Ameriprise Financial Inc. Purchases 14,145 Shares of Concentrix Co. (NASDAQ:CNXC)

Ameriprise Financial Inc. raised its holdings in shares of Concentrix Co. (NASDAQ:CNXC - Free Report) by 22.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 78,159 shares of the company's stock after purchasing an additional 14,145 shares during the period. Ameriprise Financial Inc. owned 0.12% of Concentrix worth $3,382,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in CNXC. Pzena Investment Management LLC lifted its position in Concentrix by 60.0% during the 4th quarter. Pzena Investment Management LLC now owns 2,349,599 shares of the company's stock valued at $101,667,000 after purchasing an additional 880,960 shares during the period. Fuller & Thaler Asset Management Inc. lifted its position in Concentrix by 38.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,981,227 shares of the company's stock valued at $128,998,000 after purchasing an additional 823,228 shares during the period. Alyeska Investment Group L.P. acquired a new position in Concentrix during the 4th quarter valued at about $21,123,000. Marshall Wace LLP lifted its position in Concentrix by 209.0% during the 4th quarter. Marshall Wace LLP now owns 593,043 shares of the company's stock valued at $25,661,000 after purchasing an additional 401,133 shares during the period. Finally, Norges Bank acquired a new position in Concentrix during the 4th quarter valued at about $15,315,000. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CNXC. Bank of America boosted their price objective on shares of Concentrix from $58.00 to $59.00 and gave the company a "neutral" rating in a report on Thursday, March 27th. Barrington Research decreased their price objective on shares of Concentrix from $70.00 to $54.00 and set an "outperform" rating for the company in a report on Monday, March 24th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $65.75.

Concentrix Stock Down 1.7%

CNXC stock traded down $0.95 during mid-day trading on Friday, hitting $56.49. 745,799 shares of the company were exchanged, compared to its average volume of 712,191. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a market cap of $3.61 billion, a P/E ratio of 15.23, a P/E/G ratio of 0.63 and a beta of 0.52. The firm's 50 day simple moving average is $52.01 and its 200 day simple moving average is $47.92. Concentrix Co. has a 1-year low of $36.28 and a 1-year high of $77.00.

Concentrix (NASDAQ:CNXC - Get Free Report) last issued its quarterly earnings results on Wednesday, March 26th. The company reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.58 by $0.21. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The company had revenue of $2.37 billion during the quarter, compared to analysts' expectations of $2.37 billion. During the same period last year, the business earned $2.57 EPS. The business's quarterly revenue was down 1.3% on a year-over-year basis. On average, sell-side analysts predict that Concentrix Co. will post 10.11 EPS for the current fiscal year.

Concentrix Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 6th. Stockholders of record on Friday, April 25th were issued a dividend of $0.3328 per share. This represents a $1.33 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend was Friday, April 25th. Concentrix's dividend payout ratio is currently 33.33%.

Insider Transactions at Concentrix

In other Concentrix news, Director Olivier Duha sold 29,444 shares of Concentrix stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $48.52, for a total value of $1,428,622.88. Following the transaction, the director now owns 1,155,862 shares in the company, valued at $56,082,424.24. The trade was a 2.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Cormac J. Twomey sold 500 shares of Concentrix stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $50.70, for a total value of $25,350.00. Following the completion of the transaction, the executive vice president now owns 38,630 shares in the company, valued at approximately $1,958,541. This represents a 1.28% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,444 shares of company stock valued at $1,481,628. 3.20% of the stock is currently owned by corporate 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.