Raymond James & Associates Has $2.84 Million Holdings in Concentrix Co. (NASDAQ:CNXC)

Raymond James & Associates grew its stake in Concentrix Co. (NASDAQ:CNXC) by 73.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 55,313 shares of the company’s stock after buying an additional 23,387 shares during the quarter. Raymond James & Associates’ holdings in Concentrix were worth $2,835,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CNXC. Hexagon Capital Partners LLC boosted its holdings in shares of Concentrix by 2,992.3% in the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after buying an additional 389 shares during the period. GAMMA Investing LLC boosted its holdings in Concentrix by 1,005.0% during the second quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after purchasing an additional 402 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Concentrix by 54.0% during the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after purchasing an additional 285 shares during the last quarter. Benjamin F. Edwards & Company Inc. acquired a new position in Concentrix during the second quarter worth $68,000. Finally, Quarry LP boosted its holdings in Concentrix by 769.9% during the second quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after purchasing an additional 1,101 shares during the last quarter. Institutional investors and hedge funds own 90.34% of the company’s stock.

Concentrix Price Performance

Shares of CNXC opened at $41.41 on Tuesday. The firm has a market capitalization of $2.68 billion, a PE ratio of 13.44, a PEG ratio of 0.58 and a beta of 0.61. The company’s 50-day moving average is $57.29 and its 200-day moving average is $61.17. Concentrix Co. has a fifty-two week low of $41.11 and a fifty-two week high of $106.10. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57.

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

Concentrix Increases Dividend

The firm also recently declared 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 represents a $1.33 dividend on an annualized basis and a yield of 3.22%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is currently 43.18%.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the firm’s 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 transaction, the chief executive officer now directly owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Concentrix news, EVP Cormac J. Twomey sold 400 shares of the firm’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $74.63, for a total value of $29,852.00. Following the transaction, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at $2,188,674.01. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher A. Caldwell sold 9,823 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 241,841 shares in the company, valued at approximately $12,745,020.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,267 shares of company stock valued at $648,945. 3.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CNXC. Barrington Research reduced their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. Canaccord Genuity Group cut their price target 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. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. Bank of America dropped their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, September 26th. Finally, Robert W. Baird started coverage on shares of Concentrix in a research report on Thursday, October 3rd. They issued 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 assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $79.00.

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.