Concentrix Co. (NASDAQ:CNXC) Stake Lowered by IMA Wealth Inc.

IMA Wealth Inc. cut its stake in shares of Concentrix Co. (NASDAQ:CNXC) by 3.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,347 shares of the company’s stock after selling 408 shares during the quarter. IMA Wealth Inc.’s holdings in Concentrix were worth $1,016,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Parkside Financial Bank & Trust grew its holdings in shares of Concentrix by 146.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 630 shares of the company’s stock valued at $62,000 after purchasing an additional 374 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Concentrix during the third quarter valued at approximately $65,000. Blue Trust Inc. grew its holdings in shares of Concentrix by 29.8% during the fourth quarter. Blue Trust Inc. now owns 1,151 shares of the company’s stock valued at $113,000 after purchasing an additional 264 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Concentrix by 134.9% during the third quarter. EverSource Wealth Advisors LLC now owns 1,313 shares of the company’s stock valued at $105,000 after purchasing an additional 754 shares during the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of Concentrix by 9.1% during the fourth quarter. Fifth Third Bancorp now owns 1,481 shares of the company’s stock valued at $145,000 after purchasing an additional 123 shares during the last quarter. 90.34% of the stock is owned by institutional investors.

Concentrix Stock Performance

Shares of NASDAQ CNXC traded down $0.47 during midday trading on Friday, hitting $55.01. 331,745 shares of the company’s stock were exchanged, compared to its average volume of 610,460. The firm has a market cap of $3.63 billion, a P/E ratio of 11.34, a PEG ratio of 0.64 and a beta of 0.48. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.56 and a quick ratio of 1.56. Concentrix Co. has a twelve month low of $54.16 and a twelve month high of $106.10. The stock’s 50 day moving average price is $64.81 and its 200-day moving average price is $80.96.

Concentrix (NASDAQ:CNXC) last released its earnings results on Tuesday, March 26th. The company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.03). The firm had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 17.70% and a net margin of 3.53%. Equities research analysts anticipate that Concentrix Co. will post 11.03 EPS for the current year.

Concentrix Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 7th. Stockholders of record on Friday, April 26th will be given a dividend of $0.303 per share. This represents a $1.21 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Thursday, April 25th. This is an increase from Concentrix’s previous quarterly dividend of $0.30. Concentrix’s dividend payout ratio is 24.95%.

Insider Activity

In related news, CEO Christopher A. Caldwell acquired 900 shares of the business’s stock in a transaction dated Friday, April 19th. The stock was bought at an average price of $54.59 per share, for a total transaction of $49,131.00. Following the transaction, the chief executive officer now owns 239,128 shares of the company’s stock, valued at $13,053,997.52. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders purchased 1,879 shares of company stock worth $116,400. Insiders own 3.00% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CNXC shares. Bank of America reiterated an “underperform” rating and set a $60.00 price objective (down from $85.00) on shares of Concentrix in a research report on Wednesday, March 27th. Barrington Research reduced their price objective on Concentrix from $121.00 to $84.00 and set an “outperform” rating for the company in a research report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $82.25.

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.