Victory Capital Management Inc. Has $2.81 Million Stake in Concentrix Co. (NASDAQ:CNXC)

Victory Capital Management Inc. lifted its holdings in shares of Concentrix Co. (NASDAQ:CNXC) by 125.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 64,907 shares of the company’s stock after acquiring an additional 36,134 shares during the period. Victory Capital Management Inc.’s holdings in Concentrix were worth $2,809,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. State Street Corp grew its position 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 worth $71,850,000 after buying an additional 18,304 shares during the period. Copeland Capital Management LLC grew its position in shares of Concentrix by 32.9% during the 4th quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock worth $57,688,000 after buying an additional 329,831 shares during the period. Geode Capital Management LLC grew its position in shares of Concentrix by 5.2% during the 3rd quarter. Geode Capital Management LLC now owns 878,092 shares of the company’s stock worth $45,013,000 after buying an additional 43,295 shares during the period. Invenomic Capital Management LP grew its position in shares of Concentrix by 354.3% during the 3rd quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock worth $24,202,000 after buying an additional 368,295 shares during the period. Finally, Loomis Sayles & Co. L P grew its position in shares of Concentrix by 8.1% during the 3rd quarter. Loomis Sayles & Co. L P now owns 305,492 shares of the company’s stock worth $15,657,000 after buying an additional 22,815 shares during the period. Institutional investors and hedge funds own 90.34% of the company’s stock.

Concentrix Stock Up 3.9 %

Concentrix stock opened at $45.02 on Monday. The company’s 50 day simple moving average is $47.66 and its 200 day simple moving average is $49.18. Concentrix Co. has a fifty-two week low of $36.28 and a fifty-two week high of $77.00. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 0.63 and a beta of 0.69. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share 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 business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter last year, the firm earned $3.36 EPS. Concentrix’s quarterly revenue was up 9.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st were paid a $0.3328 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix’s payout ratio is currently 35.85%.

Insider Buying and Selling at Concentrix

In related news, Director Kathryn Hayley purchased 500 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were purchased at an average price of $50.22 per share, with a total value of $25,110.00. Following the completion of the purchase, the director now owns 3,034 shares in the company, valued at $152,367.48. This represents a 19.73 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

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

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.