Unified Investment Management Purchases Shares of 13,610 Concentrix Co. (NASDAQ:CNXC)

Unified Investment Management bought a new position in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 13,610 shares of the company's stock, valued at approximately $589,000.

Several other institutional investors and hedge funds have also made changes to their positions in CNXC. Raymond James & Associates grew its position in shares of Concentrix by 73.3% in 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 last quarter. Wealth Enhancement Advisory Services LLC raised 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 worth $540,000 after purchasing an additional 1,475 shares during the period. Harbor Capital Advisors Inc. increased its position in shares of Concentrix by 106.8% in the third quarter. Harbor Capital Advisors Inc. now owns 21,667 shares of the company's stock worth $1,110,000 after acquiring an additional 11,188 shares in the last quarter. Verity Asset Management Inc. purchased a new stake in shares of Concentrix during the third quarter valued at approximately $247,000. Finally, Covestor Ltd lifted its position in shares of Concentrix by 233.3% during the third quarter. Covestor Ltd now owns 13,554 shares of the company's stock worth $694,000 after purchasing an additional 9,487 shares in the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group reduced 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 equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $75.00.

Remove Ads

Insider Buying and Selling

In other Concentrix news, Director Kathryn Hayley bought 500 shares of the business's stock in a transaction on Wednesday, January 22nd. The stock was purchased at an average price of $50.22 per share, for a total transaction of $25,110.00. Following the completion of the transaction, the director now directly owns 3,034 shares of the company's stock, valued at $152,367.48. This trade represents a 19.73 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.20% of the stock is owned by insiders.

Concentrix Trading Up 3.8 %

Shares of Concentrix stock traded up $1.63 during trading on Thursday, reaching $44.63. 941,406 shares of the company were exchanged, compared to its average volume of 782,494. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of 12.03, a P/E/G ratio of 0.63 and a beta of 0.69. The business has a 50-day moving average price of $47.48 and a 200-day moving average price of $50.54. 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 Co. has a twelve month low of $36.28 and a twelve month high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last posted its earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share for the quarter, topping 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 company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter last year, the firm earned $3.36 earnings per share. The company's revenue was up 9.7% on a year-over-year basis. Sell-side analysts anticipate that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st were paid a $0.3328 dividend. This represents a $1.33 annualized dividend and a yield of 2.98%. The ex-dividend date was Friday, January 31st. Concentrix's dividend payout ratio (DPR) is presently 35.85%.

About Concentrix

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.