US Bancorp DE Reduces Stock Holdings in Concentrix Corporation (NASDAQ:CNXC)

US Bancorp DE trimmed its holdings in shares of Concentrix Corporation (NASDAQ:CNXC) by 6.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,865 shares of the company’s stock after selling 277 shares during the quarter. US Bancorp DE’s holdings in Concentrix were worth $215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CNXC. LPL Financial LLC purchased a new position in Concentrix during the 4th quarter worth $1,278,000. Envestnet Asset Management Inc. grew its stake in Concentrix by 38.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 153,419 shares of the company’s stock worth $6,638,000 after buying an additional 42,795 shares during the last quarter. Invesco Ltd. grew its stake in Concentrix by 138.6% during the 4th quarter. Invesco Ltd. now owns 402,457 shares of the company’s stock worth $17,414,000 after buying an additional 233,765 shares during the last quarter. Legal & General Group Plc grew its stake in Concentrix by 1.5% during the 4th quarter. Legal & General Group Plc now owns 115,217 shares of the company’s stock worth $4,985,000 after buying an additional 1,697 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Concentrix during the 4th quarter worth $4,752,000. 90.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total value of $28,955.00. Following the completion of the transaction, the executive vice president owned 37,130 shares of the company’s stock, valued at approximately $2,150,198.30. This represents a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.20% of the company’s stock.

Concentrix Stock Performance

NASDAQ CNXC opened at $48.19 on Friday. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 0.65 and a beta of 0.53. Concentrix Corporation has a twelve month low of $36.28 and a twelve month high of $77.00. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 1.14. The stock has a 50-day moving average of $54.44 and a 200 day moving average of $51.53.

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

Concentrix Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Friday, July 25th were issued a $0.3328 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $1.33 dividend on an annualized basis and a yield of 2.8%. Concentrix’s dividend payout ratio is presently 36.54%.

Wall Street Analysts Forecast Growth

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

About Concentrix

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.