Mitsubishi UFJ Trust & Banking Corp Purchases 10,517 Shares of Concentrix Co. (NASDAQ:CNXC)

Mitsubishi UFJ Trust & Banking Corp grew its holdings in Concentrix Co. (NASDAQ:CNXC) by 362.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,418 shares of the company’s stock after acquiring an additional 10,517 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Concentrix were worth $581,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. State Street Corp boosted its holdings in shares of Concentrix by 1.3% during the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company’s stock valued at $71,850,000 after purchasing an additional 18,304 shares during the last quarter. Nordea Investment Management AB lifted its position in Concentrix by 43.9% in the fourth quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock worth $3,076,000 after buying an additional 21,568 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Concentrix during the 3rd quarter worth about $2,844,000. Thompson Investment Management Inc. boosted its stake in shares of Concentrix by 1,232.8% during the fourth quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock valued at $6,076,000 after purchasing an additional 129,876 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Concentrix during the fourth quarter valued at approximately $4,752,000. 90.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the sale, the executive vice president now owns 41,111 shares in the company, valued at approximately $2,285,771.60. This represents a 1.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 3.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CNXC. Canaccord Genuity Group decreased their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Bank of America increased their price objective on Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a report on Thursday, March 27th. Finally, Barrington Research cut their price target on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, March 24th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $69.60.

Concentrix Trading Down 2.9 %

Shares of NASDAQ:CNXC opened at $54.03 on Wednesday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. Concentrix Co. has a 52-week low of $36.28 and a 52-week high of $77.00. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 0.63 and a beta of 0.69. The business has a 50-day moving average price of $48.27 and a 200-day moving average price of $47.29.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.58 by $0.21. The company had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.37 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. Concentrix’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period last year, the firm posted $2.57 EPS. Equities analysts predict that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be issued a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.46%. The ex-dividend date is Friday, April 25th. Concentrix’s payout ratio is 33.33%.

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.