Loomis Sayles & Co. L P Has $15.66 Million Stake in Concentrix Co. (NASDAQ:CNXC)

Loomis Sayles & Co. L P grew its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 8.1% in the third quarter, Holdings Channel reports. The institutional investor owned 305,492 shares of the company’s stock after purchasing an additional 22,815 shares during the period. Loomis Sayles & Co. L P’s holdings in Concentrix were worth $15,657,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Pzena Investment Management LLC lifted its position in shares of Concentrix by 46.6% in the 2nd quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock worth $93,965,000 after acquiring an additional 471,699 shares during the period. Copeland Capital Management LLC lifted its position in Concentrix by 1.8% in the third quarter. Copeland Capital Management LLC now owns 1,003,375 shares of the company’s stock worth $51,423,000 after purchasing an additional 17,653 shares during the period. 1832 Asset Management L.P. acquired a new stake in Concentrix during the second quarter worth $62,738,000. AQR Capital Management LLC increased its holdings in Concentrix by 74.4% in the 2nd quarter. AQR Capital Management LLC now owns 813,864 shares of the company’s stock valued at $51,160,000 after buying an additional 347,230 shares during the period. Finally, Paradigm Capital Management Inc. NY increased its holdings in Concentrix by 126.4% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 623,542 shares of the company’s stock valued at $39,458,000 after buying an additional 348,100 shares during the period. Institutional investors own 90.34% of the company’s stock.

Concentrix Stock Performance

NASDAQ CNXC opened at $44.56 on Wednesday. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 0.61 and a beta of 0.61. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $106.10. The company has a 50 day moving average of $47.61 and a 200-day moving average of $59.32.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.06). The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The company’s revenue for the quarter was up 46.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.54 EPS. On average, equities analysts forecast that Concentrix Co. will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were given a dividend of $0.333 per share. This is an increase from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date was Friday, October 25th. This represents a $1.33 annualized dividend and a yield of 2.99%. Concentrix’s dividend payout ratio is 43.18%.

Insiders Place Their Bets

In other news, CEO Christopher A. Caldwell sold 9,823 shares of the company’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now owns 241,841 shares of the company’s stock, valued at $12,745,020.70. This represents a 3.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Cormac J. Twomey sold 400 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the transaction, the executive vice president now owns 29,327 shares in the company, valued at approximately $2,188,674.01. This represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,267 shares of company stock valued at $648,945 in the last 90 days. 3.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CNXC shares. Robert W. Baird assumed coverage on shares of Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price on the stock. Canaccord Genuity Group cut their price target on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, September 26th. Baird R W upgraded Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Barrington Research dropped their target price on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Finally, Bank of America lowered their price target on Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, September 26th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $79.00.

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.