Lyrical Asset Management LP Purchases 41,540 Shares of Concentrix Co. (NASDAQ:CNXC)

Lyrical Asset Management LP boosted its position in Concentrix Co. (NASDAQ:CNXC) by 3.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,258,398 shares of the company’s stock after purchasing an additional 41,540 shares during the period. Lyrical Asset Management LP’s holdings in Concentrix were worth $54,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Cerity Partners LLC increased its stake in shares of Concentrix by 92.6% in the third quarter. Cerity Partners LLC now owns 11,778 shares of the company’s stock worth $604,000 after purchasing an additional 5,663 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Concentrix by 22.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,054 shares of the company’s stock valued at $515,000 after buying an additional 1,821 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Concentrix by 2.5% during the 3rd quarter. Janus Henderson Group PLC now owns 104,499 shares of the company’s stock valued at $5,355,000 after acquiring an additional 2,564 shares during the period. Stifel Financial Corp lifted its position in shares of Concentrix by 9.0% during the third quarter. Stifel Financial Corp now owns 36,131 shares of the company’s stock worth $1,852,000 after acquiring an additional 2,997 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Concentrix by 1.3% during the third quarter. State Street Corp now owns 1,401,953 shares of the company’s stock worth $71,850,000 after acquiring an additional 18,304 shares in the last quarter. 90.34% of the stock is currently owned by institutional investors.

Concentrix Price Performance

Concentrix stock opened at $48.27 on Friday. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 0.63 and a beta of 0.51. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The business has a 50-day simple moving average of $48.22 and a 200 day simple moving average of $47.11. Concentrix Co. has a 52 week low of $36.28 and a 52 week high of $77.00.

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

Concentrix Announces Dividend

The business 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 annualized dividend and a dividend yield of 2.76%. The ex-dividend date is Friday, April 25th. Concentrix’s dividend payout ratio (DPR) is currently 33.33%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Barrington Research decreased their price objective on Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, March 24th. Canaccord Genuity Group decreased their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Finally, Bank of America increased their price target on shares of Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a report on Thursday, March 27th. One 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. According to MarketBeat.com, Concentrix has an average rating of “Buy” and an average target price of $69.60.

Insider Activity

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the firm’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 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 3.20% of the company’s stock.

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.