Concentrix Co. (NASDAQ:CNXC) Shares Acquired by Comerica Bank

Comerica Bank boosted its position in Concentrix Co. (NASDAQ:CNXC) by 11.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,810 shares of the company’s stock after buying an additional 3,903 shares during the quarter. Comerica Bank’s holdings in Concentrix were worth $1,636,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nordea Investment Management AB lifted its stake in shares of Concentrix by 43.9% in the fourth quarter. Nordea Investment Management AB now owns 70,654 shares of the company’s stock worth $3,076,000 after acquiring an additional 21,568 shares in the last quarter. Thompson Investment Management Inc. raised its position in shares of Concentrix by 1,232.8% in the 4th quarter. Thompson Investment Management Inc. now owns 140,411 shares of the company’s stock valued at $6,076,000 after purchasing an additional 129,876 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Concentrix during the 4th quarter valued at approximately $4,752,000. American Century Companies Inc. acquired a new stake in shares of Concentrix during the fourth quarter worth approximately $539,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Concentrix in the fourth quarter worth $294,000. 90.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CNXC shares. Barrington Research decreased their price objective on shares of Concentrix from $70.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, March 24th. Canaccord Genuity Group lowered their price objective on Concentrix from $100.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Finally, Bank of America increased their target price on Concentrix from $58.00 to $59.00 and gave the stock a “neutral” rating in a report on Thursday, March 27th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $65.75.

Insider Buying and Selling

In other Concentrix news, CEO Christopher A. Caldwell bought 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 transaction, the chief executive officer now directly owns 303,362 shares in the company, valued at $13,954,652. The trade was a 0.33 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Olivier Duha sold 29,444 shares of Concentrix stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $48.52, for a total value of $1,428,622.88. Following the sale, the director now directly owns 1,155,862 shares in the company, valued at $56,082,424.24. The trade was a 2.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,444 shares of company stock valued at $1,481,628 in the last quarter. Company insiders own 3.20% of the company’s stock.

Concentrix Price Performance

Shares of NASDAQ:CNXC opened at $53.33 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.17. The firm has a 50-day simple moving average of $48.79 and a 200 day simple moving average of $46.48. Concentrix Co. has a fifty-two week low of $36.28 and a fifty-two week high of $77.00. The company has a market cap of $3.41 billion, a PE ratio of 14.37, a P/E/G ratio of 0.63 and a beta of 0.52.

Concentrix (NASDAQ:CNXC) last announced its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, topping analysts’ consensus estimates of $2.58 by $0.21. Concentrix had a return on equity of 16.67% and a net margin of 2.61%. The business had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.37 billion. During the same period in the prior year, the firm earned $2.57 EPS. The business’s quarterly revenue was down 1.3% on a year-over-year basis. On average, sell-side analysts anticipate that Concentrix Co. will post 10.11 EPS for the current year.

Concentrix Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th were given a dividend of $0.3328 per share. The ex-dividend date was Friday, April 25th. This represents a $1.33 annualized dividend and a dividend yield of 2.50%. Concentrix’s dividend payout ratio is currently 33.33%.

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.