Handelsbanken Fonder AB Increases Stock Position in Concentrix Co. (NASDAQ:CNXC)

Handelsbanken Fonder AB lifted its stake in Concentrix Co. (NASDAQ:CNXC) by 30.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,200 shares of the company’s stock after purchasing an additional 1,900 shares during the period. Handelsbanken Fonder AB’s holdings in Concentrix were worth $805,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CNXC. Fifth Third Bancorp grew its stake in Concentrix by 9.1% during the fourth quarter. Fifth Third Bancorp now owns 1,481 shares of the company’s stock worth $145,000 after buying an additional 123 shares during the period. Miracle Mile Advisors LLC increased its position in shares of Concentrix by 4.0% in the 3rd quarter. Miracle Mile Advisors LLC now owns 4,366 shares of the company’s stock worth $350,000 after purchasing an additional 168 shares during the last quarter. Arizona State Retirement System raised its stake in Concentrix by 1.4% during the third quarter. Arizona State Retirement System now owns 12,598 shares of the company’s stock valued at $1,009,000 after buying an additional 168 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Concentrix by 6.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,318 shares of the company’s stock valued at $266,000 after acquiring an additional 199 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Concentrix by 29.8% in the 4th quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock worth $113,000 after buying an additional 264 shares during the last quarter. Hedge funds and other institutional investors own 90.34% of the company’s stock.

Insider Activity

In other news, CEO Christopher A. Caldwell bought 900 shares of the business’s stock in a transaction on Friday, April 19th. The stock was purchased at an average cost of $54.59 per share, for a total transaction of $49,131.00. Following the completion of the transaction, the chief executive officer now directly owns 239,128 shares of the company’s stock, valued at approximately $13,053,997.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders purchased 1,679 shares of company stock worth $98,546 over the last three months. Corporate insiders own 3.00% of the company’s stock.

Concentrix Stock Performance

Shares of CNXC stock opened at $56.13 on Tuesday. Concentrix Co. has a 12-month low of $54.16 and a 12-month high of $106.10. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 0.63 and a beta of 0.48. The business has a 50 day simple moving average of $64.26 and a 200 day simple moving average of $80.78.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Tuesday, March 26th. The company reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). Concentrix had a return on equity of 17.70% and a net margin of 3.53%. The business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. On average, equities research analysts anticipate that Concentrix Co. will post 11.03 EPS for the current year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 7th. Stockholders of record on Friday, April 26th will be paid a $0.303 dividend. This is a positive change from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.21 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Thursday, April 25th. Concentrix’s dividend payout ratio is currently 24.95%.

Analyst Ratings Changes

CNXC has been the subject of several recent research reports. Scotiabank lowered their target price on Concentrix from $120.00 to $85.00 and set a “sector outperform” rating for the company in a report on Monday. Barrington Research lowered their price objective on Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a research note on Wednesday, March 27th. Finally, Bank of America reiterated an “underperform” rating and issued a $60.00 target price (down from $85.00) on shares of Concentrix in a research note on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Concentrix currently has an average rating of “Hold” and a consensus price target of $74.75.

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.