Principal Financial Group Inc. Cuts Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

Principal Financial Group Inc. lowered its stake in Concentrix Co. (NASDAQ:CNXC) by 1.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 107,142 shares of the company’s stock after selling 1,887 shares during the period. Principal Financial Group Inc. owned approximately 0.17% of Concentrix worth $4,636,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. KBC Group NV increased its stake in Concentrix by 68.3% in the 4th quarter. KBC Group NV now owns 2,008 shares of the company’s stock worth $87,000 after purchasing an additional 815 shares during the period. Quest Partners LLC purchased a new position in shares of Concentrix in the third quarter worth $146,000. Parametrica Management Ltd bought a new stake in Concentrix during the 3rd quarter valued at $214,000. Verity Asset Management Inc. bought a new stake in Concentrix during the 3rd quarter valued at $247,000. Finally, Bleakley Financial Group LLC purchased a new stake in Concentrix during the 4th quarter valued at $276,000. Institutional investors own 90.34% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total value of $27,800.00. Following the sale, the executive vice president now directly owns 41,111 shares of the company’s stock, valued at $2,285,771.60. This represents a 1.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.20% of the stock is owned by corporate insiders.

Concentrix Stock Performance

NASDAQ:CNXC opened at $42.86 on Tuesday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $77.00. The stock has a market cap of $2.76 billion, a P/E ratio of 11.55, a price-to-earnings-growth ratio of 0.63 and a beta of 0.67. The firm’s fifty day simple moving average is $47.49 and its 200 day simple moving average is $50.76.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.25. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter in the previous year, the company earned $3.36 earnings per share. Concentrix’s quarterly revenue was up 9.7% on a year-over-year basis. As a group, research analysts predict that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 11th. Investors of record on Friday, January 31st were paid a $0.3328 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.33 annualized dividend and a yield of 3.11%. Concentrix’s payout ratio is 35.85%.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group lowered their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research note 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 stock. According to data from MarketBeat, Concentrix has a consensus rating of “Buy” and a consensus price target of $75.00.

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.