On August 20, 2023, it was reported that Russell Investments Group Ltd. had decreased its stake in Concentrix Co. (NASDAQ:CNXC) by 6.4% during the first quarter of the year. According to the company’s filing with the Securities and Exchange Commission, the institutional investor owned 61,732 shares of Concentrix stock after selling 4,191 shares during the period. This equated to a 0.12% ownership of Concentrix worth $7,504,000 at the end of the reporting period.
Concentrix recently announced its quarterly earnings data on June 28th. The company reported an EPS of $2.69 for the quarter, falling short of analysts’ consensus estimates of $2.75 by ($0.06). Despite this disappointment, Concentrix generated revenue of $1.61 billion for the quarter, slightly below analysts’ expectations of $1.66 billion.
Analysts were particularly interested in Concentrix’s return on equity and net margin for this reporting period. The firm revealed a return on equity of 19.99%, indicating solid financial management practices and resource allocation decisions. Additionally, Concentrix maintained a net margin of 5.85%, showing efficient cost control measures in place.
Comparing year-over-year performance, Concentrix achieved a quarterly revenue increase of 3%. It is worth noting that during the same quarter in the previous year, the company posted an EPS of $2.74.
Research analyst reports have also shed some light on Concentrix’s stock performance and potential growth prospects. Notably, Bank of America downgraded their rating on Concentrix from “buy” to “neutral” in a report released on June 29th. Similarly, TheStreet revised their rating from “c-” to “d+” in a research note circulated on May 5th.
Furthermore, Barrington Research lowered their price target on Concentrix shares, reducing it from $165.00 to $98.00 in their research note published on June 29th.
With all the available information, analysts estimate that Concentrix Co. will post earnings per share of 10.7 for the current year.
It is important to note that these reports and ratings reflect a moment in time and should not be considered as definitive indicators of Concentrix’s future performance. Investors and market participants are advised to conduct their own research and analysis before making any investment decisions.
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Concentrix, a global business services company, has seen significant modifications in the holdings of its investors. CoreCap Advisors LLC recently acquired a new position in Concentrix shares during the fourth quarter of last year. The value of this acquisition was estimated at $40,000. Similarly, Machina Capital S.A.S. acquired a position in Concentrix shares in the first quarter of this year, with an estimated value of $85,000.
Royal Bank of Canada also made changes to its holdings in Concentrix by increasing its share ownership by 80.4% during the third quarter. The bank now owns 1,097 shares valued at $122,000 after adding an additional 489 shares to its portfolio. Advisors Asset Management Inc. followed suit by boosting their holdings in the company during the fourth quarter as well. They now own 1,214 shares valued at $162,000.
In addition to these major investors, Pearl River Capital LLC also acquired a new position in Concentrix shares during the first quarter with an estimated value of $218,000. It is worth noting that institutional investors and hedge funds account for nearly 78% of the company’s stock ownership.
As for the performance of Concentrix stock on Friday, it opened at $74.02 per share. The company currently has a market capitalization of $3.85 billion and a price-to-earnings (P/E) ratio of 10.22. Its price-to-earnings growth (PEG) ratio stands at 0.67, indicating that the stock may be undervalued relative to its expected growth rate.
The company has a beta coefficient of 0.41 which suggests that it is less volatile than the overall market average. With regards to its financial health indicators, Concentrix has a debt-to-equity ratio of 0.75 and both quick and current ratios equaling 1.74 each.
Notably, Concentrix has attracted the attention of research analysts who have released several reports on the company. Bank of America downgraded its rating from “buy” to “neutral,” while TheStreet lowered its rating from “c-” to “d+.” Apart from rating changes, Barrington Research also decreased their price target on Concentrix shares from $165.00 to $98.00.
Regarding dividends, Concentrix recently announced a quarterly dividend which was paid on August 8th. Stockholders of record as of July 28th received a dividend of $0.275 per share. This represents an annualized dividend payout ratio of 15.19% and a dividend yield of 1.49%.
In terms of insider trading activity, Director Kathryn Hayley purchased 300 shares of Concentrix stock on July 3rd at an average price of $83.93 per share, resulting in a total transaction worth $25,179. Concurrently, EVP Jane Fogarty bought 400 shares on July 5th at an average cost of $82.85 per share for a total transaction value of $33,140.
It is important to note that these acquisitions by insiders were disclosed in legal filings with the Securities and Exchange Commission (SEC). The filings can be accessed through the SEC website for further details.
All in all, Concentrix continues to attract investor interest and undergoes significant shifts in its holdings and ratings by research analysts alike. As these developments occur, market participants closely monitor such adjustments and assess their potential impact on future earnings and stock performance.
