Principal Financial Group Inc. Sells 47,014 Shares of Concentrix Co. (NASDAQ:CNXC)

Principal Financial Group Inc. reduced its holdings in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 30.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 109,029 shares of the company's stock after selling 47,014 shares during the quarter. Principal Financial Group Inc. owned approximately 0.17% of Concentrix worth $5,588,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Harbor Capital Advisors Inc. boosted its holdings in shares of Concentrix by 106.8% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,667 shares of the company's stock valued at $1,110,000 after buying an additional 11,188 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Concentrix by 24.8% in the 3rd quarter. State of Alaska Department of Revenue now owns 64,783 shares of the company's stock valued at $3,319,000 after buying an additional 12,870 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Concentrix by 16.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 10,543 shares of the company's stock valued at $540,000 after buying an additional 1,475 shares during the last quarter. Copeland Capital Management LLC boosted its holdings in shares of Concentrix by 1.8% in the 3rd quarter. Copeland Capital Management LLC now owns 1,003,375 shares of the company's stock valued at $51,423,000 after buying an additional 17,653 shares during the last quarter. Finally, Raymond James & Associates boosted its holdings in shares of Concentrix by 73.3% in the 3rd quarter. Raymond James & Associates now owns 55,313 shares of the company's stock valued at $2,835,000 after buying an additional 23,387 shares during the last quarter. 90.34% of the stock is owned by institutional investors.

Concentrix Stock Up 6.7 %

CNXC stock opened at $39.76 on Thursday. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. The stock has a market capitalization of $2.58 billion, a price-to-earnings ratio of 12.91, a PEG ratio of 0.51 and a beta of 0.61. The business's fifty day moving average price is $49.45 and its two-hundred day moving average price is $59.82. Concentrix Co. has a fifty-two week low of $36.28 and a fifty-two week high of $106.10.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.06). The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The firm's quarterly revenue was up 46.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.54 EPS. On average, equities analysts anticipate that Concentrix Co. will post 10.18 earnings per share for the current year.

Concentrix Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were given a dividend of $0.333 per share. This is a boost from Concentrix's previous quarterly dividend of $0.30. The ex-dividend date was Friday, October 25th. This represents a $1.33 annualized dividend and a yield of 3.35%. Concentrix's dividend payout ratio (DPR) is presently 43.18%.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 400 shares of the firm's 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 transaction, the executive vice president now owns 29,327 shares in the company, valued at approximately $2,188,674.01. This trade represents a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Christopher A. Caldwell sold 9,823 shares of the firm's stock in a transaction on Friday, October 4th. The stock was sold at an average price of $52.70, for a total value of $517,672.10. Following the completion of the transaction, the chief executive officer now owns 241,841 shares in the company, valued at $12,745,020.70. The trade was a 3.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,267 shares of company stock worth $648,945. Company insiders own 3.10% of the company's stock.

Analyst Upgrades and Downgrades

CNXC has been the subject of several recent analyst reports. Baird R W raised Concentrix to a "strong-buy" rating in a report on Thursday, October 3rd. Barrington Research cut their price target on Concentrix from $84.00 to $70.00 and set an "outperform" rating for the company in a report on Thursday, September 26th. Robert W. Baird initiated coverage on Concentrix in a report on Thursday, October 3rd. They set an "outperform" rating and a $70.00 price target for the company. Bank of America cut their price target on Concentrix from $85.00 to $70.00 and set a "neutral" rating for the company in a report on Thursday, September 26th. Finally, Canaccord Genuity Group cut their price target on Concentrix from $125.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, September 26th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $79.00.

Concentrix 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.