Nierenberg Investment Management Company Inc. Has $2.79 Million Position in Concentrix Co. (NASDAQ:CNXC)

Nierenberg Investment Management Company Inc. boosted its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 87.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,480 shares of the company’s stock after purchasing an additional 30,170 shares during the quarter. Concentrix accounts for approximately 1.6% of Nierenberg Investment Management Company Inc.’s holdings, making the stock its 11th biggest position. Nierenberg Investment Management Company Inc. owned 0.10% of Concentrix worth $2,790,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC boosted its position in Concentrix by 81.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the last quarter. Venturi Wealth Management LLC grew its position in shares of Concentrix by 159.6% in the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after purchasing an additional 490 shares during the period. Parkside Financial Bank & Trust increased its position in shares of Concentrix by 58.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock worth $52,000 after acquiring an additional 444 shares in the last quarter. KBC Group NV raised its stake in shares of Concentrix by 68.3% in the 4th quarter. KBC Group NV now owns 2,008 shares of the company’s stock valued at $87,000 after purchasing an additional 815 shares during the period. Finally, SRS Capital Advisors Inc. raised its position in Concentrix by 665.0% in the 4th quarter. SRS Capital Advisors Inc. now owns 4,169 shares of the company’s stock valued at $180,000 after buying an additional 3,624 shares during the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Concentrix Stock Down 2.2 %

Shares of NASDAQ CNXC opened at $47.19 on Tuesday. The stock has a market capitalization of $3.04 billion, a P/E ratio of 12.72, a PEG ratio of 0.63 and a beta of 0.51. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. Concentrix Co. has a 52 week low of $36.28 and a 52 week high of $77.00. The stock’s fifty day moving average is $48.09 and its 200 day moving average is $46.87.

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. The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter last year, the business posted $2.57 EPS. Sell-side analysts forecast that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Friday, April 25th will be paid a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend is Friday, April 25th. Concentrix’s payout ratio is 33.33%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CNXC. Barrington Research reduced their price target on Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, March 24th. Canaccord Genuity Group cut their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Finally, Bank of America increased their price target on Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, March 27th. One equities 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $69.60.

Insider Transactions at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the firm’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 sale, the executive vice president now 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 sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 3.20% of the company’s stock.

Concentrix 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.