Blue Trust Inc. Cuts Stock Holdings in Concentrix Co. (NASDAQ:CNXC)

Blue Trust Inc. trimmed its position in shares of Concentrix Co. (NASDAQ:CNXC) by 10.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,791 shares of the company’s stock after selling 341 shares during the quarter. Blue Trust Inc.’s holdings in Concentrix were worth $121,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in Concentrix by 64.9% during the third quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock worth $37,000 after purchasing an additional 287 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Concentrix in the 3rd quarter worth approximately $146,000. Parametrica Management Ltd bought a new position in shares of Concentrix in the third quarter valued at approximately $214,000. Algert Global LLC purchased a new stake in shares of Concentrix during the second quarter valued at approximately $273,000. Finally, Verity Asset Management Inc. bought a new stake in Concentrix during the third quarter worth $247,000. Institutional investors own 90.34% of the company’s stock.

Concentrix Price Performance

Concentrix stock opened at $48.07 on Friday. The business’s 50 day simple moving average is $46.40 and its 200 day simple moving average is $53.26. Concentrix Co. has a 12 month low of $36.28 and a 12 month high of $86.25. The company has a market cap of $3.10 billion, a price-to-earnings ratio of 12.96, a PEG ratio of 0.72 and a beta of 0.66. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 1.17.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, beating analysts’ consensus estimates of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The firm had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter in the prior year, the firm earned $3.36 EPS. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. Sell-side analysts forecast that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st will be paid a $0.3328 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $1.33 annualized dividend and a dividend yield of 2.77%. Concentrix’s payout ratio is 35.85%.

Insider Activity

In related news, Director Kathryn Hayley purchased 500 shares of Concentrix stock in a transaction dated Wednesday, January 22nd. The stock was bought at an average cost of $50.22 per share, for a total transaction of $25,110.00. Following the completion of the transaction, the director now owns 3,034 shares in the company, valued at $152,367.48. This trade represents a 19.73 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 1,500 shares of company stock valued at $72,400 over the last quarter. Company insiders own 3.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group decreased their target price on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average 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.