Concentrix Co. (NASDAQ:CNXC) Stake Boosted by Loomis Sayles & Co. L P

Loomis Sayles & Co. L P raised its position in shares of Concentrix Co. (NASDAQ:CNXC) by 8.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 305,492 shares of the company’s stock after buying an additional 22,815 shares during the quarter. Loomis Sayles & Co. L P owned 0.47% of Concentrix worth $15,657,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CNXC. Hexagon Capital Partners LLC grew its holdings in shares of Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after buying an additional 389 shares in the last quarter. GAMMA Investing LLC boosted its position in Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after acquiring an additional 402 shares during the period. First Horizon Advisors Inc. grew its stake in Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after acquiring an additional 285 shares in the last quarter. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Concentrix in the 2nd quarter valued at about $68,000. Finally, Quarry LP increased its holdings in shares of Concentrix by 769.9% in the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock valued at $79,000 after purchasing an additional 1,101 shares during the period. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the completion of the sale, the executive vice president now owns 27,783 shares in the company, valued at $1,427,490.54. This represents a 5.26 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher A. Caldwell sold 9,823 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the sale, the chief executive officer now directly owns 241,841 shares in the company, valued at $12,745,020.70. This trade represents a 3.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,267 shares of company stock valued at $648,945 over the last 90 days. 3.10% of the stock is currently owned by company insiders.

Concentrix Stock Down 0.5 %

CNXC stock opened at $44.56 on Wednesday. The firm has a market cap of $2.89 billion, a PE ratio of 14.47, a PEG ratio of 0.61 and a beta of 0.61. Concentrix Co. has a 1 year low of $36.28 and a 1 year high of $106.10. The company has a fifty day simple moving average of $47.61 and a 200 day simple moving average of $59.32. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. Concentrix’s quarterly revenue was up 46.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.54 EPS. Sell-side analysts anticipate that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were issued a dividend of $0.333 per share. This represents a $1.33 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend was Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio (DPR) is 43.18%.

Wall Street Analyst Weigh In

CNXC has been the topic of a number of research analyst reports. Barrington Research lowered their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Robert W. Baird started coverage on shares of Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price target on the stock. Canaccord Genuity Group cut their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, September 26th. Baird R W upgraded Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Bank of America cut their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday, September 26th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Concentrix presently has an average rating of “Buy” and an average target price of $79.00.

Concentrix Company Profile

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.