Victory Capital Management Inc. Grows Stake in Concentrix Co. (NASDAQ:CNXC)

Victory Capital Management Inc. grew its position in Concentrix Co. (NASDAQ:CNXC) by 32.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,773 shares of the company’s stock after buying an additional 6,990 shares during the quarter. Victory Capital Management Inc.’s holdings in Concentrix were worth $1,475,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Hexagon Capital Partners LLC increased its position in Concentrix by 2,992.3% during the 2nd quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock valued at $25,000 after purchasing an additional 389 shares during the period. GAMMA Investing LLC raised its stake in Concentrix by 1,005.0% in the second quarter. GAMMA Investing LLC now owns 442 shares of the company’s stock worth $28,000 after buying an additional 402 shares in the last quarter. First Horizon Advisors Inc. lifted its holdings in Concentrix by 54.0% during the second quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock worth $51,000 after buying an additional 285 shares during the period. Benjamin F. Edwards & Company Inc. bought a new stake in Concentrix during the 2nd quarter valued at $68,000. Finally, Quarry LP boosted its position in Concentrix by 769.9% during the 2nd quarter. Quarry LP now owns 1,244 shares of the company’s stock valued at $79,000 after acquiring an additional 1,101 shares in the last quarter. Institutional investors own 90.34% of the company’s stock.

Insider Buying and Selling at Concentrix

In other Concentrix news, CEO Christopher A. Caldwell sold 9,823 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $52.70, for a total transaction of $517,672.10. Following the transaction, the chief executive officer now owns 241,841 shares in the company, valued at approximately $12,745,020.70. This represents a 3.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $74.63, for a total value of $29,852.00. Following the completion of the sale, the executive vice president now owns 29,327 shares of the company’s stock, valued at $2,188,674.01. This trade represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,267 shares of company stock valued at $648,945. 3.10% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Robert W. Baird assumed coverage on Concentrix in a research note on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective for the company. Barrington Research cut their price objective on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday, September 26th. Canaccord Genuity Group reduced their price objective on shares of Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, September 26th. Bank of America lowered their target price on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday, September 26th. Finally, Baird R W raised Concentrix to a “strong-buy” rating in a research report on Thursday, October 3rd. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Concentrix currently has a consensus rating of “Buy” and a consensus price target of $79.00.

Concentrix Price Performance

Shares of NASDAQ:CNXC opened at $44.77 on Tuesday. Concentrix Co. has a twelve month low of $36.28 and a twelve month high of $106.10. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.18. The company has a market cap of $2.90 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 0.60 and a beta of 0.61. The company’s 50 day moving average is $48.01 and its 200 day moving average is $59.43.

Concentrix (NASDAQ:CNXC) last issued its earnings results on Wednesday, September 25th. The company reported $2.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.06). The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. The company’s revenue for the quarter was up 46.2% on a year-over-year basis. During the same period last year, the business earned $2.54 EPS. On average, sell-side analysts forecast that Concentrix Co. will post 10.18 EPS for the current year.

Concentrix Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were given a dividend of $0.333 per share. This is a boost from Concentrix’s previous quarterly dividend of $0.30. This represents a $1.33 annualized dividend and a yield of 2.98%. The ex-dividend date was Friday, October 25th. Concentrix’s dividend payout ratio (DPR) is currently 43.18%.

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.