Lyrical Asset Management LP Has $49.55 Million Position in Concentrix Corporation $CNXC

Lyrical Asset Management LP lessened its stake in shares of Concentrix Corporation (NASDAQ:CNXC) by 6.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,191,702 shares of the company’s stock after selling 86,427 shares during the quarter. Lyrical Asset Management LP owned about 1.93% of Concentrix worth $49,551,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Royal Bank of Canada raised its stake in shares of Concentrix by 9.5% in the 1st quarter. Royal Bank of Canada now owns 47,501 shares of the company’s stock valued at $2,643,000 after buying an additional 4,133 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Concentrix by 75.1% in the first quarter. Goldman Sachs Group Inc. now owns 423,287 shares of the company’s stock worth $23,552,000 after purchasing an additional 181,546 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Concentrix by 17.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 146,515 shares of the company’s stock worth $8,152,000 after purchasing an additional 21,746 shares during the period. Focus Partners Wealth acquired a new stake in Concentrix during the first quarter valued at approximately $781,000. Finally, Geneos Wealth Management Inc. grew its stake in shares of Concentrix by 532.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company’s stock valued at $34,000 after purchasing an additional 522 shares during the period. 90.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Concentrix Stock Performance

CNXC opened at $27.82 on Monday. The company has a fifty day moving average price of $26.54 and a two-hundred day moving average price of $33.25. Concentrix Corporation has a 1-year low of $22.05 and a 1-year high of $62.14. The company has a market cap of $1.70 billion, a P/E ratio of -1.29, a price-to-earnings-growth 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.

Concentrix (NASDAQ:CNXC) last issued its earnings results on Tuesday, March 24th. The company reported $2.61 earnings per share 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 company had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. During the same quarter in the prior year, the company earned $2.79 earnings per share. The company’s revenue was up 5.4% compared to the same quarter last year. Analysts predict that Concentrix Corporation will post 10.42 EPS for the current fiscal year.

Concentrix Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Friday, April 24th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend was Friday, April 24th. Concentrix’s dividend payout ratio is -6.68%.

Insider Transactions at Concentrix

In other news, major shareholder Bruxelles Lambert Groupe sold 6,000,000 shares of the company’s stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $22.25, for a total transaction of $133,500,000.00. Following the sale, the insider directly owned 2,773,667 shares in the company, valued at approximately $61,714,090.75. This represents a 68.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andre S. Valentine bought 2,500 shares of the stock in a transaction dated Thursday, April 9th. The stock was purchased at an average price of $27.95 per share, with a total value 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. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.90% of the company’s stock.

About Concentrix

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.