Rhumbline Advisers Purchases 324 Shares of Concentrix Co. (NASDAQ:CNXC)

Rhumbline Advisers increased its holdings in shares of Concentrix Co. (NASDAQ:CNXC) by 0.3% during the fourth quarter, HoldingsChannel reports. The firm owned 128,617 shares of the company’s stock after buying an additional 324 shares during the period. Rhumbline Advisers’ holdings in Concentrix were worth $5,565,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. KBC Group NV boosted its holdings in shares of Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock worth $87,000 after buying an additional 815 shares during the last quarter. Clark Estates Inc. NY grew its holdings in Concentrix by 2.0% during the third quarter. Clark Estates Inc. NY now owns 45,150 shares of the company’s stock valued at $2,314,000 after purchasing an additional 900 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Concentrix by 16.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 10,543 shares of the company’s stock worth $540,000 after buying an additional 1,475 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Concentrix by 22.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,054 shares of the company’s stock worth $515,000 after acquiring an additional 1,821 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Concentrix by 2.5% in the 3rd quarter. Janus Henderson Group PLC now owns 104,499 shares of the company’s stock worth $5,355,000 after buying an additional 2,564 shares in the last quarter. Institutional investors own 90.34% of the company’s stock.

Concentrix Trading Down 0.3 %

CNXC opened at $45.32 on Friday. Concentrix Co. has a 52 week low of $36.28 and a 52 week high of $77.00. The company has a market capitalization of $2.92 billion, a P/E ratio of 12.22, a PEG ratio of 0.63 and a beta of 0.66. The stock’s fifty day moving average is $47.38 and its two-hundred day moving average is $51.24. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.01 by $0.25. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the company earned $3.36 earnings per share. Analysts forecast that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st were given a dividend of $0.3328 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a yield of 2.94%. Concentrix’s dividend payout ratio is currently 35.85%.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the sale, the executive vice president now owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. This represents a 1.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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