Principal Financial Group Inc. Has $5.94 Million Holdings in Concentrix Corporation (NASDAQ:CNXC)

Principal Financial Group Inc. trimmed its position in Concentrix Corporation (NASDAQ:CNXC) by 0.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 106,768 shares of the company’s stock after selling 374 shares during the quarter. Principal Financial Group Inc. owned approximately 0.17% of Concentrix worth $5,941,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in CNXC. Steward Partners Investment Advisory LLC boosted its stake in Concentrix by 81.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares during the period. UMB Bank n.a. lifted its holdings in shares of Concentrix by 47.3% in the first quarter. UMB Bank n.a. now owns 676 shares of the company’s stock valued at $38,000 after purchasing an additional 217 shares in the last quarter. First Horizon Advisors Inc. boosted its position in shares of Concentrix by 111.8% in the first quarter. First Horizon Advisors Inc. now owns 841 shares of the company’s stock worth $47,000 after buying an additional 444 shares during the period. Quarry LP grew its holdings in shares of Concentrix by 843.9% during the fourth quarter. Quarry LP now owns 2,539 shares of the company’s stock valued at $110,000 after buying an additional 2,270 shares in the last quarter. Finally, Fifth Third Bancorp raised its position in Concentrix by 36.5% during the first quarter. Fifth Third Bancorp now owns 2,051 shares of the company’s stock valued at $114,000 after buying an additional 548 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Friday, May 30th. The shares were sold at an average price of $57.06, for a total transaction of $28,530.00. Following the completion of the transaction, the executive vice president owned 38,130 shares in the company, valued at approximately $2,175,697.80. This represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Christopher A. Caldwell purchased 1,000 shares of the stock in a transaction on Monday, April 21st. The shares were bought at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the transaction, the chief executive officer directly owned 303,362 shares in the company, valued at approximately $13,954,652. The trade was a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.20% of the company’s stock.

Concentrix Stock Up 1.0%

CNXC opened at $55.97 on Thursday. The firm has a market cap of $3.53 billion, a P/E ratio of 15.38, a price-to-earnings-growth ratio of 0.73 and a beta of 0.53. The business has a 50 day moving average price of $55.69 and a 200 day moving average price of $50.77. Concentrix Corporation has a twelve month low of $36.28 and a twelve month high of $77.00. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.61 and a current ratio of 1.61.

Concentrix (NASDAQ:CNXC) last issued its earnings results on Thursday, June 26th. The company reported $2.70 earnings per share for the quarter, missing the consensus estimate of $2.76 by ($0.06). Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the firm posted $2.69 earnings per share. Concentrix’s revenue was up 1.5% on a year-over-year basis. Research analysts forecast that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th will be paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Friday, July 25th. Concentrix’s dividend payout ratio (DPR) is presently 36.54%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Robert W. Baird raised their price objective on Concentrix from $62.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, June 26th. Bank of America decreased their price target on shares of Concentrix from $65.00 to $61.00 and set a “neutral” rating for the company in a report on Friday, June 27th. Wall Street Zen lowered shares of Concentrix from a “buy” rating to a “hold” rating in a research note on Saturday, June 21st. Barrington Research reiterated an “outperform” rating and issued a $54.00 target price on shares of Concentrix in a research report on Tuesday, June 24th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $80.00 price target on shares of Concentrix in a report on Monday, June 30th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $66.75.

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.