Intech Investment Management LLC Makes New $1.26 Million Investment in Concentrix Co. (NASDAQ:CNXC)

Intech Investment Management LLC acquired a new position in shares of Concentrix Co. (NASDAQ:CNXC) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 24,479 shares of the company’s stock, valued at approximately $1,255,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CNXC. Hexagon Capital Partners LLC grew its holdings in Concentrix by 2,992.3% in the 2nd 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 grew its position in shares of 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 buying 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 worth $51,000 after purchasing an additional 285 shares during the last quarter. Benjamin F. Edwards & Company Inc. acquired a new position in Concentrix in the second quarter worth about $68,000. Finally, Quarry LP increased its holdings in Concentrix by 769.9% in the second quarter. Quarry LP now owns 1,244 shares of the company’s stock valued at $79,000 after buying an additional 1,101 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Insider Activity at Concentrix

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The stock was 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 of the company’s stock, valued at $12,745,020.70. The trade was a 3.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Cormac J. Twomey sold 400 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the sale, the executive vice president now owns 29,327 shares of the company’s stock, valued at $2,188,674.01. This trade represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,267 shares of company stock worth $648,945 over the last ninety days. 3.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Canaccord Genuity Group decreased their target price on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, September 26th. Barrington Research lowered their target price 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 reduced their price target 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. Robert W. Baird began coverage on shares of Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective for the company. Finally, Baird R W raised shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. One equities 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. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $79.00.

Concentrix Stock Down 0.5 %

CNXC stock opened at $44.56 on Wednesday. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18. The firm’s 50-day simple moving average is $47.61 and its 200 day simple moving average is $59.32. The stock has a market cap of $2.89 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 0.60 and a beta of 0.61. Concentrix Co. has a fifty-two week low of $36.28 and a fifty-two week high of $106.10.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.06). Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the business posted $2.54 EPS. Concentrix’s revenue for the quarter was up 46.2% compared to the same quarter last year. As a group, sell-side analysts predict that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The firm also recently declared 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 represents a $1.33 dividend on an annualized basis and a dividend yield of 2.99%. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is 43.18%.

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.