Concentrix Corporation (NASDAQ:CNXC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in shares of Concentrix Corporation (NASDAQ:CNXC) by 0.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 308,660 shares of the company’s stock after selling 1,726 shares during the period. Bank of New York Mellon Corp owned about 0.48% of Concentrix worth $17,174,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the company. Teacher Retirement System of Texas acquired a new stake in shares of Concentrix in the first quarter valued at approximately $316,000. First Horizon Advisors Inc. raised its stake in shares of Concentrix by 111.8% during the 1st 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 last quarter. Summit Trail Advisors LLC acquired a new position in Concentrix in the 1st quarter valued at about $503,000. Unified Investment Management grew its holdings in Concentrix by 40.7% in the 1st quarter. Unified Investment Management now owns 19,146 shares of the company’s stock valued at $1,065,000 after buying an additional 5,536 shares during the period. Finally, Copeland Capital Management LLC grew its holdings in Concentrix by 3.0% in the 1st quarter. Copeland Capital Management LLC now owns 1,373,432 shares of the company’s stock valued at $76,418,000 after buying an additional 40,226 shares during the period. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Concentrix Trading Up 1.4%

Shares of CNXC opened at $58.33 on Friday. Concentrix Corporation has a 52-week low of $36.28 and a 52-week high of $77.00. The business’s fifty day moving average is $55.90 and its 200-day moving average is $50.97. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.61 and a current ratio of 1.61. The firm has a market cap of $3.68 billion, a price-to-earnings ratio of 16.02, a PEG ratio of 0.76 and a beta of 0.53.

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

Concentrix Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th will be issued a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend is Friday, July 25th. Concentrix’s dividend payout ratio (DPR) is 36.54%.

Insiders Place Their Bets

In other Concentrix news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $57.06, for a total transaction of $28,530.00. Following the sale, the executive vice president owned 38,130 shares in the company, valued at $2,175,697.80. This trade represents a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Christopher A. Caldwell acquired 1,000 shares of Concentrix stock in a transaction dated 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 completion of the purchase, the chief executive officer directly owned 303,362 shares of the company’s stock, valued at approximately $13,954,652. The trade was a 0.33% increase in their position. The disclosure for this purchase can be found here. 3.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CNXC has been the topic of a number of recent analyst reports. Barrington Research reaffirmed an “outperform” rating and issued a $54.00 target price on shares of Concentrix in a research report on Tuesday, June 24th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $80.00 target price on shares of Concentrix in a research note on Monday, June 30th. Bank of America reduced their price objective on Concentrix from $65.00 to $61.00 and set a “neutral” rating for the company in a research note on Friday, June 27th. Robert W. Baird boosted their price target on Concentrix from $62.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, June 26th. Finally, Wall Street Zen lowered Concentrix from a “buy” rating to a “hold” rating in a report on Saturday, June 21st. Two research 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target 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.