Parkside Financial Bank & Trust Boosts Stock Position in Concentrix Co. (NASDAQ:CNXC)

Parkside Financial Bank & Trust boosted its position in shares of Concentrix Co. (NASDAQ:CNXC) by 58.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,201 shares of the company’s stock after acquiring an additional 444 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Concentrix were worth $52,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. State Street Corp lifted its position in shares of Concentrix by 1.3% during the third quarter. State Street Corp now owns 1,401,953 shares of the company’s stock worth $71,850,000 after purchasing an additional 18,304 shares in the last quarter. Copeland Capital Management LLC increased its stake in Concentrix by 32.9% during the 4th quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock worth $57,688,000 after buying an additional 329,831 shares during the period. Geode Capital Management LLC lifted its holdings in Concentrix by 5.2% during the 3rd quarter. Geode Capital Management LLC now owns 878,092 shares of the company’s stock worth $45,013,000 after buying an additional 43,295 shares in the last quarter. Invenomic Capital Management LP boosted its position in Concentrix by 354.3% in the 3rd quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock valued at $24,202,000 after buying an additional 368,295 shares during the period. Finally, Loomis Sayles & Co. L P boosted its position in Concentrix by 8.1% in the 3rd quarter. Loomis Sayles & Co. L P now owns 305,492 shares of the company’s stock valued at $15,657,000 after buying an additional 22,815 shares during the period. 90.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group reduced their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Concentrix presently has an average rating of “Buy” and a consensus price target of $75.00.

Concentrix Stock Down 5.1 %

Shares of Concentrix stock opened at $42.86 on Tuesday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. Concentrix Co. has a 52-week low of $36.28 and a 52-week high of $77.00. The company has a market capitalization of $2.76 billion, a P/E ratio of 11.55, a P/E/G ratio of 0.63 and a beta of 0.67. The company has a 50 day moving average of $47.49 and a 200 day moving average of $50.76.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.01 by $0.25. The business had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the company earned $3.36 EPS. As a group, research analysts forecast that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st were given a dividend of $0.3328 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.33 annualized dividend and a dividend yield of 3.11%. Concentrix’s dividend payout ratio is currently 35.85%.

Insider Activity

In related news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total value of $27,800.00. Following the completion of the transaction, the executive vice president now directly owns 41,111 shares of the company’s stock, valued at $2,285,771.60. This represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 3.20% of the company’s stock.

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.