ARGA Investment Management LP Buys Shares of 10,934 Concentrix Co. (NASDAQ:CNXC)

ARGA Investment Management LP bought a new stake in Concentrix Co. (NASDAQ:CNXC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 10,934 shares of the company’s stock, valued at approximately $473,000.

A number of other institutional investors have also recently made changes to their positions in CNXC. State Street Corp lifted its holdings in Concentrix by 1.3% in 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 in the last quarter. Copeland Capital Management LLC raised its position in shares of Concentrix by 32.9% in the fourth quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock valued at $57,688,000 after buying an additional 329,831 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Concentrix by 5.2% in the third 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 in the last quarter. Invenomic Capital Management LP boosted its position in Concentrix by 354.3% during the third quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock worth $24,202,000 after acquiring an additional 368,295 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in Concentrix by 8.1% during the 3rd quarter. Loomis Sayles & Co. L P now owns 305,492 shares of the company’s stock valued at $15,657,000 after acquiring an additional 22,815 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Concentrix Stock Performance

Concentrix stock opened at $48.99 on Wednesday. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 0.72 and a beta of 0.66. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. The firm has a 50 day simple moving average of $46.26 and a 200-day simple moving average of $53.33. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $86.55.

Concentrix (NASDAQ:CNXC) last issued 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 return on equity of 16.67% and a net margin of 2.61%. The company had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same period in the prior year, the business posted $3.36 earnings per share. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, analysts expect that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st will be given a $0.3328 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a yield of 2.72%. Concentrix’s payout ratio is currently 35.85%.

Insiders Place Their Bets

In related news, Director Kathryn Hayley acquired 500 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were purchased at an average cost of $50.22 per share, for a total transaction of $25,110.00. Following the acquisition, the director now owns 3,034 shares in the company, valued at $152,367.48. The trade was a 19.73 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 1,500 shares of company stock valued at $72,400 over the last 90 days. 3.10% of the stock is owned by company insiders.

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.