Concentrix Corporation $CNXC Shares Sold by Lyrical Asset Management LP

Lyrical Asset Management LP lessened its holdings in Concentrix Corporation (NASDAQ:CNXC) by 6.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,191,702 shares of the company’s stock after selling 86,427 shares during the period. Lyrical Asset Management LP’s holdings in Concentrix were worth $49,551,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Huntington National Bank lifted its holdings in Concentrix by 6,011.1% during the third quarter. Huntington National Bank now owns 550 shares of the company’s stock valued at $25,000 after purchasing an additional 541 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in Concentrix by 532.7% in the first quarter. Geneos Wealth Management Inc. now owns 620 shares of the company’s stock valued at $34,000 after buying an additional 522 shares during the last quarter. Larson Financial Group LLC lifted its stake in Concentrix by 224.9% during the third quarter. Larson Financial Group LLC now owns 692 shares of the company’s stock worth $32,000 after purchasing an additional 479 shares in the last quarter. Rothschild Investment LLC grew its holdings in shares of Concentrix by 14,980.0% in the third quarter. Rothschild Investment LLC now owns 754 shares of the company’s stock valued at $35,000 after purchasing an additional 749 shares in the last quarter. Finally, Allworth Financial LP grew its position in shares of Concentrix by 90.6% during the third quarter. Allworth Financial LP now owns 856 shares of the company’s stock worth $40,000 after buying an additional 407 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Andre S. Valentine acquired 2,500 shares of the business’s stock in a transaction dated Thursday, April 9th. The shares were acquired at an average cost of $27.95 per share, for a total transaction of $69,875.00. Following the acquisition, the chief financial officer directly owned 89,066 shares in the company, valued at approximately $2,489,394.70. The trade was a 2.89% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the firm’s 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 completion of the sale, the insider directly owned 2,773,667 shares in the company, valued at $61,714,090.75. This represents a 68.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CNXC shares. Canaccord Genuity Group decreased their target price on Concentrix from $80.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Weiss Ratings reissued a “sell (d)” rating on shares of Concentrix in a report on Monday, April 27th. Robert W. Baird lowered their target price on shares of Concentrix from $52.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 25th. Wall Street Zen downgraded Concentrix from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Finally, Barrington Research lowered their price objective on shares of Concentrix from $62.00 to $38.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 25th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $48.50.

Concentrix Stock Performance

Shares of CNXC stock opened at $27.82 on Monday. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of -1.29, a PEG ratio of 0.35 and a beta of 0.43. 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 firm has a 50-day moving average price of $26.54 and a 200 day moving average price of $33.25. Concentrix Corporation has a twelve month low of $22.05 and a twelve month high of $62.14.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings data on Tuesday, March 24th. The company reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the previous year, the company posted $2.79 EPS. The business’s quarterly revenue was up 5.4% on a year-over-year basis. Research analysts forecast that Concentrix Corporation will post 10.42 earnings per share for the current fiscal year.

Concentrix Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors 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 annualized dividend and a yield of 5.2%. Concentrix’s dividend payout ratio is -6.68%.

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.