State Street Corp Buys 18,304 Shares of Concentrix Co. (NASDAQ:CNXC)

State Street Corp raised its position in Concentrix Co. (NASDAQ:CNXC) by 1.3% during the third quarter, Holdings Channel reports. The firm owned 1,401,953 shares of the company’s stock after purchasing an additional 18,304 shares during the period. State Street Corp’s holdings in Concentrix were worth $71,850,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Blue Trust Inc. boosted its position in Concentrix by 1,202.7% during the second quarter. Blue Trust Inc. now owns 1,928 shares of the company’s stock valued at $128,000 after acquiring an additional 1,780 shares during the last quarter. Raymond James & Associates grew its stake in Concentrix by 6.0% during the second quarter. Raymond James & Associates now owns 31,926 shares of the company’s stock worth $2,020,000 after purchasing an additional 1,804 shares during the period. First Horizon Advisors Inc. increased its holdings in Concentrix by 54.0% in 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 in the last quarter. Pallas Capital Advisors LLC acquired a new position in Concentrix in the second quarter valued at approximately $288,000. Finally, Fifth Third Bancorp boosted its holdings in shares of Concentrix by 51.7% during the 2nd quarter. Fifth Third Bancorp now owns 1,573 shares of the company’s stock worth $100,000 after buying an additional 536 shares in the last quarter. 90.34% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the sale, the chief executive officer now owns 241,841 shares of the company’s stock, valued at approximately $12,745,020.70. The trade was a 3.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the transaction, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at $1,427,490.54. This represents a 5.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,367 shares of company stock valued at $641,668. Corporate insiders own 3.10% of the company’s stock.

Wall Street Analyst Weigh In

CNXC has been the topic of a number of research reports. Robert W. Baird initiated coverage on shares of Concentrix in a research report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 target price on the stock. 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 report on Thursday, September 26th. Baird R W raised Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Canaccord Genuity Group cut their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, September 26th. Finally, Barrington Research decreased their price objective on Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Concentrix currently has a consensus rating of “Buy” and a consensus target price of $79.00.

Concentrix Price Performance

CNXC stock opened at $42.16 on Wednesday. The company has a market capitalization of $2.73 billion, a P/E ratio of 13.69, a price-to-earnings-growth ratio of 0.56 and a beta of 0.63. Concentrix Co. has a 52-week low of $36.28 and a 52-week high of $106.10. The business has a 50-day simple moving average of $44.05 and a two-hundred day simple moving average of $57.35. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57.

Concentrix (NASDAQ:CNXC) last announced its quarterly 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). Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter last year, the company posted $2.54 EPS. The company’s quarterly revenue was up 46.2% compared to the same quarter last year. Research analysts expect that Concentrix Co. will post 10.18 EPS for the current fiscal year.

Concentrix Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a dividend of $0.333 per share. The ex-dividend date of this dividend was Friday, October 25th. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a yield of 3.16%. Concentrix’s payout ratio is 43.18%.

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.