Thrivent Financial for Lutherans Cuts Stake in Concentrix Co. (NASDAQ:CNXC)

Thrivent Financial for Lutherans decreased its holdings in Concentrix Co. (NASDAQ:CNXC) by 2.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 11,050 shares of the company’s stock after selling 271 shares during the period. Thrivent Financial for Lutherans’ holdings in Concentrix were worth $566,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Parametrica Management Ltd purchased a new position in Concentrix in the third quarter valued at approximately $214,000. Victory Capital Management Inc. raised its holdings in Concentrix by 32.1% in the third quarter. Victory Capital Management Inc. now owns 28,773 shares of the company’s stock valued at $1,475,000 after buying an additional 6,990 shares during the period. GSA Capital Partners LLP purchased a new position in Concentrix in the third quarter valued at approximately $1,243,000. Covestor Ltd raised its holdings in Concentrix by 233.3% in the third quarter. Covestor Ltd now owns 13,554 shares of the company’s stock valued at $694,000 after buying an additional 9,487 shares during the period. Finally, Verity Asset Management Inc. purchased a new position in Concentrix in the third quarter valued at approximately $247,000. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Analyst Upgrades and Downgrades

CNXC has been the topic of several research reports. Barrington Research cut their price target on shares of 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 raised shares of Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Robert W. Baird assumed coverage on shares of Concentrix in a research report on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price objective for the company. Bank of America lowered their price objective 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. Finally, Canaccord Genuity Group lowered their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, September 26th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Concentrix currently has an average rating of “Buy” and a consensus price target of $79.00.

Concentrix Stock Down 0.4 %

CNXC stock opened at $45.31 on Thursday. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $106.10. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $2.94 billion, a P/E ratio of 14.71, a PEG ratio of 0.58 and a beta of 0.63. The firm has a 50 day simple moving average of $45.75 and a 200-day simple moving average of $58.64.

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 for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the previous year, the business posted $2.54 EPS. The firm’s quarterly revenue was up 46.2% compared to the same quarter last year. On average, equities research analysts predict that Concentrix Co. will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were given 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 dividend yield of 2.94%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio (DPR) is presently 43.18%.

Insider Transactions at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction on Monday, September 30th. The shares were sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the transaction, the executive vice president now owns 27,783 shares of the company’s stock, valued at $1,427,490.54. The trade was a 5.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available 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 completion of the transaction, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. This represents a 3.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,367 shares of company stock valued at $641,668. 3.10% of the stock is currently owned by corporate insiders.

Concentrix 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.