Concentrix Co. (NASDAQ:CNXC) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its stake in Concentrix Co. (NASDAQ:CNXC) by 2.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 11,050 shares of the company’s stock after selling 271 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Concentrix were worth $566,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CNXC. 1832 Asset Management L.P. bought a new stake in Concentrix in the second quarter valued at $62,738,000. Pzena Investment Management LLC lifted its stake in Concentrix by 46.6% in the second quarter. Pzena Investment Management LLC now owns 1,484,907 shares of the company’s stock valued at $93,965,000 after buying an additional 471,699 shares during the last quarter. Paradigm Capital Management Inc. NY lifted its stake in Concentrix by 126.4% in the second quarter. Paradigm Capital Management Inc. NY now owns 623,542 shares of the company’s stock valued at $39,458,000 after buying an additional 348,100 shares during the last quarter. AQR Capital Management LLC lifted its stake in Concentrix by 74.4% in the second quarter. AQR Capital Management LLC now owns 813,864 shares of the company’s stock valued at $51,160,000 after buying an additional 347,230 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in Concentrix in the second quarter valued at $6,852,000. 90.34% of the stock is currently owned by institutional investors.

Concentrix Price Performance

NASDAQ:CNXC opened at $45.31 on Thursday. The business’s 50-day moving average price is $45.75 and its 200 day moving average price is $58.64. The firm has a market cap of $2.94 billion, a P/E ratio of 14.71, a PEG ratio of 0.58 and a beta of 0.63. Concentrix Co. has a 52-week low of $36.28 and a 52-week high of $106.10. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18.

Concentrix (NASDAQ:CNXC) last released its earnings results 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). The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. Concentrix’s revenue was up 46.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.54 earnings per share. As a group, sell-side analysts predict that Concentrix Co. will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a dividend of $0.333 per share. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend was Friday, October 25th. Concentrix’s payout ratio is presently 43.18%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CNXC shares. Canaccord Genuity Group cut their target price on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Barrington Research cut their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. Bank of America cut their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. Finally, Robert W. Baird assumed coverage on shares of Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. One research 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 data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $79.00.

Insider Buying and Selling

In other Concentrix news, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the sale, the executive vice president now owns 27,783 shares in the company, valued at approximately $1,427,490.54. The trade was a 5.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the sale, the chief executive officer now owns 241,841 shares in the company, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,367 shares of company stock valued at $641,668 over the last three months. Company insiders own 3.10% of the company’s stock.

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.