PNC Financial Services Group Inc. Decreases Stake in Concentrix Co. (NASDAQ:CNXC)

PNC Financial Services Group Inc. reduced its stake in Concentrix Co. (NASDAQ:CNXC) by 68.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,021 shares of the company’s stock after selling 2,179 shares during the period. PNC Financial Services Group Inc.’s holdings in Concentrix were worth $44,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Invenomic Capital Management LP raised its stake in shares of Concentrix by 354.3% during the third 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 grew its stake in shares of Concentrix by 32.9% during the fourth quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock valued at $57,688,000 after acquiring an additional 329,831 shares in the last quarter. Thompson Investment Management Inc. increased its position in shares of Concentrix by 1,232.8% during the fourth quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock worth $6,076,000 after acquiring an additional 129,876 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Concentrix in the fourth quarter valued at about $4,752,000. Finally, Neo Ivy Capital Management acquired a new stake in Concentrix during the 3rd quarter valued at approximately $2,844,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the sale, the executive vice president now owns 41,111 shares in the company, valued at approximately $2,285,771.60. This represents a 1.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Canaccord Genuity Group dropped their price target 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. Barrington Research cut their target price on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $71.80.

Concentrix Trading Up 1.1 %

Shares of NASDAQ:CNXC opened at $45.68 on Thursday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The company’s 50-day moving average price is $47.58 and its 200 day moving average price is $47.73. The company has a market cap of $2.94 billion, a PE ratio of 12.31, a P/E/G ratio of 0.63 and a beta of 0.69. Concentrix Co. has a fifty-two week low of $36.28 and a fifty-two week high of $77.00.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, March 26th. The company reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.58 by $0.21. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The business had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same period last year, the firm posted $2.57 earnings per share. The business’s revenue was down 1.3% on a year-over-year basis. Sell-side analysts anticipate that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 11th. Investors of record on Friday, January 31st were issued a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend was Friday, January 31st. Concentrix’s payout ratio is 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.