Bank of New York Mellon Corp Sells 1,726 Shares of Concentrix Corporation (NASDAQ:CNXC)

Bank of New York Mellon Corp lowered its position in Concentrix Corporation (NASDAQ:CNXC) by 0.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 308,660 shares of the company’s stock after selling 1,726 shares during the quarter. Bank of New York Mellon Corp’s holdings in Concentrix were worth $17,174,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CNXC. UMB Bank n.a. boosted its holdings in shares of Concentrix by 47.3% during the 1st quarter. UMB Bank n.a. now owns 676 shares of the company’s stock valued at $38,000 after purchasing an additional 217 shares during the last quarter. First Horizon Advisors Inc. raised its position in shares of Concentrix by 111.8% during the 1st quarter. First Horizon Advisors Inc. now owns 841 shares of the company’s stock valued at $47,000 after buying an additional 444 shares in the last quarter. Fifth Third Bancorp raised its position in shares of Concentrix by 36.5% during the 1st quarter. Fifth Third Bancorp now owns 2,051 shares of the company’s stock valued at $114,000 after buying an additional 548 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Concentrix by 582.5% during the 1st quarter. Versant Capital Management Inc now owns 2,109 shares of the company’s stock valued at $117,000 after buying an additional 1,800 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Concentrix by 761.3% during the 1st quarter. GAMMA Investing LLC now owns 2,446 shares of the company’s stock valued at $136,000 after buying an additional 2,162 shares in the last quarter. Institutional investors own 90.34% of the company’s stock.

Concentrix Stock Performance

Shares of CNXC opened at $58.33 on Friday. The stock has a 50-day moving average of $55.90 and a two-hundred day moving average of $50.97. Concentrix Corporation has a one year low of $36.28 and a one year high of $77.00. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.61 and a current ratio of 1.61. The stock has a market cap of $3.68 billion, a P/E ratio of 16.02, a P/E/G ratio of 0.76 and a beta of 0.53.

Concentrix (NASDAQ:CNXC) last posted its earnings results on Thursday, June 26th. The company reported $2.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.76 by ($0.06). The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a net margin of 2.54% and a return on equity of 16.31%. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.69 earnings per share. As a group, research analysts predict that Concentrix Corporation will post 10.11 EPS for the current year.

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Friday, July 25th will be given a dividend of $0.3328 per share. The ex-dividend date is Friday, July 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.28%. Concentrix’s payout ratio is presently 36.54%.

Insider Transactions at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell purchased 1,000 shares of the stock in a transaction that occurred on Monday, April 21st. The shares were purchased at an average cost of $46.00 per share, for a total transaction of $46,000.00. Following the completion of the transaction, the chief executive officer owned 303,362 shares of the company’s stock, valued at $13,954,652. The trade was a 0.33% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Cormac J. Twomey sold 500 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $57.06, for a total transaction of $28,530.00. Following the completion of the sale, the executive vice president directly owned 38,130 shares of the company’s stock, valued at approximately $2,175,697.80. This trade represents a 1.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on CNXC shares. Robert W. Baird upped their target price on shares of Concentrix from $62.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, June 26th. Wall Street Zen cut shares of Concentrix from a “buy” rating to a “hold” rating in a research report on Saturday, June 21st. Barrington Research restated an “outperform” rating and set a $54.00 target price on shares of Concentrix in a research report on Tuesday, June 24th. Bank of America reduced their price objective on shares of Concentrix from $65.00 to $61.00 and set a “neutral” rating on the stock in a research report on Friday, June 27th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $80.00 price objective on shares of Concentrix in a research report on Monday, June 30th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.75.

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.