Mutual of America Capital Management LLC Reduces Stock Position in Concentrix Co. (NASDAQ:CNXC)

Mutual of America Capital Management LLC decreased its position in shares of Concentrix Co. (NASDAQ:CNXC) by 5.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,422 shares of the company’s stock after selling 1,406 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Concentrix were worth $1,303,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Hexagon Capital Partners LLC boosted its position in Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after purchasing an additional 389 shares in the last quarter. GAMMA Investing LLC grew its stake in Concentrix by 1,005.0% in 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 last quarter. First Horizon Advisors Inc. increased its holdings 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 in the last quarter. Benjamin F. Edwards & Company Inc. acquired a new position in Concentrix during the second quarter worth about $68,000. Finally, Quarry LP raised its position in Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after acquiring an additional 1,101 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 400 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $74.63, for a total value of $29,852.00. Following the transaction, the executive vice president now directly owns 29,327 shares in the company, valued at $2,188,674.01. This trade represents a 1.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction dated Friday, October 4th. The stock was 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 of the company’s stock, valued at $12,745,020.70. The trade was 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 worth $648,945 in the last quarter. 3.10% of the stock is owned by insiders.

Concentrix Price Performance

Shares of NASDAQ:CNXC opened at $44.77 on Tuesday. The company has a market cap of $2.90 billion, a P/E ratio of 14.54, a P/E/G ratio of 0.60 and a beta of 0.61. The business has a fifty day simple moving average of $48.01 and a 200-day simple moving average of $59.43. Concentrix Co. has a 52 week low of $36.28 and a 52 week high of $106.10. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18.

Concentrix (NASDAQ:CNXC) last posted its quarterly 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). The business had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm’s quarterly revenue was up 46.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.54 EPS. Equities research analysts forecast that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were paid a dividend of $0.333 per share. The ex-dividend date of this dividend was Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.98%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio (DPR) is currently 43.18%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CNXC. Bank of America dropped their price objective 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. Barrington Research dropped their price target on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, September 26th. Canaccord Genuity Group cut their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, September 26th. Robert W. Baird assumed coverage on Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. Finally, Baird R W raised shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $79.00.

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.