ARGA Investment Management LP Buys New Position in Concentrix Co. (NASDAQ:CNXC)

ARGA Investment Management LP bought a new stake in Concentrix Co. (NASDAQ:CNXC) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 10,934 shares of the company’s stock, valued at approximately $473,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC grew its holdings in shares of Concentrix by 64.9% in the third quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after purchasing an additional 287 shares in the last quarter. KBC Group NV grew its stake in shares of Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock worth $87,000 after acquiring an additional 815 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Concentrix during the third quarter worth $146,000. Blue Trust Inc. raised its stake in shares of Concentrix by 62.4% in the third quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock valued at $161,000 after acquiring an additional 1,204 shares in the last quarter. Finally, Parametrica Management Ltd purchased a new position in Concentrix in the third quarter valued at $214,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group cut their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Concentrix has a consensus rating of “Buy” and a consensus target price of $75.00.

Insiders Place Their Bets

In related news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the sale, the executive vice president now owns 41,111 shares in the company, valued at $2,285,771.60. This represents a 1.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 1,500 shares of company stock valued at $72,400 over the last quarter. Company insiders own 3.10% of the company’s stock.

Concentrix Stock Down 0.9 %

CNXC stock opened at $48.99 on Wednesday. The stock has a market cap of $3.15 billion, a P/E ratio of 13.20, a PEG ratio of 0.72 and a beta of 0.66. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $86.55. The company’s 50 day moving average is $46.26 and its two-hundred day moving average is $53.33.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, topping the consensus estimate of $3.01 by $0.25. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same period last year, the business earned $3.36 EPS. Concentrix’s revenue for the quarter was up 9.7% compared to the same quarter last year. Research analysts expect that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 11th. Investors of record on Friday, January 31st will be paid a dividend of $0.3328 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a yield of 2.72%. Concentrix’s dividend payout ratio is presently 35.85%.

About Concentrix

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.