Envestnet Asset Management Inc. Has $6.98 Million Stake in Concentrix Co. (NASDAQ:CNXC)

Envestnet Asset Management Inc. grew its position in Concentrix Co. (NASDAQ:CNXC) by 35.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 110,282 shares of the company’s stock after purchasing an additional 28,615 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.17% of Concentrix worth $6,979,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Concentrix during the 2nd quarter worth about $1,445,000. Vanguard Group Inc. lifted its stake in shares of Concentrix by 23.9% in the 4th quarter. Vanguard Group Inc. now owns 5,363,893 shares of the company’s stock valued at $526,788,000 after purchasing an additional 1,034,546 shares during the period. Natixis bought a new stake in shares of Concentrix during the 1st quarter valued at about $542,000. Tweedy Browne Co LLC grew its stake in Concentrix by 21.6% during the first quarter. Tweedy Browne Co LLC now owns 173,338 shares of the company’s stock worth $11,478,000 after purchasing an additional 30,798 shares during the period. Finally, Groupe Bruxelles Lambert bought a new stake in Concentrix in the fourth quarter worth approximately $861,662,000. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the transaction, the executive vice president now directly owns 29,327 shares in the company, valued at approximately $2,188,674.01. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CNXC shares. Canaccord Genuity Group cut their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday. Barrington Research cut their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Bank of America decreased their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Concentrix has an average rating of “Moderate Buy” and an average price target of $81.25.

Concentrix Price Performance

Shares of NASDAQ:CNXC opened at $51.56 on Friday. The stock’s 50 day moving average is $67.29 and its 200-day moving average is $63.58. Concentrix Co. has a twelve month low of $50.23 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. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 0.68 and a beta of 0.61.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). Concentrix had a net margin of 3.08% and a return on equity of 17.00%. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the business earned $2.54 earnings per share. The firm’s quarterly revenue was up 46.2% compared to the same quarter last year. Sell-side analysts forecast that Concentrix Co. will post 10.8 EPS for the current fiscal year.

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be given a dividend of $0.333 per share. This is a boost from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.58%. Concentrix’s payout ratio is presently 28.01%.

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.