Raymond James Financial Inc. Acquires Shares of 109,833 Concentrix Co. (NASDAQ:CNXC)

Raymond James Financial Inc. bought a new stake in Concentrix Co. (NASDAQ:CNXC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 109,833 shares of the company's stock, valued at approximately $4,752,000. Raymond James Financial Inc. owned about 0.17% of Concentrix at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Invenomic Capital Management LP boosted its position in shares of Concentrix by 354.3% during the third quarter. Invenomic Capital Management LP now owns 472,243 shares of the company's stock worth $24,202,000 after buying an additional 368,295 shares during the period. Copeland Capital Management LLC lifted 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 acquiring an additional 329,831 shares in the last quarter. Thompson Investment Management Inc. boosted its holdings in Concentrix by 1,232.8% during the 4th quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company's stock valued at $6,076,000 after acquiring an additional 129,876 shares during the period. Neo Ivy Capital Management acquired a new position in Concentrix in the 3rd quarter valued at about $2,844,000. Finally, New York State Common Retirement Fund increased its stake in Concentrix by 47.3% during the fourth quarter. New York State Common Retirement Fund now owns 144,557 shares of the company's stock worth $6,255,000 after purchasing an additional 46,406 shares during the period. Hedge funds and other institutional investors own 90.34% of the company's stock.

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Analysts Set New Price Targets

CNXC has been the topic of a number of research reports. Barrington Research reduced their target price on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating on the stock in a report on Monday, March 24th. Bank of America lifted their target price on Concentrix from $58.00 to $59.00 and gave the company a "neutral" rating in a report on Thursday. Finally, 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 research note on Thursday, January 16th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $69.60.

Concentrix Stock Down 12.4 %

NASDAQ CNXC traded down $8.09 during trading on Friday, reaching $56.95. 3,240,808 shares of the company's stock were exchanged, compared to its average volume of 671,740. Concentrix Co. has a 1 year low of $36.28 and a 1 year high of $77.00. The stock has a market cap of $3.66 billion, a P/E ratio of 15.35, a price-to-earnings-growth ratio of 0.63 and a beta of 0.69. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The company has a 50 day moving average price of $48.06 and a two-hundred day moving average price of $47.60.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The firm had revenue of $2.37 billion during the quarter, compared to analysts' expectations of $2.37 billion. During the same quarter in the previous year, the business earned $2.57 earnings per share. The firm's revenue was down 1.3% compared to the same quarter last year. On average, equities research analysts anticipate that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 6th. Investors of record on Friday, April 25th will be paid a dividend of $0.3328 per share. The ex-dividend date of this dividend is Friday, April 25th. This represents a $1.33 annualized dividend and a yield of 2.34%. Concentrix's dividend payout ratio is currently 35.85%.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the sale, the executive vice president now owns 41,111 shares in the company, valued at approximately $2,285,771.60. The trade was a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.20% of the stock is owned by corporate insiders.

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.