Wealth Enhancement Advisory Services LLC Raises Stake in Concentrix Co. (NASDAQ:CNXC)

Wealth Enhancement Advisory Services LLC lifted its position in shares of Concentrix Co. (NASDAQ:CNXC) by 16.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 10,543 shares of the company’s stock after buying an additional 1,475 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Concentrix were worth $540,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CNXC. Impactive Capital LP grew its position in shares of Concentrix by 13.0% in the first quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock valued at $254,707,000 after purchasing an additional 443,045 shares during the period. Capital International Investors grew its holdings in Concentrix by 0.3% in the 1st quarter. Capital International Investors now owns 2,525,762 shares of the company’s stock valued at $167,256,000 after buying an additional 7,333 shares during the period. Pzena Investment Management LLC grew its holdings in Concentrix by 46.6% in the 2nd quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock valued at $93,965,000 after buying an additional 471,699 shares during the period. Copeland Capital Management LLC increased its stake in shares of Concentrix by 1.8% during the 3rd quarter. Copeland Capital Management LLC now owns 1,003,375 shares of the company’s stock valued at $51,423,000 after acquiring an additional 17,653 shares during the last quarter. Finally, 1832 Asset Management L.P. purchased a new position in shares of Concentrix during the 2nd quarter worth about $62,738,000. 90.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Concentrix Price Performance

Shares of NASDAQ CNXC opened at $41.53 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. Concentrix Co. has a 1-year low of $41.05 and a 1-year high of $106.10. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 0.59 and a beta of 0.61. The business has a 50-day moving average of $55.39 and a 200-day moving average of $60.82.

Concentrix (NASDAQ:CNXC) last released its quarterly 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 company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the company earned $2.54 EPS. The firm’s revenue was up 46.2% compared to the same quarter last year. On average, equities analysts anticipate that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

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

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the sale, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at approximately $1,427,490.54. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $1,427,490.54. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the sale, the executive vice president now owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,267 shares of company stock valued at $648,945 in the last ninety days. Insiders own 3.10% of the company’s stock.

Concentrix Company 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.