Raymond James & Associates Increases Holdings in Concentrix Co. (NASDAQ:CNXC)

Raymond James & Associates grew its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 6.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,926 shares of the company’s stock after acquiring an additional 1,804 shares during the quarter. Raymond James & Associates’ holdings in Concentrix were worth $2,020,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CNXC. Ieq Capital LLC grew its stake in shares of Concentrix by 3.3% in the fourth quarter. Ieq Capital LLC now owns 4,920 shares of the company’s stock worth $483,000 after acquiring an additional 157 shares during the period. Treasurer of the State of North Carolina grew its position in Concentrix by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 19,466 shares of the company’s stock worth $1,912,000 after purchasing an additional 190 shares during the period. State of Michigan Retirement System raised its stake in Concentrix by 1.8% during the 1st quarter. State of Michigan Retirement System now owns 11,591 shares of the company’s stock valued at $768,000 after buying an additional 200 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of Concentrix by 1.5% during the 1st quarter. Louisiana State Employees Retirement System now owns 13,500 shares of the company’s stock valued at $894,000 after buying an additional 200 shares during the period. Finally, Capital International Ltd. CA boosted its stake in shares of Concentrix by 1.4% in the 4th quarter. Capital International Ltd. CA now owns 15,368 shares of the company’s stock worth $1,509,000 after buying an additional 218 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CNXC shares. Barrington Research reissued an “outperform” rating and issued a $84.00 target price on shares of Concentrix in a report on Friday, June 21st. Bank of America upgraded shares of Concentrix from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $65.00 to $85.00 in a research note on Wednesday, August 28th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $125.00 target price on shares of Concentrix in a research report on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Concentrix currently has a consensus rating of “Moderate Buy” and an average target price of $89.80.

Concentrix Stock Down 0.9 %

CNXC stock opened at $74.57 on Wednesday. The business’s 50-day moving average price is $67.56 and its 200-day moving average price is $64.61. The stock has a market cap of $4.87 billion, a P/E ratio of 17.26, a PEG ratio of 0.80 and a beta of 0.61. Concentrix Co. has a twelve month low of $53.89 and a twelve month high of $106.10. The company has a quick ratio of 1.56, a current ratio of 1.54 and a debt-to-equity ratio of 1.21.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, June 26th. The company reported $2.69 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.06. The business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.35 billion. Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The company’s revenue for the quarter was up 47.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.50 earnings per share. On average, equities research analysts forecast that Concentrix Co. will post 10.8 EPS for the current year.

Concentrix Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 6th. Investors of record on Friday, July 26th were given a dividend of $0.303 per share. This represents a $1.21 annualized dividend and a dividend yield of 1.63%. The ex-dividend date was Friday, July 26th. Concentrix’s dividend payout ratio is currently 28.01%.

Insider Activity at Concentrix

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $63.21, for a total value of $25,284.00. Following the completion of the transaction, the executive vice president now directly owns 30,127 shares in the company, valued at approximately $1,904,327.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 1,200 shares of company stock valued at $82,028. 3.00% of the stock is owned by company insiders.

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.