US Bancorp DE Trims Holdings in Concentrix Co. (NASDAQ:CNXC)

US Bancorp DE lessened its holdings in Concentrix Co. (NASDAQ:CNXC) by 17.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,127 shares of the company’s stock after selling 899 shares during the quarter. US Bancorp DE’s holdings in Concentrix were worth $212,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CNXC. State of Alaska Department of Revenue raised its stake in Concentrix by 24.8% during the third quarter. State of Alaska Department of Revenue now owns 64,783 shares of the company’s stock valued at $3,319,000 after buying an additional 12,870 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Concentrix by 16.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,543 shares of the company’s stock worth $540,000 after purchasing an additional 1,475 shares in the last quarter. Copeland Capital Management LLC grew its position in 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 purchasing an additional 17,653 shares during the last quarter. Raymond James & Associates increased its stake in Concentrix by 73.3% during the 3rd quarter. Raymond James & Associates now owns 55,313 shares of the company’s stock valued at $2,835,000 after purchasing an additional 23,387 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in Concentrix by 62.4% in the third quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock worth $161,000 after buying an additional 1,204 shares during the last quarter. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Concentrix Trading Down 2.1 %

Shares of CNXC stock opened at $39.79 on Friday. Concentrix Co. has a 1 year low of $39.39 and a 1 year high of $106.10. The firm has a fifty day moving average price of $52.70 and a 200-day moving average price of $60.45. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.56 and a beta of 0.61. 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 (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.06). The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The firm’s quarterly revenue was up 46.2% compared to the same quarter last year. During the same period last year, the business earned $2.54 EPS. As a group, equities analysts predict that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were given a $0.333 dividend. This represents a $1.33 annualized dividend and a dividend yield of 3.35%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, October 25th. Concentrix’s payout ratio is presently 43.18%.

Insider Transactions at Concentrix

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 3.90 % 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 the stock in a transaction 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 owns 27,783 shares of the company’s stock, valued at $1,427,490.54. This trade represents a 5.26 % 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 over the last 90 days. Company insiders own 3.10% of the company’s stock.

Wall Street Analysts Forecast Growth

CNXC has been the subject of several analyst reports. Barrington Research reduced their price target on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Baird R W upgraded Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Robert W. Baird assumed coverage on Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price target on the stock. Canaccord Genuity Group lowered their target price on shares of 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 reduced their price target 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. One 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $79.00.

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.