Jupiter Asset Management Ltd. Buys Shares of 466,200 Concentrix Corporation $CNXC

Jupiter Asset Management Ltd. purchased a new position in shares of Concentrix Corporation (NASDAQ:CNXC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 466,200 shares of the company’s stock, valued at approximately $19,385,000.

A number of other large investors have also modified their holdings of the business. Osaic Holdings Inc. grew its stake in shares of Concentrix by 13.4% during the second quarter. Osaic Holdings Inc. now owns 2,222 shares of the company’s stock worth $118,000 after acquiring an additional 263 shares during the last quarter. Clearstead Advisors LLC boosted its position in Concentrix by 26.4% in the third quarter. Clearstead Advisors LLC now owns 1,650 shares of the company’s stock valued at $76,000 after buying an additional 345 shares during the last quarter. Brevan Howard Capital Management LP boosted its position in Concentrix by 4.5% in the second quarter. Brevan Howard Capital Management LP now owns 8,951 shares of the company’s stock valued at $473,000 after buying an additional 384 shares during the last quarter. California State Teachers Retirement System boosted its position in Concentrix by 1.1% in the second quarter. California State Teachers Retirement System now owns 36,387 shares of the company’s stock valued at $1,923,000 after buying an additional 384 shares during the last quarter. Finally, Orion Porfolio Solutions LLC boosted its position in Concentrix by 7.5% in the third quarter. Orion Porfolio Solutions LLC now owns 5,679 shares of the company’s stock valued at $262,000 after buying an additional 398 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $22.25, for a total transaction of $133,500,000.00. Following the transaction, the insider owned 2,773,667 shares in the company, valued at $61,714,090.75. This trade represents a 68.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Andre S. Valentine bought 2,500 shares of the firm’s stock in a transaction dated Thursday, April 9th. The shares were acquired at an average price of $27.95 per share, for a total transaction of $69,875.00. Following the transaction, the chief financial officer directly owned 89,066 shares in the company, valued at approximately $2,489,394.70. This represents a 2.89% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.90% of the company’s stock.

Concentrix Trading Up 6.8%

Concentrix stock opened at $28.29 on Friday. Concentrix Corporation has a 12 month low of $22.05 and a 12 month high of $62.14. The firm has a market cap of $1.73 billion, a PE ratio of -1.31, a P/E/G ratio of 0.33 and a beta of 0.37. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.43. The stock’s 50 day simple moving average is $26.64 and its two-hundred day simple moving average is $33.48.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Tuesday, March 24th. The company reported $2.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.65 by ($0.04). Concentrix had a negative net margin of 13.35% and a positive return on equity of 17.80%. The business had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. During the same quarter last year, the business earned $2.79 EPS. The company’s quarterly revenue was up 5.4% on a year-over-year basis. Analysts anticipate that Concentrix Corporation will post 10.42 earnings per share for the current year.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Friday, April 24th were given a dividend of $0.36 per share. The ex-dividend date was Friday, April 24th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 5.1%. Concentrix’s dividend payout ratio (DPR) is -6.68%.

Wall Street Analysts Forecast Growth

CNXC has been the topic of a number of recent research reports. Barrington Research dropped their target price on Concentrix from $62.00 to $38.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 25th. Weiss Ratings reiterated a “sell (d)” rating on shares of Concentrix in a research report on Monday, April 27th. Canaccord Genuity Group dropped their target price on Concentrix from $80.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, March 25th. Wall Street Zen lowered Concentrix from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Finally, Robert W. Baird lowered their price objective on Concentrix from $52.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 25th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $48.50.

Concentrix Profile

Concentrix Inc (NASDAQ: CNXC) is a global business services company specializing in customer engagement solutions and technology‐driven business process outsourcing. The firm’s offerings encompass customer care delivered across voice and digital channels, back‐office processing, analytics and consulting, and automated workflow management. By integrating proprietary platforms, strategic partnerships and advanced automation, Concentrix helps clients enhance customer experiences and streamline operations.

Its capabilities extend to digital marketing and technology implementation, leveraging artificial intelligence, machine learning and data analytics to optimize customer journeys.