Principal Financial Group Inc. Sells 47,014 Shares of Concentrix Co. (NASDAQ:CNXC)

Principal Financial Group Inc. decreased its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 30.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 109,029 shares of the company’s stock after selling 47,014 shares during the period. Principal Financial Group Inc. owned 0.17% of Concentrix worth $5,588,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in CNXC. Impactive Capital LP grew its holdings in Concentrix by 13.0% in the 1st quarter. Impactive Capital LP now owns 3,846,370 shares of the company’s stock valued at $254,707,000 after buying an additional 443,045 shares in the last quarter. Capital International Investors grew its stake in shares of Concentrix by 0.3% in the first quarter. Capital International Investors now owns 2,525,762 shares of the company’s stock valued at $167,256,000 after acquiring an additional 7,333 shares in the last quarter. Pzena Investment Management LLC increased its position in Concentrix by 46.6% during the second 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 period. Copeland Capital Management LLC raised its stake in Concentrix by 1.8% in the 3rd quarter. Copeland Capital Management LLC now owns 1,003,375 shares of the company’s stock worth $51,423,000 after purchasing an additional 17,653 shares in the last quarter. Finally, 1832 Asset Management L.P. bought a new stake in Concentrix in the 2nd quarter valued at about $62,738,000. Institutional investors own 90.34% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on CNXC. Baird R W raised shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Bank of America dropped their price objective on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, September 26th. 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. Canaccord Genuity Group dropped their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, September 26th. Finally, Robert W. Baird initiated coverage on shares of Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Concentrix presently has a consensus rating of “Buy” and an average price target of $79.00.

Concentrix Stock Performance

NASDAQ:CNXC opened at $39.76 on Thursday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $2.58 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 0.53 and a beta of 0.61. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $106.10. The stock’s 50-day simple moving average is $49.45 and its 200 day simple moving average is $59.82.

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

Concentrix Increases Dividend

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

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the company’s 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 transaction, the executive vice president now directly owns 29,327 shares in the company, valued at approximately $2,188,674.01. This represents a 1.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction 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 transaction, the chief executive officer now owns 241,841 shares in the company, valued at approximately $12,745,020.70. This trade represents a 3.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,267 shares of company stock valued at $648,945 in the last 90 days. 3.10% of the stock is owned by corporate insiders.

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.