Unified Investment Management Makes New Investment in Concentrix Co. (NASDAQ:CNXC)

Unified Investment Management purchased a new stake in shares of Concentrix Co. (NASDAQ:CNXC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 13,610 shares of the company’s stock, valued at approximately $589,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp increased its holdings in Concentrix by 1.3% in the 3rd quarter. State Street Corp now owns 1,401,953 shares of the company’s stock worth $71,850,000 after buying an additional 18,304 shares in the last quarter. Copeland Capital Management LLC increased its position in shares of Concentrix by 32.9% during the 4th quarter. Copeland Capital Management LLC now owns 1,333,206 shares of the company’s stock valued at $57,688,000 after purchasing an additional 329,831 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Concentrix by 5.2% in the 3rd quarter. Geode Capital Management LLC now owns 878,092 shares of the company’s stock worth $45,013,000 after purchasing an additional 43,295 shares during the period. Invenomic Capital Management LP boosted its holdings in shares of Concentrix by 354.3% in the third quarter. Invenomic Capital Management LP now owns 472,243 shares of the company’s stock worth $24,202,000 after buying an additional 368,295 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its position in Concentrix by 8.1% during the third quarter. Loomis Sayles & Co. L P now owns 305,492 shares of the company’s stock valued at $15,657,000 after buying an additional 22,815 shares during the period. 90.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group decreased their price target on Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Concentrix presently has a consensus rating of “Buy” and an average price target of $75.00.

Insider Buying and Selling

In related news, EVP Cormac J. Twomey sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $55.60, for a total transaction of $27,800.00. Following the completion of the sale, the executive vice president now directly owns 41,111 shares of the company’s stock, valued at approximately $2,285,771.60. This trade represents a 1.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.20% of the stock is owned by corporate insiders.

Concentrix Stock Down 0.4 %

CNXC opened at $45.16 on Monday. Concentrix Co. has a 52 week low of $36.28 and a 52 week high of $77.00. 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 $47.47 and a two-hundred day simple moving average of $50.93. The company has a market capitalization of $2.91 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 0.63 and a beta of 0.67.

Concentrix (NASDAQ:CNXC) last released its quarterly earnings data on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, beating the consensus estimate of $3.01 by $0.25. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.44 billion. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. Concentrix’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business earned $3.36 earnings per share. Analysts forecast that Concentrix Co. will post 10.11 earnings per share for the current fiscal year.

Concentrix Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 11th. Stockholders of record on Friday, January 31st were issued a $0.3328 dividend. The ex-dividend date was Friday, January 31st. This represents a $1.33 annualized dividend and a dividend yield of 2.95%. Concentrix’s dividend payout ratio (DPR) is presently 35.85%.

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.