Covestor Ltd Buys 9,487 Shares of Concentrix Co. (NASDAQ:CNXC)

Covestor Ltd grew its position in shares of Concentrix Co. (NASDAQ:CNXC) by 233.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,554 shares of the company’s stock after buying an additional 9,487 shares during the quarter. Concentrix accounts for approximately 0.4% of Covestor Ltd’s holdings, making the stock its 19th largest position. Covestor Ltd’s holdings in Concentrix were worth $694,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. 1832 Asset Management L.P. purchased a new position in shares of Concentrix in the second quarter worth approximately $62,738,000. Pzena Investment Management LLC boosted its stake in shares of Concentrix by 46.6% during the 2nd quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock worth $93,965,000 after acquiring an additional 471,699 shares during the last quarter. Impactive Capital LP boosted its stake in shares of Concentrix by 13.0% during the 1st quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock worth $254,707,000 after acquiring an additional 443,045 shares during the last quarter. Paradigm Capital Management Inc. NY grew its position in shares of Concentrix by 126.4% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 623,542 shares of the company’s stock valued at $39,458,000 after acquiring an additional 348,100 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of Concentrix by 74.4% in the 2nd quarter. AQR Capital Management LLC now owns 813,864 shares of the company’s stock worth $51,160,000 after purchasing an additional 347,230 shares in the last quarter. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Canaccord Genuity Group lowered their target price on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th. Robert W. Baird began coverage on Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective for the company. Barrington Research decreased their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. Bank of America dropped their price target 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. Finally, Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Concentrix has a consensus rating of “Buy” and an average target price of $79.00.

Concentrix Stock Down 3.5 %

NASDAQ CNXC opened at $41.53 on Friday. Concentrix Co. has a 12 month low of $41.05 and a 12 month high of $106.10. 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 stock has a market cap of $2.69 billion, a PE ratio of 13.48, a P/E/G ratio of 0.57 and a beta of 0.61. The stock’s 50 day moving average is $54.72 and its 200 day moving average is $60.75.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix’s quarterly revenue was up 46.2% compared to the same quarter last year. During the same period last year, the firm posted $2.54 EPS. Research analysts predict that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were issued a dividend of $0.333 per share. This represents a $1.33 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend was Friday, October 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is 43.18%.

Insider Activity

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the completion of the transaction, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the sale, the chief executive officer now owns 241,841 shares in the company, valued at approximately $12,745,020.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Cormac J. Twomey sold 1,544 shares of Concentrix 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 completion of the transaction, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at $1,427,490.54. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,267 shares of company stock worth $648,945 over the last 90 days. Corporate insiders own 3.10% of the company’s stock.

About Concentrix

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.