Intech Investment Management LLC Makes New Investment in Concentrix Co. (NASDAQ:CNXC)

Intech Investment Management LLC acquired a new stake in Concentrix Co. (NASDAQ:CNXC - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 24,479 shares of the company's stock, valued at approximately $1,255,000.

A number of other large investors have also bought and sold shares of CNXC. Hexagon Capital Partners LLC boosted its position in shares of Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company's stock worth $25,000 after buying an additional 389 shares during the period. GAMMA Investing LLC lifted its stake in Concentrix by 1,005.0% in the 2nd quarter. GAMMA Investing LLC now owns 442 shares of the company's stock valued at $28,000 after acquiring an additional 402 shares in the last quarter. First Horizon Advisors Inc. boosted its position in Concentrix by 54.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company's stock worth $51,000 after acquiring an additional 285 shares during the last quarter. Benjamin F. Edwards & Company Inc. bought a new position in shares of Concentrix during the 2nd quarter worth approximately $68,000. Finally, Quarry LP raised its holdings in shares of Concentrix by 769.9% in the second quarter. Quarry LP now owns 1,244 shares of the company's stock valued at $79,000 after purchasing an additional 1,101 shares during the last quarter. 90.34% of the stock is owned by institutional investors.

Insider Activity

In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now owns 241,841 shares in the company, valued at $12,745,020.70. This trade represents a 3.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Cormac J. Twomey sold 400 shares of Concentrix stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total value of $29,852.00. Following the sale, the executive vice president now directly owns 29,327 shares of the company's stock, valued at $2,188,674.01. This represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,267 shares of company stock valued at $648,945 over the last ninety days. 3.10% of the stock is currently owned by company insiders.

Concentrix Stock Performance

NASDAQ:CNXC traded up $0.36 during mid-day trading on Wednesday, hitting $44.92. The stock had a trading volume of 653,190 shares, compared to its average volume of 577,291. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $106.10. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 0.61 and a beta of 0.61. The company's 50 day simple moving average is $47.61 and its 200 day simple moving average is $59.32.

Concentrix (NASDAQ:CNXC - Get Free Report) last released 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). The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 2.18% and a return on equity of 16.57%. The business's quarterly revenue was up 46.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.54 earnings per share. On average, equities research analysts forecast that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were issued a $0.333 dividend. This is an increase from Concentrix's previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend was Friday, October 25th. Concentrix's payout ratio is currently 43.18%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CNXC. Robert W. Baird started coverage on shares of Concentrix in a report on Thursday, October 3rd. They set an "outperform" rating and a $70.00 target price for the company. Baird R W upgraded shares of Concentrix to a "strong-buy" rating in a research note on Thursday, October 3rd. Bank of America decreased their price objective on Concentrix from $85.00 to $70.00 and set a "neutral" rating for the company in a report on Thursday, September 26th. Canaccord Genuity Group dropped their target price on Concentrix from $125.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, September 26th. Finally, Barrington Research decreased their price target on Concentrix from $84.00 to $70.00 and set an "outperform" rating for the company in a research note on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $79.00.

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.