Concentrix Co. (NASDAQ:CNXC) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC lowered its position in Concentrix Co. (NASDAQ:CNXC) by 1.5% in the third quarter, Holdings Channel.com reports. The firm owned 24,309 shares of the company’s stock after selling 374 shares during the quarter. MetLife Investment Management LLC’s holdings in Concentrix were worth $1,246,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in CNXC. GSA Capital Partners LLP acquired a new stake in shares of Concentrix during the 3rd quarter valued at approximately $1,243,000. SG Americas Securities LLC acquired a new stake in shares of Concentrix during the 2nd quarter valued at approximately $1,445,000. Raymond James & Associates lifted its position in shares of Concentrix by 73.3% during the 3rd quarter. Raymond James & Associates now owns 55,313 shares of the company’s stock valued at $2,835,000 after acquiring an additional 23,387 shares during the period. State of Alaska Department of Revenue increased its stake in shares of Concentrix by 24.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 64,783 shares of the company’s stock worth $3,319,000 after purchasing an additional 12,870 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in shares of Concentrix during the 3rd quarter worth approximately $1,255,000. Institutional investors and hedge funds own 90.34% of the company’s stock.

Analyst Upgrades and Downgrades

CNXC has been the subject of a number of recent research reports. Canaccord Genuity Group dropped their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, September 26th. Barrington Research dropped their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Bank of America dropped their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday, September 26th. Baird R W raised shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Finally, Robert W. Baird began coverage on shares of Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 target price for the company. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $79.00.

Insider Transactions at Concentrix

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $52.70, for a total transaction of $517,672.10. Following the sale, the chief executive officer now owns 241,841 shares in the company, valued at $12,745,020.70. This represents a 3.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Cormac J. Twomey sold 1,544 shares of the 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. This trade represents a 5.26 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,367 shares of company stock valued at $641,668. Insiders own 3.10% of the company’s stock.

Concentrix Stock Down 2.1 %

Shares of Concentrix stock opened at $43.28 on Friday. The company has a fifty day moving average price of $45.24 and a 200 day moving average price of $58.45. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $106.10. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 0.58 and a beta of 0.63.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The business’s quarterly revenue was up 46.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.54 earnings per share. Equities research analysts forecast that Concentrix Co. will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were 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 of this dividend was Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 3.08%. Concentrix’s dividend payout ratio (DPR) is presently 43.18%.

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.