KLP Kapitalforvaltning AS Purchases New Shares in Concentrix Co. (NASDAQ:CNXC)

KLP Kapitalforvaltning AS acquired a new position in Concentrix Co. (NASDAQ:CNXC) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,000 shares of the company’s stock, valued at approximately $346,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Steward Partners Investment Advisory LLC increased its position in shares of Concentrix by 81.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the period. Venturi Wealth Management LLC boosted its position in Concentrix by 159.6% during the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after acquiring an additional 490 shares in the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Concentrix by 58.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock worth $52,000 after acquiring an additional 444 shares during the period. KBC Group NV raised its position in shares of 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 acquiring an additional 815 shares in the last quarter. Finally, SRS Capital Advisors Inc. lifted its stake in shares of Concentrix by 665.0% in the 4th quarter. SRS Capital Advisors Inc. now owns 4,169 shares of the company’s stock valued at $180,000 after purchasing an additional 3,624 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Concentrix Trading Down 4.3 %

NASDAQ CNXC opened at $48.27 on Friday. The stock’s fifty day moving average price is $48.22 and its 200-day moving average price is $47.11. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17. The stock has a market cap of $3.11 billion, a P/E ratio of 13.01, a P/E/G ratio of 0.63 and a beta of 0.51. Concentrix Co. has a 12 month low of $36.28 and a 12 month high of $77.00.

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

Concentrix Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 6th. Investors of record on Friday, April 25th will be given a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Friday, April 25th. Concentrix’s dividend payout ratio (DPR) is currently 33.33%.

Insider Buying and Selling

In other Concentrix news, Director Kathryn Hayley bought 500 shares of Concentrix stock in a transaction on Wednesday, January 22nd. The stock was acquired at an average price of $50.22 per share, with a total value of $25,110.00. Following the acquisition, the director now owns 3,034 shares in the company, valued at approximately $152,367.48. This trade represents a 19.73 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CNXC. Canaccord Genuity Group reduced their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Barrington Research decreased their price target on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, March 24th. Finally, Bank of America boosted their price objective on shares of Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a research note on Thursday, March 27th. 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 stock. According to MarketBeat.com, Concentrix currently has a consensus rating of “Buy” and a consensus target price of $69.60.

Concentrix Company 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.