Voya Investment Management LLC Sells 15,653 Shares of Concentrix Co. (NASDAQ:CNXC)

Voya Investment Management LLC cut its holdings in Concentrix Co. (NASDAQ:CNXC) by 73.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,745 shares of the company’s stock after selling 15,653 shares during the quarter. Voya Investment Management LLC’s holdings in Concentrix were worth $249,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CNXC. Steward Partners Investment Advisory LLC raised its stake in Concentrix by 81.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the last quarter. Venturi Wealth Management LLC raised its stake in Concentrix by 159.6% in the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after buying an additional 490 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in Concentrix by 58.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock valued at $52,000 after buying an additional 444 shares during the last quarter. KBC Group NV raised its stake in Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock valued at $87,000 after buying an additional 815 shares during the last quarter. Finally, Sterling Capital Management LLC raised its stake in Concentrix by 49.7% in the fourth quarter. Sterling Capital Management LLC now owns 2,817 shares of the company’s stock valued at $122,000 after buying an additional 935 shares during the last quarter. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on CNXC. Bank of America increased their price target on Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, March 27th. Canaccord Genuity Group reduced their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Finally, Barrington Research reduced their price objective on Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, March 24th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $65.75.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $50.70, for a total transaction of $25,350.00. Following the sale, the executive vice president now directly owns 38,630 shares of the company’s stock, valued at $1,958,541. This trade represents a 1.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher A. Caldwell bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, April 21st. The shares were bought at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the completion of the acquisition, the chief executive officer now owns 303,362 shares of the company’s stock, valued at $13,954,652. This trade represents a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 30,444 shares of company stock valued at $1,481,628 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Concentrix Trading Up 4.4%

Shares of NASDAQ:CNXC opened at $55.66 on Tuesday. 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 $3.56 billion, a price-to-earnings ratio of 15.00, a PEG ratio of 0.63 and a beta of 0.52. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The business has a 50-day moving average price of $49.05 and a 200-day moving average price of $46.57.

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

Concentrix Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 6th. Investors of record on Friday, April 25th were issued a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a yield of 2.39%. The ex-dividend date was Friday, April 25th. Concentrix’s dividend payout ratio (DPR) is 33.33%.

Concentrix 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.