrix Corporation has a one year low of $22.85 and a one year high of $62.14.
Concentrix (NASDAQ:CNXC - Get Free Report) last announced its quarterly earnings results on Tuesday, March 24th. The company reported $2.61 EPS for the quarter, missing analysts' consensus estimates of $2.65 by ($0.04). The company had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.49 billion. Concentrix had a negative net margin of 13.35% and a positive return on equity of 17.80%. The business's revenue was up 5.4% compared to the same quarter last year. During the same period last year, the company earned $2.79 earnings per share. As a group, sell-side analysts expect that Concentrix Corporation will post 10.42 earnings per share for the current year.
Concentrix Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Friday, April 24th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Friday, April 24th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.9%. Concentrix's dividend payout ratio is -6.68%.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on CNXC shares. Wall Street Zen cut Concentrix from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Barrington Research lowered their target price on Concentrix from $62.00 to $38.00 and set an "outperform" rating for the company in a research note on Wednesday, March 25th. Weiss Ratings reissued a "sell (d)" rating on shares of Concentrix in a research note on Monday. Canaccord Genuity Group lowered their target price on Concentrix from $80.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, March 25th. Finally, Robert W. Baird lowered their target price on Concentrix from $52.00 to $40.00 and set an "outperform" rating for the company in a research note on Wednesday, March 25th. Three 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, Concentrix presently has an average rating of "Hold" and an average price target of $48.50.
Check Out Our Latest Stock Analysis on CNXC
Hedge Funds Weigh In On Concentrix
Several hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC grew its stake in shares of Concentrix by 1.8% during the 3rd 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 in the last quarter. Pzena Investment Management LLC grew its stake in shares of Concentrix by 0.5% during the 1st quarter. Pzena Investment Management LLC now owns 2,943,212 shares of the company's stock worth $80,526,000 after acquiring an additional 16,016 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Concentrix by 28.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,491,270 shares of the company's stock worth $103,588,000 after acquiring an additional 551,778 shares in the last quarter. State Street Corp grew its stake in shares of Concentrix by 8.7% during the 2nd 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 in the last quarter. Finally, Invenomic Capital Management LP grew its stake in shares of Concentrix by 6.3% during the 4th quarter. Invenomic Capital Management LP now owns 874,241 shares of the company's stock worth $36,351,000 after acquiring an additional 51,896 shares in the last quarter. 90.34% of the stock is owned by institutional investors.
About Concentrix
(
Get Free Report)
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.
Further Reading
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