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

Posted by on May 30th, 2023

Mitsubishi UFJ Trust & Banking Corp boosted its position in Concentrix Co. (NASDAQ:CNXC – Get Rating) by 20.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,637 shares of the company’s stock after purchasing an additional 447 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Concentrix were worth $351,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of CNXC. Cambridge Investment Research Advisors Inc. boosted its position in Concentrix by 7.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 1,859 shares of the company’s stock worth $310,000 after purchasing an additional 133 shares during the last quarter. BlackRock Inc. lifted its position in shares of Concentrix by 1.0% during the 1st quarter. BlackRock Inc. now owns 3,668,975 shares of the company’s stock valued at $611,103,000 after buying an additional 35,619 shares in the last quarter. Great West Life Assurance Co. Can lifted its position in shares of Concentrix by 8.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 23,644 shares of the company’s stock valued at $4,049,000 after buying an additional 1,761 shares in the last quarter. Sei Investments Co. lifted its position in shares of Concentrix by 168.7% during the 1st quarter. Sei Investments Co. now owns 22,904 shares of the company’s stock valued at $3,823,000 after buying an additional 14,380 shares in the last quarter. Finally, Aviva PLC purchased a new position in shares of Concentrix during the 1st quarter valued at about $593,000. 92.31% of the stock is owned by hedge funds and other institutional investors.

Concentrix Stock Down 0.7 %

NASDAQ CNXC opened at $89.37 on Tuesday. The stock’s 50 day moving average is $102.67 and its 200 day moving average is $122.09. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.79. Concentrix Co. has a 12 month low of $84.03 and a 12 month high of $163.43. The stock has a market cap of $4.65 billion, a PE ratio of 11.36, a P/E/G ratio of 0.79 and a beta of 0.49.

Concentrix (NASDAQ:CNXC – Get Rating) last released its quarterly earnings data on Wednesday, March 29th. The company reported $2.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.08). Concentrix had a return on equity of 20.63% and a net margin of 6.42%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. Research analysts predict that Concentrix Co. will post 10.98 EPS for the current fiscal year.

Concentrix Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 9th. Shareholders of record on Friday, April 28th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend was Thursday, April 27th. Concentrix’s payout ratio is 13.98%.

Analyst Upgrades and Downgrades

CNXC has been the topic of a number of analyst reports. Canaccord Genuity Group initiated coverage on Concentrix in a research report on Wednesday, April 12th. They set a “buy” rating and a $150.00 price objective on the stock. Barrington Research reissued an “outperform” rating and issued a $165.00 price target on shares of Concentrix in a report on Monday, March 27th. Bank of America boosted their price target on Concentrix from $157.00 to $165.00 in a report on Friday, March 31st. Finally, TheStreet cut Concentrix from a “c-” rating to a “d+” rating in a report on Friday, May 5th.

About Concentrix

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Concentrix Corporation provides 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. It also offers customer lifecycle management; customer experience/user experience strategy and design; digital transformation; and voice of the customer and analytics solutions.

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Institutional Ownership by Quarter for Concentrix (NASDAQ:CNXC)

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