Ethic Inc. Has $351,000 Holdings in Concentrix Corporation $CNXC

Ethic Inc. increased its stake in Concentrix Corporation (NASDAQ:CNXC) by 66.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,789 shares of the company’s stock after purchasing an additional 2,718 shares during the period. Ethic Inc.’s holdings in Concentrix were worth $351,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. boosted its stake in Concentrix by 532.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 620 shares of the company’s stock worth $34,000 after purchasing an additional 522 shares during the period. IFP Advisors Inc boosted its stake in Concentrix by 473.8% in the 2nd quarter. IFP Advisors Inc now owns 700 shares of the company’s stock worth $37,000 after purchasing an additional 578 shares during the period. First Horizon Advisors Inc. boosted its stake in Concentrix by 111.8% in the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company’s stock worth $47,000 after purchasing an additional 444 shares during the period. PNC Financial Services Group Inc. boosted its stake in Concentrix by 47.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,504 shares of the company’s stock worth $84,000 after purchasing an additional 483 shares during the period. Finally, Federated Hermes Inc. boosted its stake in Concentrix by 124.5% in the 1st quarter. Federated Hermes Inc. now owns 2,364 shares of the company’s stock worth $132,000 after purchasing an additional 1,311 shares during the period. 90.34% of the stock is owned by institutional investors and hedge funds.

Concentrix Stock Down 6.0%

Shares of CNXC stock opened at $42.65 on Thursday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.56 and a current ratio of 1.56. The firm’s 50-day moving average is $49.97 and its 200-day moving average is $52.31. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 9.02, a PEG ratio of 0.65 and a beta of 0.50. Concentrix Corporation has a 52-week low of $36.28 and a 52-week high of $66.00.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 4th. Stockholders of record on Friday, October 24th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, October 24th. This is a positive change from Concentrix’s previous quarterly dividend of $0.33. Concentrix’s payout ratio is currently 30.44%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CNXC shares. Barrington Research reaffirmed an “outperform” rating and issued a $62.00 target price on shares of Concentrix in a research note on Wednesday, September 24th. Robert W. Baird cut their price target on shares of Concentrix from $75.00 to $62.00 and set an “outperform” rating on the stock in a research report on Monday, September 29th. Canaccord Genuity Group reissued a “buy” rating and set a $80.00 price target on shares of Concentrix in a research report on Tuesday, September 23rd. Weiss Ratings raised shares of Concentrix from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Concentrix from a “hold” rating to a “buy” rating in a research report on Saturday, October 25th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $66.25.

Insider Activity

In other news, CEO Christopher A. Caldwell bought 1,000 shares of the company’s stock in a transaction dated Friday, October 10th. The shares were bought at an average cost of $45.35 per share, with a total value of $45,350.00. Following the acquisition, the chief executive officer owned 305,345 shares in the company, valued at $13,847,395.75. This trade represents a 0.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.20% of the company’s stock.

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.