Raymond James Financial Inc. Purchases New Shares in Concentrix Co. (NASDAQ:CNXC)

Raymond James Financial Inc. acquired a new stake in Concentrix Co. (NASDAQ:CNXC) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 109,833 shares of the company’s stock, valued at approximately $4,752,000.

Other large investors have also modified their holdings of the company. Victory Capital Management Inc. increased its stake in shares of Concentrix by 32.1% in the 3rd quarter. Victory Capital Management Inc. now owns 28,773 shares of the company’s stock valued at $1,475,000 after purchasing an additional 6,990 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Concentrix in the third quarter valued at approximately $146,000. Intech Investment Management LLC acquired a new position in shares of Concentrix during the 3rd quarter worth approximately $1,255,000. Cerity Partners LLC lifted its position in shares of Concentrix by 92.6% during the 3rd quarter. Cerity Partners LLC now owns 11,778 shares of the company’s stock valued at $604,000 after buying an additional 5,663 shares in the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in Concentrix by 8.1% in the 3rd quarter. Loomis Sayles & Co. L P now owns 305,492 shares of the company’s stock valued at $15,657,000 after acquiring an additional 22,815 shares during the period. Institutional investors and hedge funds own 90.34% of the company’s stock.

Insider Transactions at Concentrix

In related news, Director Kathryn Hayley purchased 500 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was purchased at an average price of $50.22 per share, with a total value of $25,110.00. Following the completion of the acquisition, the director now owns 3,034 shares in the company, valued at $152,367.48. This trade represents a 19.73 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CNXC shares. Canaccord Genuity Group reduced their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Barrington Research reduced their price target on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $71.80.

Concentrix Stock Up 0.4 %

NASDAQ CNXC opened at $45.18 on Wednesday. The business has a fifty day moving average price of $47.61 and a 200 day moving average price of $47.75. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The company has a market cap of $2.91 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.63 and a beta of 0.69. Concentrix Co. has a one year low of $36.28 and a one year high of $77.00.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, January 15th. The company reported $3.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.01 by $0.25. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.36 earnings per share. Research analysts anticipate that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Cuts Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date was Friday, January 31st. Concentrix’s dividend payout ratio (DPR) is 35.85%.

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.