Valley Wealth Managers Inc. Sells 166,335 Shares of Concentrix Co. (NASDAQ:CNXC)

Valley Wealth Managers Inc. decreased its position in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 98.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,147 shares of the company's stock after selling 166,335 shares during the quarter. Valley Wealth Managers Inc.'s holdings in Concentrix were worth $110,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CNXC. SG Americas Securities LLC purchased a new position in shares of Concentrix in the second quarter valued at $1,445,000. Raymond James & Associates boosted its stake in Concentrix by 73.3% in the 3rd quarter. Raymond James & Associates now owns 55,313 shares of the company's stock worth $2,835,000 after purchasing an additional 23,387 shares during the period. State of Alaska Department of Revenue increased 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 valued at $3,319,000 after buying an additional 12,870 shares during the period. GSA Capital Partners LLP bought a new stake in shares of Concentrix during the third quarter valued at about $1,243,000. Finally, Natixis purchased a new stake in shares of Concentrix in the first quarter worth about $542,000. Hedge funds and other institutional investors own 90.34% of the company's stock.

Concentrix Price Performance

NASDAQ CNXC traded down $1.50 during trading hours on Friday, reaching $38.29. 652,854 shares of the stock traded hands, compared to its average volume of 560,466. The stock has a 50 day simple moving average of $51.33 and a two-hundred day simple moving average of $60.22. Concentrix Co. has a 1 year low of $37.94 and a 1 year high of $106.10. 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 company has a market cap of $2.48 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 0.56 and a beta of 0.61.

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

Concentrix Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a dividend of $0.333 per share. The ex-dividend date was Friday, October 25th. This represents a $1.33 annualized dividend and a dividend yield of 3.48%. This is a positive change from Concentrix's previous quarterly dividend of $0.30. Concentrix's dividend payout ratio (DPR) is currently 43.18%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Bank of America decreased their target price on shares of Concentrix from $85.00 to $70.00 and set a "neutral" rating on the stock in a report on Thursday, September 26th. Baird R W raised shares of Concentrix to a "strong-buy" rating in a report on Thursday, October 3rd. Robert W. Baird initiated coverage on Concentrix in a research note on Thursday, October 3rd. They set an "outperform" rating and a $70.00 price objective for the company. Canaccord Genuity Group reduced their target price on Concentrix from $125.00 to $100.00 and set a "buy" rating for the company in a research report on Thursday, September 26th. Finally, Barrington Research lowered their price target on Concentrix from $84.00 to $70.00 and set an "outperform" rating on the stock in a report on Thursday, September 26th. One 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 data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $79.00.

Insider Buying and Selling

In related news, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the transaction, the chief executive officer now directly owns 241,841 shares of the company's stock, valued at $12,745,020.70. The trade was a 3.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $51.38, for a total transaction of $79,330.72. Following the sale, the executive vice president now directly owns 27,783 shares of the company's stock, valued at $1,427,490.54. The trade was a 5.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,267 shares of company stock worth $648,945 in the last 90 days. 3.10% of the stock is owned by company insiders.

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.