Bleakley Financial Group LLC Purchases New Holdings in Concentrix Co. (NASDAQ:CNXC)

Bleakley Financial Group LLC bought a new position in Concentrix Co. (NASDAQ:CNXC - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 6,380 shares of the company's stock, valued at approximately $276,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. GAMMA Investing LLC grew its holdings in shares of Concentrix by 64.9% during the 3rd quarter. GAMMA Investing LLC now owns 729 shares of the company's stock worth $37,000 after purchasing an additional 287 shares during the period. KBC Group NV grew its holdings in shares of Concentrix by 68.3% during the 4th quarter. KBC Group NV now owns 2,008 shares of the company's stock worth $87,000 after purchasing an additional 815 shares during the period. Clark Estates Inc. NY grew its holdings in shares of Concentrix by 2.0% during the 3rd quarter. Clark Estates Inc. NY now owns 45,150 shares of the company's stock worth $2,314,000 after purchasing an additional 900 shares during the period. Blue Trust Inc. grew its holdings in shares of Concentrix by 62.4% during the 3rd quarter. Blue Trust Inc. now owns 3,132 shares of the company's stock worth $161,000 after purchasing an additional 1,204 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Concentrix by 16.3% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,543 shares of the company's stock worth $540,000 after purchasing an additional 1,475 shares during the period. 90.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of the company's stock in a transaction 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 sale, the executive vice president now directly owns 41,111 shares in the company, valued at $2,285,771.60. This represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have sold 1,500 shares of company stock valued at $72,400. Insiders own 3.10% of the company's stock.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group lowered their target price on Concentrix from $100.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, January 16th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $75.00.

Concentrix Stock Performance

CNXC traded down $0.39 during trading on Friday, hitting $48.12. 529,847 shares of the stock were exchanged, compared to its average volume of 849,456. The stock has a fifty day moving average price of $46.77 and a two-hundred day moving average price of $52.35. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $85.35. The firm has a market capitalization of $3.10 billion, a P/E ratio of 12.97, a PEG ratio of 0.66 and a beta of 0.67. 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 (NASDAQ:CNXC - Get Free Report) last released its earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.01 by $0.25. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the previous year, the company posted $3.36 earnings per share. The company's revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, sell-side analysts predict that Concentrix Co. will post 10.11 earnings per share for the current year.

Concentrix Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st were issued a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.77%. The ex-dividend date was Friday, January 31st. Concentrix's dividend payout ratio (DPR) is 35.85%.

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.