US Bancorp DE Reduces Holdings in Concentrix Co. (NASDAQ:CNXC)

US Bancorp DE lessened its holdings in Concentrix Co. (NASDAQ:CNXC) by 17.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,127 shares of the company’s stock after selling 899 shares during the period. US Bancorp DE’s holdings in Concentrix were worth $212,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CNXC. Hexagon Capital Partners LLC lifted its position in shares of Concentrix by 2,992.3% in the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after purchasing an additional 389 shares during the period. GAMMA Investing LLC raised its holdings in Concentrix by 1,005.0% in the second quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after purchasing an additional 402 shares in the last quarter. First Horizon Advisors Inc. lifted its position in shares of Concentrix by 54.0% during the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after buying an additional 285 shares during the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Concentrix in the 2nd quarter valued at about $68,000. Finally, Quarry LP grew its position in shares of Concentrix by 769.9% in the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after buying an additional 1,101 shares during the last quarter. 90.34% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Cormac J. Twomey sold 1,544 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the sale, the executive vice president now owns 27,783 shares of the company’s stock, valued at approximately $1,427,490.54. This represents a 5.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated Friday, October 4th. The stock was 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 in the company, valued at $12,745,020.70. This trade represents a 3.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,267 shares of company stock worth $648,945 over the last ninety days. Corporate insiders own 3.10% of the company’s stock.

Concentrix Stock Down 2.1 %

CNXC stock opened at $39.79 on Friday. 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 Co. has a 52 week low of $39.39 and a 52 week high of $106.10. The stock has a market capitalization of $2.58 billion, a P/E ratio of 12.93, a P/E/G ratio of 0.56 and a beta of 0.61. The firm has a 50-day simple moving average of $52.70 and a 200-day simple moving average of $60.45.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.06). The business 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%. The company’s revenue for the quarter was up 46.2% compared to the same quarter last year. During the same period last year, the firm earned $2.54 EPS. Equities analysts forecast that Concentrix Co. will post 10.18 earnings per share for the current fiscal year.

Concentrix Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were issued a dividend of $0.333 per share. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a dividend yield of 3.35%. The ex-dividend date was Friday, October 25th. Concentrix’s payout ratio is currently 43.18%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Robert W. Baird started coverage on Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price on the stock. Baird R W upgraded Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Canaccord Genuity Group reduced their price target on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, September 26th. Bank of America lowered their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, September 26th. Finally, Barrington Research lowered their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $79.00.

Concentrix Company 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.