Covestor Ltd Purchases 9,487 Shares of Concentrix Co. (NASDAQ:CNXC)

Covestor Ltd boosted its position in shares of Concentrix Co. (NASDAQ:CNXC) by 233.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 13,554 shares of the company’s stock after acquiring an additional 9,487 shares during the quarter. Concentrix makes up about 0.4% of Covestor Ltd’s portfolio, making the stock its 19th biggest position. Covestor Ltd’s holdings in Concentrix were worth $694,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Verity Asset Management Inc. purchased a new stake in Concentrix in the third quarter worth $247,000. Harbor Capital Advisors Inc. increased its stake in Concentrix by 106.8% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,667 shares of the company’s stock worth $1,110,000 after buying an additional 11,188 shares during the period. State of Alaska Department of Revenue boosted its position in Concentrix by 24.8% in the 3rd 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. Wealth Enhancement Advisory Services LLC increased its position in shares of Concentrix by 16.3% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 10,543 shares of the company’s stock worth $540,000 after acquiring an additional 1,475 shares during the period. Finally, Copeland Capital Management LLC grew its stake in Concentrix by 1.8% in the third quarter. Copeland Capital Management LLC now owns 1,003,375 shares of the company’s stock worth $51,423,000 after purchasing an additional 17,653 shares in the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Bank of America decreased their target price on Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, September 26th. Barrington Research lowered their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating for the company in a research note on Thursday, September 26th. Canaccord Genuity Group dropped their target price on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Robert W. Baird initiated coverage on shares of Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $79.00.

Concentrix Stock Performance

CNXC stock opened at $41.53 on Friday. Concentrix Co. has a one year low of $41.05 and a one year high of $106.10. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 0.57 and a beta of 0.61. The company has a debt-to-equity ratio of 1.18, a quick ratio of 1.57 and a current ratio of 1.57. The firm has a 50-day simple moving average of $54.72 and a two-hundred day simple moving average of $60.75.

Concentrix (NASDAQ:CNXC) last posted its quarterly earnings data on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter last year, the firm earned $2.54 EPS. The company’s revenue was up 46.2% compared to the same quarter last year. On average, equities analysts forecast 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 paid a dividend of $0.333 per share. This represents a $1.33 annualized dividend and a yield of 3.21%. This is an increase from Concentrix’s previous quarterly dividend of $0.30. The ex-dividend date was Friday, October 25th. Concentrix’s payout ratio is 43.18%.

Insider Activity at Concentrix

In other news, EVP Cormac J. Twomey sold 1,544 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $51.38, for a total transaction of $79,330.72. Following the sale, the executive vice president now owns 27,783 shares in the company, valued at approximately $1,427,490.54. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Cormac J. Twomey sold 1,544 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total value of $79,330.72. Following the completion of the transaction, the executive vice president now directly owns 27,783 shares of the company’s stock, valued at $1,427,490.54. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the sale, the executive vice president now directly owns 29,327 shares in the company, valued at approximately $2,188,674.01. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,267 shares of company stock valued at $648,945 in the last ninety days. Corporate insiders own 3.10% of the company’s stock.

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.