Concentrix Co. (NASDAQ:CNXC) Shares Acquired by State Street Corp

State Street Corp grew its holdings in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 1.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,401,953 shares of the company's stock after buying an additional 18,304 shares during the quarter. State Street Corp owned 2.16% of Concentrix worth $71,850,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. GSA Capital Partners LLP purchased a new stake in shares of Concentrix during the 3rd quarter valued at about $1,243,000. Raymond James & Associates raised its stake in shares of Concentrix by 73.3% during the third quarter. Raymond James & Associates now owns 55,313 shares of the company's stock valued at $2,835,000 after purchasing an additional 23,387 shares during the period. State of Alaska Department of Revenue lifted its position in shares of Concentrix by 24.8% during the third quarter. State of Alaska Department of Revenue now owns 64,783 shares of the company's stock worth $3,319,000 after purchasing an additional 12,870 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Concentrix during the third quarter worth $1,255,000. Finally, Sanders Morris Harris LLC purchased a new position in shares of Concentrix in the third quarter valued at $2,562,000. Institutional investors and hedge funds own 90.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Baird R W raised shares of Concentrix to a "strong-buy" rating in a research note on Thursday, October 3rd. 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 research report on Thursday, September 26th. Bank of America reduced 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. Robert W. Baird started coverage on Concentrix in a report on Thursday, October 3rd. They set an "outperform" rating and a $70.00 price objective on the stock. Finally, Barrington Research reduced their target price 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 research analyst has rated the stock with a hold rating, four have issued 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 price target of $79.00.

Insider Activity

In related news, CEO Christopher A. Caldwell sold 9,823 shares of the business's stock in a transaction that occurred 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 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Cormac J. Twomey sold 1,544 shares of the company's stock in a transaction on Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the transaction, the executive vice president now owns 27,783 shares of the company's stock, valued at approximately $1,427,490.54. The trade was a 5.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 12,367 shares of company stock valued at $641,668. Company insiders own 3.10% of the company's stock.

Concentrix Stock Down 5.9 %

Concentrix stock traded down $2.47 during midday trading on Wednesday, hitting $39.69. The stock had a trading volume of 664,307 shares, compared to its average volume of 578,395. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The business has a fifty day moving average price of $43.90 and a 200 day moving average price of $57.22. Concentrix Co. has a 12 month low of $36.28 and a 12 month high of $106.10. The stock has a market cap of $2.57 billion, a P/E ratio of 12.89, a P/E/G ratio of 0.56 and a beta of 0.63.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its quarterly earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) 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 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 revenue was up 46.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.54 earnings per share. Research analysts predict that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were issued a $0.333 dividend. The ex-dividend date was Friday, October 25th. This is a positive change from Concentrix's previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a dividend yield of 3.36%. Concentrix's payout ratio is 43.18%.

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.