Comerica Bank Increases Stake in Concentrix Co. (NASDAQ:CNXC)

Comerica Bank grew its position in Concentrix Co. (NASDAQ:CNXC) by 11.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,810 shares of the company’s stock after acquiring an additional 3,903 shares during the period. Comerica Bank owned about 0.06% of Concentrix worth $1,636,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nordea Investment Management AB increased its position in Concentrix by 43.9% during the 4th quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock worth $3,076,000 after purchasing an additional 21,568 shares during the period. Thompson Investment Management Inc. raised its position in Concentrix by 1,232.8% in the fourth quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock worth $6,076,000 after acquiring an additional 129,876 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Concentrix in the fourth quarter valued at $4,752,000. American Century Companies Inc. purchased a new stake in shares of Concentrix during the 4th quarter worth $539,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Concentrix during the 4th quarter worth $294,000. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Canaccord Genuity Group decreased their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Barrington Research lowered their price target on Concentrix from $70.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, March 24th. Finally, Bank of America boosted their target price on Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a research report on Thursday, March 27th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $65.75.

Insider Buying and Selling

In other Concentrix news, CEO Christopher A. Caldwell purchased 1,000 shares of the stock in a transaction on Monday, April 21st. The stock was bought at an average price of $46.00 per share, for a total transaction of $46,000.00. Following the acquisition, the chief executive officer now directly owns 303,362 shares of the company’s stock, valued at $13,954,652. This represents a 0.33 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $55.31, for a total transaction of $27,655.00. Following the transaction, the executive vice president now owns 39,130 shares in the company, valued at approximately $2,164,280.30. The trade was a 1.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,444 shares of company stock worth $1,481,628. 3.20% of the stock is owned by insiders.

Concentrix Trading Up 2.5 %

Shares of Concentrix stock opened at $53.33 on Friday. The business has a 50 day moving average price of $48.79 and a 200 day moving average price of $46.48. The company has a market capitalization of $3.41 billion, a P/E ratio of 14.37, a P/E/G ratio of 0.63 and a beta of 0.52. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.42 and a quick ratio of 1.42. Concentrix Co. has a 1 year low of $36.28 and a 1 year high of $77.00.

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

Concentrix Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 6th. Investors of record on Friday, April 25th were paid a dividend of $0.3328 per share. This represents a $1.33 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend was Friday, April 25th. Concentrix’s payout ratio is 33.33%.

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.