Legal & General Group Plc Buys 1,697 Shares of Concentrix Co. (NASDAQ:CNXC)

Legal & General Group Plc grew its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 1.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 115,217 shares of the company’s stock after buying an additional 1,697 shares during the period. Legal & General Group Plc’s holdings in Concentrix were worth $4,985,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CNXC. Nordea Investment Management AB increased its holdings in Concentrix by 43.9% during the 4th quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock worth $3,076,000 after acquiring an additional 21,568 shares during the period. Thompson Investment Management Inc. boosted its stake in 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 buying an additional 129,876 shares during the period. Raymond James Financial Inc. purchased a new position in Concentrix during the fourth quarter worth about $4,752,000. American Century Companies Inc. bought a new position in Concentrix in the 4th quarter worth about $539,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Concentrix in the 4th quarter valued at about $294,000. 90.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, Director Olivier Duha sold 29,444 shares of Concentrix stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total value of $1,428,622.88. Following the sale, the director now directly owns 1,155,862 shares in the company, valued at approximately $56,082,424.24. This trade represents a 2.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Cormac J. Twomey sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total value of $27,800.00. Following the transaction, the executive vice president now directly owns 41,111 shares in the company, valued at $2,285,771.60. This trade represents a 1.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 30,444 shares of company stock valued at $1,484,078 in the last quarter. Insiders own 3.20% of the company’s stock.

Concentrix Stock Performance

NASDAQ CNXC opened at $46.87 on Tuesday. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 0.63 and a beta of 0.51. The company has a 50-day simple moving average of $47.53 and a two-hundred day simple moving average of $46.24. 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 12-month low of $36.28 and a 12-month high of $77.00.

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 the consensus estimate of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same period last year, the company earned $2.57 EPS. Concentrix’s revenue for the quarter was down 1.3% compared to the same quarter last year. On average, equities analysts forecast that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be given a dividend of $0.3328 per share. The ex-dividend date of this dividend is Friday, April 25th. This represents a $1.33 annualized dividend and a yield of 2.84%. Concentrix’s payout ratio is currently 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.