Sanders Morris Harris LLC Invests $2.56 Million in Concentrix Co. (NASDAQ:CNXC)

Sanders Morris Harris LLC acquired a new position in Concentrix Co. (NASDAQ:CNXC) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 50,000 shares of the company’s stock, valued at approximately $2,562,000. Sanders Morris Harris LLC owned about 0.08% of Concentrix as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CNXC. Pineridge Advisors LLC acquired a new stake in Concentrix in the 4th quarter worth approximately $35,000. Hexagon Capital Partners LLC lifted its stake in Concentrix by 2,992.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after acquiring an additional 389 shares during the period. GAMMA Investing LLC lifted its stake in Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock valued at $28,000 after acquiring an additional 402 shares during the period. First Horizon Advisors Inc. lifted its stake in Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after acquiring an additional 285 shares during the period. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in Concentrix during the 2nd quarter valued at approximately $68,000. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Insider Transactions at Concentrix

In other news, EVP Cormac J. Twomey sold 1,544 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the transaction, the executive vice president now directly owns 27,783 shares in the company, valued at approximately $1,427,490.54. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Cormac J. Twomey sold 1,544 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the sale, the executive vice president now directly owns 29,327 shares in the company, valued at $2,188,674.01. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,167 shares of company stock worth $653,747. Insiders own 3.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CNXC. Barrington Research decreased their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Robert W. Baird initiated coverage on shares of Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 target price for the company. Canaccord Genuity Group decreased their target price 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. 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 note on Thursday, September 26th. Finally, Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. One research 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 MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $79.00.

Concentrix Trading Up 1.1 %

NASDAQ CNXC opened at $47.72 on Thursday. The firm’s 50-day moving average is $64.60 and its two-hundred day moving average is $62.97. Concentrix Co. has a 12 month low of $47.17 and a 12 month high of $106.10. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.56. The stock has a market capitalization of $3.10 billion, a P/E ratio of 10.92, a PEG ratio of 0.72 and a beta of 0.58.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share 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 firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the previous year, the company posted $2.54 earnings per share. The firm’s quarterly revenue was up 46.2% on a year-over-year basis. On average, sell-side analysts anticipate that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be given a dividend of $0.333 per share. The ex-dividend date of this dividend is Friday, October 25th. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.79%. Concentrix’s dividend payout ratio (DPR) is 28.01%.

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.