Charles Schwab Investment Management Inc. Lowers Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

Charles Schwab Investment Management Inc. lowered its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 2.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 600,703 shares of the company’s stock after selling 15,993 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.93% of Concentrix worth $30,786,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Hexagon Capital Partners LLC lifted its position in shares of 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 increased its stake in shares of Concentrix by 1,005.0% during the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after purchasing an additional 402 shares in the last quarter. First Horizon Advisors Inc. increased its stake in shares of Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after purchasing an additional 285 shares in the last quarter. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Concentrix during the 2nd quarter worth approximately $68,000. Finally, Quarry LP increased its stake in shares of Concentrix by 769.9% during the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after purchasing an additional 1,101 shares in the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Insider Activity at Concentrix

In other Concentrix 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 transaction, the chief executive officer now owns 241,841 shares in the company, valued at $12,745,020.70. The trade was a 3.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction 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 owns 27,783 shares in the company, valued at $1,427,490.54. This represents a 5.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,367 shares of company stock worth $641,668. 3.10% of the stock is currently owned by corporate insiders.

Concentrix Stock Down 0.1 %

Shares of NASDAQ CNXC opened at $45.47 on Wednesday. Concentrix Co. has a 52-week low of $36.28 and a 52-week high of $106.10. The firm has a fifty day moving average of $46.12 and a 200-day moving average of $58.78. The stock has a market capitalization of $2.95 billion, a PE ratio of 14.76, a P/E/G ratio of 0.58 and a beta of 0.63. 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 announced its quarterly earnings data 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 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% on a year-over-year basis. During the same period in the prior year, the firm earned $2.54 earnings per share. On average, analysts anticipate that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a dividend of $0.333 per share. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date was Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.93%. Concentrix’s payout ratio is presently 43.18%.

Analysts Set New Price Targets

CNXC has been the subject of several recent analyst reports. Barrington Research lowered their target price 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. Baird R W raised shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. 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 lowered 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. Finally, Bank of America lowered 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. One 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’s stock. According to data from MarketBeat.com, the stock 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.