Russell Investments Group Ltd. Buys 44,979 Shares of Concentrix Co. (NASDAQ:CNXC)

Russell Investments Group Ltd. boosted its position in Concentrix Co. (NASDAQ:CNXC) by 78.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 102,454 shares of the company’s stock after acquiring an additional 44,979 shares during the quarter. Russell Investments Group Ltd.’s holdings in Concentrix were worth $10,062,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC raised its holdings in Concentrix by 55.4% during the third quarter. SG Americas Securities LLC now owns 2,472 shares of the company’s stock worth $198,000 after buying an additional 881 shares during the last quarter. Raymond James & Associates raised its stake in Concentrix by 433.5% in the 3rd quarter. Raymond James & Associates now owns 70,026 shares of the company’s stock valued at $5,610,000 after acquiring an additional 56,901 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Concentrix by 3.2% during the third quarter. Bank of New York Mellon Corp now owns 448,535 shares of the company’s stock worth $35,932,000 after acquiring an additional 13,914 shares in the last quarter. Miracle Mile Advisors LLC grew its holdings in Concentrix by 4.0% during the 3rd quarter. Miracle Mile Advisors LLC now owns 4,366 shares of the company’s stock valued at $350,000 after buying an additional 168 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Concentrix by 20.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,258 shares of the company’s stock worth $581,000 after purchasing an additional 1,255 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Concentrix Price Performance

CNXC opened at $59.35 on Monday. Concentrix Co. has a 12-month low of $53.89 and a 12-month high of $106.10. The company has a market cap of $3.92 billion, a price-to-earnings ratio of 12.24, a price-to-earnings-growth ratio of 0.68 and a beta of 0.55. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 1.23. The stock has a fifty day simple moving average of $62.23 and a two-hundred day simple moving average of $80.11.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Tuesday, March 26th. The company reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). Concentrix had a return on equity of 17.70% and a net margin of 3.53%. The company had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. Research analysts predict that Concentrix Co. will post 11.03 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 7th. Shareholders of record on Friday, April 26th will be issued a $0.303 dividend. The ex-dividend date is Thursday, April 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.21 annualized dividend and a yield of 2.04%. Concentrix’s payout ratio is 24.95%.

Insider Transactions at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell acquired 900 shares of the stock in a transaction that occurred on Friday, April 19th. The shares were acquired at an average cost of $54.59 per share, with a total value of $49,131.00. Following the transaction, the chief executive officer now owns 239,128 shares of the company’s stock, valued at approximately $13,053,997.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders have bought 1,679 shares of company stock worth $98,546. Corporate insiders own 3.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CNXC shares. Barrington Research decreased their price objective on shares of Concentrix from $121.00 to $84.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 27th. Scotiabank dropped their price objective on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Monday, April 29th. Finally, Bank of America reiterated an “underperform” rating and set a $60.00 target price (down from $85.00) on shares of Concentrix in a report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $74.75.

Concentrix Profile

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.