Raymond James Financial Inc. Makes New Investment in Concentrix Co. (NASDAQ:CNXC)

Raymond James Financial Inc. purchased a new stake in Concentrix Co. (NASDAQ:CNXC) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 109,833 shares of the company’s stock, valued at approximately $4,752,000. Raymond James Financial Inc. owned approximately 0.17% of Concentrix as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp boosted its stake in Concentrix by 1.3% in the third quarter. State Street Corp now owns 1,401,953 shares of the company’s stock valued at $71,850,000 after acquiring an additional 18,304 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Concentrix by 43.9% in the 4th quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock worth $3,076,000 after purchasing an additional 21,568 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of Concentrix in the 3rd quarter worth $1,255,000. Neo Ivy Capital Management purchased a new position in Concentrix during the 3rd quarter worth $2,844,000. Finally, Thompson Investment Management Inc. increased its position in Concentrix by 1,232.8% during the 4th quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock valued at $6,076,000 after buying an additional 129,876 shares in the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Insider Transactions at Concentrix

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Barrington Research lowered their price target on Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a report on Monday. Canaccord Genuity Group decreased their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. One investment 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. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $71.80.

Concentrix Stock Performance

Shares of CNXC opened at $45.18 on Wednesday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The stock has a 50-day moving average of $47.61 and a two-hundred day moving average of $47.75. The stock has a market cap of $2.91 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.63 and a beta of 0.69. Concentrix Co. has a one year low of $36.28 and a one year high of $77.00.

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

Concentrix Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st were issued a $0.3328 dividend. This represents a $1.33 annualized dividend and a dividend yield of 2.95%. The ex-dividend date was Friday, January 31st. Concentrix’s dividend payout ratio (DPR) is currently 35.85%.

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.