Pzena Investment Management LLC Sells 16,268 Shares of Concentrix Co. (NASDAQ:CNXC)

Pzena Investment Management LLC decreased its holdings in Concentrix Co. (NASDAQ:CNXC) by 1.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,468,639 shares of the company’s stock after selling 16,268 shares during the quarter. Pzena Investment Management LLC’s holdings in Concentrix were worth $75,268,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CNXC. SummerHaven Investment Management LLC boosted its stake in Concentrix by 2.9% in the second quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company’s stock valued at $548,000 after acquiring an additional 248 shares in the last quarter. 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 purchasing an additional 285 shares during the last quarter. GAMMA Investing LLC increased 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 during the period. nVerses Capital LLC raised its stake in shares of Concentrix by 10.7% in the second quarter. nVerses Capital LLC now owns 3,100 shares of the company’s stock worth $196,000 after purchasing an additional 300 shares during the last quarter. Finally, Hexagon Capital Partners LLC lifted 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 worth $25,000 after purchasing an additional 389 shares during the period. Institutional investors own 90.34% of the company’s stock.

Concentrix Price Performance

Shares of CNXC stock traded up $1.23 during trading hours on Wednesday, hitting $38.49. 67,888 shares of the company’s stock were exchanged, compared to its average volume of 561,172. The firm has a 50 day moving average of $50.02 and a two-hundred day moving average of $59.97. Concentrix Co. has a fifty-two week low of $36.28 and a fifty-two week high of $106.10. The firm has a market cap of $2.49 billion, a P/E ratio of 12.10, a P/E/G ratio of 0.53 and a beta of 0.61. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.06). The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations 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 quarter last year, the firm posted $2.54 earnings per share. Sell-side analysts forecast that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were given a dividend of $0.333 per share. The ex-dividend date of this dividend was Friday, October 25th. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a yield of 3.46%. Concentrix’s payout ratio is presently 43.18%.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the transaction, the executive vice president now owns 29,327 shares in the company, valued at $2,188,674.01. The trade was a 1.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,267 shares of company stock valued at $648,945. Corporate insiders own 3.10% of the company’s stock.

Wall Street Analyst Weigh In

CNXC has been the topic of several research reports. Bank of America cut their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Baird R W raised shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Robert W. Baird assumed coverage on shares of Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price for the company. Canaccord Genuity Group cut their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th. Finally, Barrington Research decreased their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Concentrix has a consensus rating of “Buy” and a consensus target price of $79.00.

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.