Parcion Private Wealth LLC Acquires 1,047 Shares of Concentrix Corporation $CNXC

Parcion Private Wealth LLC raised its holdings in shares of Concentrix Corporation (NASDAQ:CNXC) by 19.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,434 shares of the company’s stock after purchasing an additional 1,047 shares during the period. Parcion Private Wealth LLC’s holdings in Concentrix were worth $340,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CNXC. AQR Capital Management LLC raised its position in Concentrix by 850.1% during the 1st quarter. AQR Capital Management LLC now owns 3,429,913 shares of the company’s stock valued at $190,840,000 after purchasing an additional 3,068,916 shares during the last quarter. Capital Management Corp VA bought a new position in Concentrix during the 2nd quarter valued at approximately $17,230,000. Goldman Sachs Group Inc. raised its position in Concentrix by 75.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 423,287 shares of the company’s stock valued at $23,552,000 after purchasing an additional 181,546 shares during the last quarter. Ieq Capital LLC bought a new position in Concentrix during the 1st quarter valued at approximately $9,380,000. Finally, Nuveen LLC bought a new position in Concentrix during the 1st quarter valued at approximately $8,575,000. Institutional investors own 90.34% of the company’s stock.

Concentrix Stock Performance

Concentrix stock opened at $47.32 on Thursday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.10. The company has a market capitalization of $2.95 billion, a P/E ratio of 10.00, a PEG ratio of 0.67 and a beta of 0.50. The stock’s 50 day moving average is $50.26 and its 200 day moving average is $52.32. Concentrix Corporation has a twelve month low of $36.28 and a twelve month high of $66.00.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 4th. Investors of record on Friday, October 24th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Friday, October 24th. This is an increase from Concentrix’s previous quarterly dividend of $0.33. Concentrix’s dividend payout ratio (DPR) is currently 30.44%.

Wall Street Analyst Weigh In

CNXC has been the subject of a number of recent analyst reports. Barrington Research reaffirmed an “outperform” rating and set a $62.00 price target on shares of Concentrix in a research report on Wednesday, September 24th. Weiss Ratings upgraded Concentrix from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. Canaccord Genuity Group reiterated a “buy” rating and set a $80.00 target price on shares of Concentrix in a report on Tuesday, September 23rd. Robert W. Baird reduced their target price on Concentrix from $75.00 to $62.00 and set an “outperform” rating on the stock in a report on Monday, September 29th. Finally, Bank of America reduced their target price on Concentrix from $65.00 to $61.00 and set a “neutral” rating on the stock in a report on Friday, June 27th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Concentrix has an average rating of “Moderate Buy” and an average target price of $66.25.

Insider Activity at Concentrix

In related news, EVP Cormac J. Twomey sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $57.91, for a total value of $28,955.00. Following the sale, the executive vice president owned 37,130 shares in the company, valued at $2,150,198.30. This represents a 1.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Christopher A. Caldwell purchased 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 10th. The stock was bought at an average price of $45.35 per share, for a total transaction of $45,350.00. Following the purchase, the chief executive officer directly owned 305,345 shares in the company, valued at $13,847,395.75. The trade was a 0.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.20% 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.