Blue Trust Inc. Sells 723 Shares of Concentrix Co. (NASDAQ:CNXC)

Blue Trust Inc. reduced its position in shares of Concentrix Co. (NASDAQ:CNXC) by 23.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,409 shares of the company’s stock after selling 723 shares during the period. Blue Trust Inc.’s holdings in Concentrix were worth $104,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Invenomic Capital Management LP boosted its holdings in Concentrix by 354.3% in the 3rd quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock valued at $24,202,000 after purchasing an additional 368,295 shares during the period. Copeland Capital Management LLC boosted its holdings in Concentrix by 32.9% in the 4th quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock valued at $57,688,000 after purchasing an additional 329,831 shares during the period. Thompson Investment Management Inc. boosted its holdings in Concentrix by 1,232.8% in the 4th quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock valued at $6,076,000 after purchasing an additional 129,876 shares during the period. Neo Ivy Capital Management bought a new stake in Concentrix in the 3rd quarter valued at $2,844,000. Finally, Geode Capital Management LLC boosted its holdings in Concentrix by 5.2% in the 3rd quarter. Geode Capital Management LLC now owns 878,092 shares of the company’s stock valued at $45,013,000 after purchasing an additional 43,295 shares during the period. 90.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group reduced their price target on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. 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. According to MarketBeat, Concentrix presently has a consensus rating of “Buy” and a consensus target price of $75.00.

Concentrix Price Performance

NASDAQ:CNXC opened at $45.17 on Friday. The company has a 50-day moving average of $47.01 and a 200-day moving average of $51.65. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.63 and a beta of 0.67. Concentrix Co. has a 52 week low of $36.28 and a 52 week high of $84.11. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, topping analysts’ consensus estimates of $3.01 by $0.25. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period last year, the firm earned $3.36 EPS. As a group, equities research analysts anticipate that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 11th. Investors of record on Friday, January 31st were given a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix’s dividend payout ratio (DPR) is currently 35.85%.

Insider Buying and Selling

In other news, Director Kathryn Hayley bought 500 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was acquired at an average price of $50.22 per share, for a total transaction of $25,110.00. Following the transaction, the director now directly owns 3,034 shares of the company’s stock, valued at $152,367.48. This trade represents a 19.73 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 1,500 shares of company stock worth $72,400 in the last quarter. 3.20% of the stock is 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.