Concentrix Co. (NASDAQ:CNXC) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lowered its stake in Concentrix Co. (NASDAQ:CNXC) by 5.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,422 shares of the company’s stock after selling 1,406 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Concentrix were worth $1,303,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hexagon Capital Partners LLC lifted its position in shares of Concentrix by 2,992.3% during the second quarter. Hexagon Capital Partners LLC now owns 402 shares of the company’s stock worth $25,000 after purchasing an additional 389 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Concentrix by 1,005.0% in the 2nd 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. boosted its position in Concentrix by 54.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 813 shares of the company’s stock valued at $51,000 after buying an additional 285 shares during the last quarter. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Concentrix during the second quarter worth about $68,000. Finally, Quarry LP lifted its stake in shares of Concentrix by 769.9% in the second quarter. Quarry LP now owns 1,244 shares of the company’s stock worth $79,000 after acquiring an additional 1,101 shares in the last quarter. 90.34% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CNXC. Robert W. Baird initiated coverage on Concentrix in a report on Thursday, October 3rd. They set an “outperform” rating and a $70.00 price objective on the stock. Bank of America reduced their price objective on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday, September 26th. Barrington Research cut their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, September 26th. Canaccord Genuity Group decreased their price target on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, September 26th. Finally, Baird R W upgraded Concentrix to a “strong-buy” rating in a research note on Thursday, October 3rd. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Concentrix has an average rating of “Buy” and a consensus target price of $79.00.

Concentrix Price Performance

Shares of NASDAQ:CNXC opened at $44.77 on Tuesday. The company has a market cap of $2.90 billion, a PE ratio of 14.54, a P/E/G ratio of 0.60 and a beta of 0.61. Concentrix Co. has a fifty-two week low of $36.28 and a fifty-two week high of $106.10. The firm has a 50-day simple moving average of $48.01 and a 200 day simple moving average of $59.43. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 1.18.

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

Concentrix Increases Dividend

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

Insider Buying and Selling at Concentrix

In related news, EVP Cormac J. Twomey sold 1,544 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $51.38, for a total value of $79,330.72. Following the sale, the executive vice president now directly owns 27,783 shares in the company, valued at $1,427,490.54. This trade represents a 5.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher A. Caldwell sold 9,823 shares of Concentrix stock in a transaction on Friday, October 4th. The shares were sold at an average price of $52.70, for a total value of $517,672.10. Following the sale, the chief executive officer now directly owns 241,841 shares in the company, valued at $12,745,020.70. The trade was a 3.90 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,267 shares of company stock worth $648,945. 3.10% of the stock is owned by insiders.

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.