Mitsubishi UFJ Trust & Banking Corp Grows Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Concentrix Co. (NASDAQ:CNXC) by 362.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,418 shares of the company’s stock after acquiring an additional 10,517 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Concentrix were worth $581,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of 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 worth $71,850,000 after buying an additional 18,304 shares during the period. Nordea Investment Management AB raised its holdings in shares of Concentrix by 43.9% during the fourth quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock valued at $3,076,000 after acquiring an additional 21,568 shares in the last quarter. Neo Ivy Capital Management bought a new position in shares of Concentrix during the third quarter valued at approximately $2,844,000. Thompson Investment Management Inc. lifted its stake in Concentrix by 1,232.8% in the fourth quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock worth $6,076,000 after acquiring an additional 129,876 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Concentrix during the 4th quarter valued at $4,752,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Concentrix Stock Down 2.9 %

Concentrix stock opened at $54.03 on Wednesday. The stock has a market cap of $3.48 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The stock has a fifty day moving average of $48.27 and a 200 day moving average of $47.29. Concentrix Co. has a one year low of $36.28 and a one year high of $77.00.

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

Concentrix Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th will be given a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, April 25th. Concentrix’s payout ratio is 33.33%.

Insider Transactions at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the sale, the executive vice president now owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. The trade was a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.20% of the stock is currently 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.