Covestor Ltd Raises Holdings in Concentrix Co. (NASDAQ:CNXC)

Covestor Ltd grew its holdings in Concentrix Co. (NASDAQ:CNXC) by 18.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,090 shares of the company’s stock after buying an additional 2,536 shares during the quarter. Concentrix comprises 0.4% of Covestor Ltd’s investment portfolio, making the stock its 17th biggest holding. Covestor Ltd’s holdings in Concentrix were worth $697,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC raised its holdings in Concentrix by 81.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 638 shares of the company’s stock valued at $28,000 after buying an additional 286 shares in the last quarter. Rhumbline Advisers grew its holdings in Concentrix by 0.3% during the 4th quarter. Rhumbline Advisers now owns 128,617 shares of the company’s stock worth $5,565,000 after acquiring an additional 324 shares during the period. Parkside Financial Bank & Trust boosted its stake in Concentrix by 58.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,201 shares of the company’s stock worth $52,000 after purchasing an additional 444 shares during the period. Xponance Inc. lifted its position in Concentrix by 8.9% during the 4th quarter. Xponance Inc. now owns 5,540 shares of the company’s stock worth $240,000 after buying an additional 455 shares in the last quarter. Finally, Venturi Wealth Management LLC raised its holdings in Concentrix by 159.6% in the 4th quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock valued at $34,000 after acquiring an additional 490 shares during the period. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Insiders Place Their Bets

In other Concentrix news, Director Kathryn Hayley acquired 500 shares of the business’s stock in a transaction on Wednesday, January 22nd. The stock was purchased at an average price of $50.22 per share, for a total transaction of $25,110.00. Following the transaction, the director now owns 3,034 shares in the company, valued at $152,367.48. This trade represents a 19.73 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.20% of the company’s stock.

Concentrix Stock Performance

NASDAQ CNXC traded down $0.76 during trading on Thursday, reaching $48.48. The company’s stock had a trading volume of 75,466 shares, compared to its average volume of 686,474. The firm has a market cap of $3.10 billion, a price-to-earnings ratio of 13.07, a P/E/G ratio of 0.63 and a beta of 0.51. The business’s fifty day moving average price is $47.58 and its 200-day moving average price is $46.66. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $77.00.

Concentrix (NASDAQ:CNXC) last issued its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 EPS for the quarter, topping the consensus estimate of $2.58 by $0.21. The firm had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.37 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. Concentrix’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.57 earnings per share. As a group, analysts anticipate that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 6th. Investors of record on Friday, April 25th will be paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.75%. The ex-dividend date is Friday, April 25th. Concentrix’s dividend payout ratio is currently 33.33%.

Analysts Set New Price Targets

CNXC has been the subject of several research reports. Barrington Research dropped their price objective on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, March 24th. Bank of America boosted their price objective on shares of Concentrix from $58.00 to $59.00 and gave the company a “neutral” rating in a research note on Thursday, March 27th. Finally, Canaccord Genuity Group cut their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Concentrix currently has a consensus rating of “Buy” and an average target price of $69.60.

About Concentrix

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.