Raymond James & Associates Decreases Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

Raymond James & Associates cut its stake in Concentrix Co. (NASDAQ:CNXC) by 31.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,125 shares of the company’s stock after selling 5,993 shares during the period. Raymond James & Associates’ holdings in Concentrix were worth $1,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Quarry LP acquired a new position in shares of Concentrix during the 1st quarter valued at about $26,000. Machina Capital S.A.S. acquired a new position in Concentrix in the 1st quarter valued at about $85,000. Royal Bank of Canada boosted its holdings in Concentrix by 80.4% in the 3rd quarter. Royal Bank of Canada now owns 1,097 shares of the company’s stock valued at $122,000 after purchasing an additional 489 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of Concentrix by 36.1% in the 4th quarter. Advisors Asset Management Inc. now owns 1,214 shares of the company’s stock valued at $162,000 after buying an additional 322 shares during the period. Finally, Dark Forest Capital Management LP acquired a new stake in shares of Concentrix during the 1st quarter worth approximately $190,000. Institutional investors and hedge funds own 79.03% of the company’s stock.

Concentrix Stock Up 2.8 %

Shares of NASDAQ CNXC opened at $81.36 on Friday. The company has a quick ratio of 3.54, a current ratio of 3.54 and a debt-to-equity ratio of 1.37. The business’s 50 day moving average is $77.00 and its two-hundred day moving average is $82.72. Concentrix Co. has a 52-week low of $70.58 and a 52-week high of $151.82. The firm has a market cap of $5.42 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 0.95 and a beta of 0.41.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, September 27th. The company reported $2.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.62 by ($0.08). Concentrix had a net margin of 5.35% and a return on equity of 19.04%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.64 billion. Research analysts predict that Concentrix Co. will post 10.39 EPS for the current year.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 7th. Stockholders of record on Friday, October 27th will be given a dividend of $0.303 per share. This represents a $1.21 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend is Thursday, October 26th. This is a boost from Concentrix’s previous quarterly dividend of $0.28. Concentrix’s dividend payout ratio is currently 18.09%.

Insider Activity

In other Concentrix news, Director Dennis Polk sold 19,429 shares of the stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $81.18, for a total transaction of $1,577,246.22. Following the sale, the director now directly owns 16,293 shares in the company, valued at approximately $1,322,665.74. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CNXC shares. Redburn Atlantic assumed coverage on Concentrix in a research note on Wednesday, September 6th. They set a “neutral” rating and a $70.00 target price for the company. Scotiabank cut their price objective on Concentrix from $120.00 to $115.00 in a research report on Tuesday, October 10th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $119.60.

About Concentrix

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; analytics and actionable insights; digital transformation; and voice of the customer and analytics solutions.