Captrust Financial Advisors Cuts Stake in Concentrix Co. (NASDAQ:CNXC)

Captrust Financial Advisors reduced its stake in Concentrix Co. (NASDAQ:CNXC – Free Report) by 12.4% during the third quarter, according to its most recent filing with the SEC. The fund owned 4,093 shares of the company’s stock after selling 577 shares during the quarter. Captrust Financial Advisors’ holdings in Concentrix were worth $210,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CNXC. GAMMA Investing LLC lifted its holdings in Concentrix by 64.9% during the third quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock valued at $37,000 after purchasing an additional 287 shares during the last quarter. First Horizon Advisors Inc. increased 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 period. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Concentrix during the second quarter valued at about $68,000. Quarry LP increased its position in shares of Concentrix by 769.9% during 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 period. Finally, Fifth Third Bancorp increased its position in shares of Concentrix by 51.7% during the second quarter. Fifth Third Bancorp now owns 1,573 shares of the company’s stock valued at $100,000 after buying an additional 536 shares during the period. 90.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the completion of the transaction, the executive vice president now directly owns 27,783 shares in the company, valued at approximately $1,427,490.54. The trade was a 5.26 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Christopher A. Caldwell sold 9,823 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the transaction, the chief executive officer now owns 241,841 shares of the company’s stock, valued at approximately $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. In the last 90 days, insiders sold 12,367 shares of company stock valued at $641,668. 3.10% of the stock is owned by insiders.

Concentrix Stock Performance

Shares of CNXC stock opened at $42.31 on Tuesday. The stock has a fifty day moving average of $44.18 and a 200 day moving average of $57.48. Concentrix Co. has a 52 week low of $36.28 and a 52 week high of $106.10. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 0.56 and a beta of 0.63. 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 (NASDAQ:CNXC – Get Free Report) last posted its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share (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 firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter last year, the company posted $2.54 EPS. Concentrix’s revenue for the quarter was up 46.2% compared to the same quarter last year. As a group, research analysts expect that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were given a $0.333 dividend. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date was Friday, October 25th. This represents a $1.33 dividend on an annualized basis and a yield of 3.15%. Concentrix’s payout ratio is 43.18%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CNXC. Canaccord Genuity Group decreased their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. Bank of America decreased 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. Robert W. Baird began 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. Finally, Barrington Research decreased their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. One equities research 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 data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $79.00.

Read Our Latest Report on Concentrix

Concentrix Profile

(Free Report)

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.

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