Blue Trust Inc. boosted its stake in Concentrix Co. (NASDAQ:CNXC – Free Report) by 62.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,132 shares of the company’s stock after purchasing an additional 1,204 shares during the quarter. Blue Trust Inc.’s holdings in Concentrix were worth $161,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. State of Michigan Retirement System boosted its stake in shares of Concentrix by 1.8% in the first quarter. State of Michigan Retirement System now owns 11,591 shares of the company’s stock valued at $768,000 after purchasing an additional 200 shares during the period. SummerHaven Investment Management LLC raised its holdings in shares of Concentrix by 2.9% during the second quarter. SummerHaven Investment Management LLC now owns 8,662 shares of the company’s stock worth $548,000 after purchasing an additional 248 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of Concentrix by 54.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after acquiring an additional 285 shares during the period. GAMMA Investing LLC increased its holdings in shares of Concentrix by 64.9% in the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock worth $37,000 after acquiring an additional 287 shares during the period. Finally, nVerses Capital LLC increased its holdings in shares of Concentrix by 10.7% in the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the company’s stock worth $196,000 after acquiring an additional 300 shares during the period. 90.34% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities analysts recently issued reports on the stock. Bank of America decreased their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, September 26th. Robert W. Baird assumed coverage on shares of Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective for the company. Canaccord Genuity Group reduced their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Barrington Research decreased their price target on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $79.00.
Insiders Place Their Bets
In other Concentrix news, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the transaction, the executive vice president now owns 27,783 shares in the company, valued at $1,427,490.54. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the transaction, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at $12,745,020.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the transaction, the executive vice president now directly owns 27,783 shares in the company, valued at approximately $1,427,490.54. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,767 shares of company stock worth $626,855 in the last 90 days. Company insiders own 3.00% of the company’s stock.
Concentrix Stock Performance
Concentrix stock opened at $44.52 on Monday. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The company has a market cap of $2.91 billion, a PE ratio of 10.31, a PEG ratio of 0.62 and a beta of 0.58. The company’s 50-day moving average is $60.41 and its two-hundred day moving average is $61.77. Concentrix Co. has a 1 year low of $44.18 and a 1 year high of $106.10.
Concentrix (NASDAQ:CNXC – Get Free Report) last posted its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the company posted $2.54 earnings per share. Concentrix’s revenue for the quarter was up 46.2% compared to the same quarter last year. Equities analysts anticipate that Concentrix Co. will post 10.18 earnings per share for the current year.
Concentrix Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th will be issued a dividend of $0.333 per share. This is an increase from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, October 25th. This represents a $1.33 annualized dividend and a yield of 2.99%. Concentrix’s dividend payout ratio (DPR) is currently 30.79%.
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.
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